Daily Wrap-Up: Commodities give TSX a boost

Daily Wrap-Up: Commodities give TSX a boost

Daily Wrap-Up: Commodities give TSX a boost Commodities give TSX a boost
Oil was the big story of the session Tuesday with a 3.5% jump following the announcement of a Saudi output cut. US crude gained while the international benchmark Brent was above $50.

Minerals also gave a boost to miners’ stocks although gold moved slightly lower. Copper jumped almost 4% though.

The 2.8% boost for the energy sector led gains for the main TSX index while 7 sector groups were positive overall. Utilities, healthcare and telecoms were the laggards.

Wall Street gained with strong earnings but markets are awaiting the Fed’s latest FOMC meeting and interest rate decision. European indexes were broadly higher while most Asian markets were weaker.

The S&P/TSX Composite Index closed up 73.68 (0.49%)
The Dow Jones closed up 100.3 (0.47%)
Oil is trending higher (Brent $50.23, WTI $47.93 at 4.30pm)
Gold is trending lower (1250.00 at 4.30pm)
The loonie is valued at U$0.7995

LNG facility won’t open in Port Edward says Pacific Northwest
An LNG plant that was due to be built in Port Edward, BC has been scrapped, Pacific Northwest LNG said Tuesday. The project would have created around 4,500 jobs.

A change in market conditions led to the decision by parent company Petronas not to go ahead with the $36 billion plant. The provincial energy minister Michelle Mungall said the decision was understandable but that the government would still work with others to ensure a competitive LNG market in BC.

Trump appears to want disputes panel removed from NAFTA
The Canadian and US governments appear set for battle over a key element of NAFTA.

Prime Minister Justin Trudeau wants the binational disputes panel to remain but the Americans want to remove it. The panel has been used several times in disputes between the nations.

The PM told reporters Tuesday that “a fair dispute-resolution system is essential for any trade deal that Canada signs on to.”

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