Oil, IMF main drags on equities
Oil prices were down almost 1.5 per cent Tuesday and a new report from the IMF didn’t help. US stockpile data is released Wednesday and is expected to show a decline but the global supply glut remains a concern and was exacerbated by the IMF’s downward revision of its global GDP outlook.
The main index of the TSX closed down slightly as energy stocks led the decline in 5 of the main sectors.
Wall Street closed mixed with the Dow gaining while the S&P500 and Nasdaq closed lower.
Asian and European indexes closed mostly lower with London and Tokyo the notable exceptions.
The S&P/TSX Composite Index closed down 7.79 (0.05 per cent)
The Dow Jones closed up 29.56 (0.14 per cent)
Oil is trending lower (Brent $46.71, WTI $44.57 at 5.15pm)
Gold is trending higher (1332.30 at 5.15pm)
The loonie is valued at U$0.7676
$350 billion debt in 4 years for Ontario says watchdog
Ontario’s financial watchdog estimates the province will be $350 billion in debt by the 2020/21 fiscal year as the government spends heavily on infrastructure. The province currently has $300 billion of debt.
Financial Accountability Officer Stephen LeClair reported that Ontario has the highest debt of all provinces in absolute terms although it is behind Quebec in relative terms.
Blackberry signs US government deal
Some small deals with the US government were among those announced Tuesday by Blackberry but investors remain unconvinced that the Waterloo, ON firm can make enough of an impact in the software space to offset its weakened position in the devices market.