TSX lower again, Oil up 1 per cent
For the third consecutive session the main index of the Toronto Stock Exchange ended the day lower. Concern over global growth and a ripple effect from the VW emission scandal were among the drags on equities.
Asian markets had closed mostly higher although Tokyo, which had been closed so far this week for public holidays, dropped amid growth concerns and a strong yen.
European indexes closed lower as the auto sector weighed heavily.
Wall Street closed lower ahead of a speech by Fed chair Janet Yellen with market reaction expected Friday.
Oil managed a rebound of 1 per cent having endured a volatile session as weak demand was balanced against lower US stockpiles.
The S&P/TSX Composite Index closed down 45.02 (0.34 per cent)
The Dow Jones was down 78.57 (0.48 per cent)
Oil is trending higher (Brent $48.27, WTI $45.09 at 4.30pm)
Gold is trending higher (1152.20 at 4.30pm)
The loonie is valued at U$0.7508
Little change for weekly wages
Average weekly earnings of non-farm payroll employees were $957 in July, little changed from $954 the previous month. Compared with 12 months earlier, weekly earnings increased by 1.6 per cent. Non-farm payroll employees worked an average of 33.0 hours per week in July, unchanged from both the previous month and from the same month a year earlier.
Canada’s private debt higher than US, Russia
The increase in private debt compared to GDP in Canada since the financial crisis exceeds that of many developed countries. In fact Canada sits 8th
in the league table compiled by Citi Research. The US, UK, India and South Africa are among the countries where the debt-GDP ratio has fallen but Canada sits between Thailand and South Korea among those where it has increased.
US drugs firm sues Canadian government
A drug treatment, considered the most expensive in the world, is at the centre of a lawsuit filed in the US against the Canadian government. The pharmaceutical firm Alexion says that the Canadian federal watchdog cannot force it to charge less for Soliris. CBC News reports that the drug is for two rare blood diseases but the high cost of almost $700,000 for a 12-month treatment is out of reach for some Canadian patients. Alexion argues that it has held the price for 6 years but that exchange rates affect the difference in price between the US and Canada.