Daily Wrap-up: TSX ends flat, Wall Street lower ahead of inauguration

Daily Wrap-up: TSX ends flat, Wall Street lower ahead of inauguration

Daily Wrap-up: TSX ends flat, Wall Street lower ahead of inauguration TSX ends flat, Wall Street lower ahead of inauguration
The main TSX index was one of the world’s better performers Thursday as markets focused on the US inauguration and mixed fortunes for commodities.

Energy led the slim gains for 6 of the 10 sectors and the index outpaced the three main Wall Street bourses along with most in Europe and Asia. European markets were impacted by the ECB’s interest rate decision and cautious comments on the Eurozone economy.

Oil prices gained on the expected impact of output cuts while gold slipped as economic data boosted the US dollar and bonds.
 
The S&P/TSX Composite Index closed up 11.96 (0.08 per cent)
The Dow Jones closed down 72.32 (0.37 per cent)
Oil is trending higher (Brent $54.21, WTI $51.38 at 4.10pm)
Gold is trending lower (1204.40 at 4.10pm)
The loonie is valued at U$0.7507
 
Manufacturing sales up 1.5 per cent
Manufacturing sales in November were up 1.5 per cent, more than reversing a 0.6 per cent drop in October, Statistics Canada reported Thursday.

Primary metal, petroleum and coal product, and chemical manufacturing industries showed the greatest strength in the month but 14 of the 21 manufacturing industries gained.

Prices increased 0.3 per cent while constant dollar sales were up 1.2 per cent showing an increased volume of sales.

Only New Brunswick saw weaker manufacturing sales with Quebec and Alberta leading the gains.
 
Oil demand increasing as output cuts take effect says IEA
The International Energy Agency said Thursday that global demand for oil is rising and the market is tightening as OPEC and other producers start cutting output in line with agreements.

The agency said it could not be certain at this stage that those producers that agreed cuts were complying but assuming they are it would lead to stabilized prices and lower supplies.

However, it also highlighted increasing levels of US shale output.
 
Canadian REIT to be acquired by Starwood Capital
A division of Starwood Capital is to acquire Canada’s Milestone Apartments REIT for around $2.85 billion, amounting to C$21.47 per unit. The real estate investment trust owns more than 24 thousand apartment units in the southern US.