TSX gains but oil reverses on OPEC output hikes
Most of the sectors of the TSX gained Wednesday but there was fresh concern for energy firms as figures revealed an 8-year-high for oil output from OPEC members last month.
The OPEC report also forecast that 2017 output from non-OPEC producers would be higher than previously predicted. Although oil prices are still above $50, the report dampened a positive outlook for a yet-to-be-finalized output cap by OPEC members and Russia.
The main TSX index closed higher as healthcare gained more than 3 per cent and materials and consumer staples gained nearly 2 per cent.
Wall Street also closed higher despite lower oil prices with the exception of the Nasdaq. Minutes of the Fed’s September meeting showed that there was concern that holding back on interest rates in the short-term may mean a sharper rise later which could trigger recession.
European markets closed lower on the oil decline. Asian indexes closed mostly lower.
The S&P/TSX Composite Index closed up 69.37 (0.48 per cent)
The Dow Jones closed up 15.54 (0.09 per cent)
Oil is trending lower (Brent $51.85, WTI $50.24 at 4.15pm)
Gold is trending higher (1256.80 at 4.15pm)
The loonie is valued at U$0.7547
Canada considers ‘talent visa’
Canada’s innovation minister said Wednesday that the government is considering a global talent visa in order to attract highly-skilled workers.
Navdeep Bains said that he knows any change to the immigration policy would be challenged and that changing the views of those that do not agree that immigration can bring benefits to the economy and create jobs.
Mr Bains believes that now is the right time to consider how Canada can benefit post-Brexit from attracting the world’s top talent.
Mexican ban on Canadian beef could open up $250 million market
Canadian beef producers could benefit from an eventual $250 million market if Mexico lifts its ban as proposed.
The ban is expected to be lifted at the end of this month and John Masswohl of the Canadian Cattlemen's Association told CBC News that if producers regain confidence and grow their herds, then Mexico could become a major beef export market.
Mexico ceased imports of Canadian beef in 2003 over Mad Cow Disease fears.