TSX gains as Greek deal boosts sentiment worldwide
Global sentiment was boosted Monday as Eurozone finance ministers voted unanimously to agree to a new bailout deal for Greece. The country put forward the new proposals late last week and talks ran through the night Sunday into Monday. Although the deal will subject Greece to some tough measures it will avoid an exit from the Eurozone. News of the deal has pushed markets higher in Asia, Europe and North America. Most of the main sectors of the Toronto Stock Exchange’s main index gained.
The S&P/TSX Composite Index closed up 122.2 (0.85 per cent)
The NYSE closed higher (Dow up 217.3 / 1.22 per cent)
Oil is trending lower (Brent $58.04, WTI $52.24 at 4.25pm)
Gold is trending lower
The loonie is valued at U$0.7851 (4.25pm)
Loonie weaker ahead of interest rate decision
The current weakness of the Canadian dollar is likely to remain through Wednesday at least while markets await the Bank of Canada’s latest decision on interest rates. Many analysts are calling for a second cut in rates this year as the economy still shows some areas of concern. However overheating housing markets could be the price to pay for a further reduction.
Oil lower on likelihood that Iran will miss nuclear deadline
Oil prices dropped 1 per cent Monday as an Iranian official hinted that the country will miss the latest deadline to conclude the current talks with Western powers regarding its nuclear plan. There was expectation that the country would meet the deadline next Monday following an extension. However it now looks like talks will take longer.
New global sales chief for Blackberry
Ontario’s Blackberry Ltd has a new head of global sales. Carl Wiese joins the firm from Cisco and replaces John Sims who had been in the role for just 18 months. Along with his experience at Cisco the new sales chief has previously been at Apple.