Greek hopes boost global markets, TSX closes up almost 1 per cent
Monday was filled with optimism that Greece may just manage to avoid defaulting on its debts and exiting the Eurozone and potentially the EU. Despite a farcical situation which saw Greece send the wrong proposal to its debtors followed by an emergency summit at which nothing was really discussed, there is at least a feeling that a deal could be reached. Against that backdrop most Asian and European markets closed higher. Wall Street and the TSX have also been buoyed by the situation overseas and financial stocks have been the main beneficiaries.
The S&P/TSX Composite Index closed up 137.4 (0.94 per cent)
The NYSE closed higher
Oil is trending higher (Brent $63.26, WTI $60.20 at 4.15pm)
Gold is trending lower
The loonie is valued at U$0.8112 (at 4.15pm)
Canadian CEOs want a more diverse economy
A survey of Canadian chief executives reveals that the country’s business leaders believe the economy is not diverse enough. Around two thirds of those surveyed said that there needs to be less reliance on the oilsands and other natural resources and more investment in technology and other growing sectors. On a positive note the survey for KPMG found that 38 per cent of CEOs say the economy will grow even with the dominance of natural resources as global demand increases.
Loblaws employees could be heading for a strike
Some of the staff at Loblaws’ Ontario stores are not happy with a tentative contract. Global News reports that United Food and Commercial Workers Union Canada says it is preparing for strike action following a vote by workers.
Radio stations take a hit as revenues fall, costs rise
A widening gap between income and expenditure at Canada’s commercial radio stations threatens to impact programming and more than 9,000 jobs. Figures from regulator CRTC for the 12 months to August 2014 show that the revenue for the 695 AM and FM stations was down by $9 million to $1.6 billion but costs were up by $19 million to $1.27 billion. Local advertising revenue was down 2.86 per cent with national revenue increasing by 4.4 per cent.
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