TSX, Wall Street manage slim gains beating world markets
North American markets outperformed those in other major countries Tuesday – just.
Toronto and New York’s main indexes ended the session slightly above water whereas elsewhere concerns about China’s weakness and the price of commodities prompted a sell-off.
Wall Street’s exception was the Nasdaq, which ended lower as biotechs lost earlier gains and Apple lost 3.5 per cent as Google unveiled new products.
Asian and European markets lost ground and most of the major indexes closed lower.
The S&P/TSX Composite Index closed up 32.38 (0.25 per cent)
The Dow Jones closed up 47.24 (0.30 per cent)
Oil is trending higher (Brent $48.21, WTI $45.22 at 4.05pm)
Gold is trending lower (1126.80 at 4.05pm)
The loonie is valued at U$0.7445
World’s largest free-trade zone deal could be done by weekend
The Trans-Pacific Partnership could be agreed by the weekend. CBC News reports that the Canadian government is hoping that trade minister Ed Fast can return with good news from a two-day trip to Atlanta with other potential members of the deal. The partnership would be the largest free-trade zone in the world but issues such as access to Canada’s dairy sector could be a sticking point with stakeholders concerned that the government may agree to give up too much.
Producer prices lower
Statistics Canada reported Tuesday that the Industrial Product Price Index (IPPI) declined 0.3 per cent in August, mainly as a result of lower prices for energy and petroleum products. The Raw Materials Price Index (RMPI) declined 6.6 per cent led by lower prices for crude energy products.
BMO analyst calls for surprise rebound for TSX
Canada’s equities could be about to rebound according to a report from BMO Capital Markets. While world markets are being buffeted by issues including the VW emissions scandal and China’s staggering economy, BMO’s chief investment strategist believes North American markets are set for a rally, BNN reports.