Oil, gold rebound helps TSX gain
Reports that two of OPEC’s major oil producers are considering a 4 per cent reduction in output helped arrest the price slide Thursday and US crude rebounded closer to $50. Weak sentiment had been subduing response to a stronger US stockpile draw.
Gold, silver and copper were among the raw materials which also headed higher however gold miners were among the heaviest drags on the main TSX index along with healthcare. Overall 7 of the 10 components declined.
Wall Street fared poorly following a sell-off in the bonds market, some mixed earnings, and caution over a first-reading of GDP due in the next session.
European indexes closed mixed with London one of the better performers after data showed that the economy is doing well so far following the Brexit vote. Asian markets closed mostly lower earlier in the day.
The S&P/TSX Composite Index closed up 26.19 (0.18 per cent)
The Dow Jones closed down 29.65 (0.16 per cent)
Oil is trending higher (Brent $50.37, WTI $49.63 at 4.50pm)
Gold is trending higher (1270.00 at 4.50pm)
The loonie is valued at U$0.7471
Belgium finally says yes to CETA
The Belgian government has reached agreement with its Wallonia region and has given its backing to the EU’s deal with Canada. Although the hurdle has been overcome, there is still the necessity for all member nations to agree to the deal; something which is expected to happen by the end of the week.
The delay in a unanimous agreement from Belgium means that it will be a few more days at least before Justin Trudeau can sign CETA with his EU counterparts. The PM was due to do so today.
National Bank to lose 600 jobs
National Bank is to cut 600 jobs and make some structural changes to stay agile in the digital world. The bank will take a $175 million restructuring charge in its 4th
quarter results, due Dec. 2. The layoffs are expected to take place in monthly blocks over the next year.
National is the latest of the Big Six to announce cuts to its workforce following tough times for the sector due to the oil slump and regulatory requirements. Technology is disrupting the industry too, especially with regards to younger customers.
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