TSX closes lower as oil, gold slide
Oil and gold prices declined Friday and the main TSX index ended the week with losses as all sectors except utilities and consumer staples slipped; the materials group was the largest drag.
Wall Street outperformed Toronto as comments by Fed speakers including its chair Janet Yellen, suggested that an interest rate rise could be on the cards before Christmas.
European and Asian indexes also closed higher on stronger Chinese data and growing optimism of an OPEC oil cap.
The S&P/TSX Composite Index closed down 58.72 (0.40 per cent)
The Dow Jones closed up 39.44 (0.22 per cent)
Oil is trending lower (Brent $51.99, WTI $50.32 at 4.35pm)
Gold is trending lower (1252.80 at 4.35pm)
The loonie is valued at U$0.7608
CETA suffers setback after Belgian region rejects deal
Two weeks before the trade agreement between Canada and the EU is due to be signed, it has hit a hurdle. Just a day after a German court gave the deal its backing, a regional government in Belgium has rejected CETA.
Under Belgium’s laws, all three regions must agree to the trade deal or the national government will be unable to sign; all member states must sign for the deal to proceed.
An emergency meeting has been called in the hope that CETA, which would give Canadian businesses far greater access to the EU marketplace, can be signed.
Brookfield Infrastructure to acquire control of Indian telecom towers
Canada’s Brookfield Infrastructure Group is to acquire a controlling stake in an Indian firm’s telecommunication towers. The 51 per cent of the tower assets of Reliance Communications will be bought by Brookfield for $1.65 billion, giving it a slice of the world’s fastest-growing internet market by user numbers.