Oil boosts TSX
Oil prices ended the session more than 2 per cent higher Wednesday, helping the main TSX index close with gains. Energy, IT, consumer staples and industrials were all in positive territory.
Wall Street also advanced as financials and energy sectors gained and elsewhere there were gains for Asian markets and decline for Europe amid weak data and concern that the ECB may cut stimulus.
The markets were also considering Fed speakers’ comments suggesting that a December rate rise is still a possibility despite some recent mixed data.
The S&P/TSX Composite Index closed up 89.57 (0.62 per cent)
The Dow Jones closed up 112.6 (0.62 per cent)
Oil is trending higher (Brent $51.77, WTI $49.73 at 4.15pm)
Gold is trending lower (1269.50 at 4.15pm)
The loonie is valued at U$0.7590
Exports up, trade deficit narrowed in August
Canada’s exports were up by 0.6 per cent to $43.4 billion in August, Statistics Canada said Wednesday. Imports were unchanged and the trade deficit with the rest of the world narrowed to $1.9 billion.
Export volume was up 0.4 per cent and prices 0.2 per cent with exports to countries other than the US gaining 7.7 per cent, the largest monthly increase in more than 2 years; while exports to the US were 1.6 per cent lower.
Consumer goods, metal and non-metallic mineral products, and energy products were the drivers of export gains but were offset by lower exports of motor vehicles and parts, and aircraft and other transportation equipment and parts.
Detached house prices hit $1.3 million in Toronto
The housing market in Toronto continues to surge and many experts are unconvinced that Ottawa’s newly-announced measures to cool the markets will have the right impact.
Data released by the Toronto Real Estate Board shows the average price of a detached house is now $1.3 million while the 416 area’s average is $1.29 million.
Sales in the Toronto area were up 21.5 per cent in September while listings plunged almost 37 per cent and the tight inventory is the area that many believe must be tackled, rather than the government’s focus on tightening lending and taxing foreign buyers.