TSX closed but elsewhere starts the quarter with gains
Toronto’s stock exchange was closed Friday for Canada Day but the rest of the world’s markets continued with post-Brexit gains.
The third quarter is unlikely to be the most settled period though with uncertainty for the UK and Europe; China and Japan showing weakness in manufacturing and economic growth; oil prices fluctuating; and the ever-present spectre of higher US interest rates.
For today though it was gains all round; equities, oil, gold, the loonie…
Equity markets in Asia, Europe and Wall Street closed broadly higher with New York’s Dow and S&P recording their best week of the year so far.
The S&P/TSX Composite Index was closed for Canada Day
The Dow Jones closed up 19.38 (0.11 per cent)
Oil is trending higher (Brent $50.63, WTI $49.21 at 4.25pm)
Gold is trending higher (1344.10 at 4.25pm)
The loonie is valued at U$0.7747
Debt counselling service not a charity says court
The Federal Court of Appeal ruled this week that Credit Counselling Services is not a charity. The original case was brought by the Minister of National Revenue and the organization was told it could not operate as a charity under current legislation.
The St John-based service operates as a non-profit offering financial and debt management advice across Atlantic Canada. Its president John Eisner told the CBC that he “felt we did everything right” but was compelled to challenge the Minister.
Chinese lead investment in Canadian real estate
The Chinese are the largest investors in Canadian real estate according to real estate firm CBRE which reports that buyers from China and Hong Kong spent $1.3 billion on Canadian commercial property in the first 6 months of 2016, rising from $309 million in the same period of 2015. Asian buyers made up 65 per cent of all foreign investors, with US investors accounting for just 2 per cent.