The Toronto Stock Exchange managed to end with gains Friday despite the much-anticipated GDP figures calling for a slight recession. Statistics Canada revealed data that showed a 0.2 per cent decline in May with manufacturing taking a 1.7 per cent drop. The Bank of Canada’s outlook for the economy is for the first half of the year to end lower with recovery in the second half.
Even the impending technical recession didn’t stop the TSX close higher than Wall Street as concern over global growth and mixed earnings saw the session close lower. Asian markets also closed mostly higher with China proving the weak link once more. European indexes reacted to regional earnings and closed the week and month with gains.
The S&P/TSX Composite Index closed up 85.95 (0.60 per cent)
The NYSE closed lower (Dow down 56.12 / 0.32 per cent)
Oil is trending lower (Brent $51.79, WTI $46.83 at 5pm)
Gold is trending higher
The loonie is valued at U$0.7648 (at 5pm)