TSX, Wall Street close flat as Fed holds interest rates
North America’s main equity indexes closed flat Wednesday following the Fed’s decision to hold interest rates despite strengthening economic indicators.
Canada’s TSX benefitted from gains from gold producers as prices gained 1.5 per cent; but oil prices slipped 2 per cent on higher US stockpiles taking energy stocks lower.
Wall Street was also flat although a better showing for Apple helped the Nasdaq close up 0.58 per cent.
European markets closed mostly higher, although before the Fed’s announcement so reaction will follow Thursday. Asian markets were also generally higher with Tokyo leading on expectations of stimulus.
The S&P/TSX Composite Index closed down 3.46 (0.02 per cent)
The Dow Jones closed down 1.58 (0.01 per cent)
Oil is trending lower (Brent $43.51, WTI $42.00 at 4.20pm)
Gold is trending higher (1340.40 at 4.20pm)
The loonie is valued at U$0.7583
Banks agree to hand over data on offshore tax accounts
Two banks have agreed to give the Canada Revenue Agency data relating to accounts in the name of Cayman National Bank Ltd. RBC and Citibank, NA will supply the information requested by the federal government within 120 days having been directed to do so by the Federal Court.
It will allow the CRA to check whether accounts are being used by Canadian residents to access money in offshore accounts without paying the relevant tax. The agency says it was tipped off by a Canadian woman using a whistleblowing program.
Tangerine targets the big six
Canada’s big six banks are in the sights of Tangerine despite the challenger bank, previously ING Direct, being owned by Scotiabank. Tangerine is the sixth largest mortgage lender and is aiming to gain a million new customers in the next few years to add to its existing 2 million.