Oil volatility continues with 7.5 per cent slump
The oil price rally seen Friday continued in early global trading but where there’s oil, there’s volatility.
While Asian markets enjoyed a boost from the higher prices overnight, for Europe and North America there was a slump of more than 7.5 per cent for US crude, to end the session below $30; Brent crude fell almost 7 per cent.
Equities were hit hard on the Toronto and New York exchanges while European indexes closed less than half a percentage point lower.
The S&P/TSX Composite Index closed down 264.4 (1.99 per cent)
The Dow Jones closed down 208.3 (1.29 per cent)
Oil is trending lower (Brent $30.05, WTI $29.83 at 4.20pm)
Gold is trending higher (1108.80 at 4.20pm)
The loonie is valued at U$0.7014
Trans-Pacific Partnership to be signed next week
The Trans-Pacific Partnership will be signed on Feb 4 the federal government says, but that does not mean it will be ratified. Chrystia Freeland, the international trade minister, said Monday that the signing of the agreement is a “technical step in the process” and highlighted that it will be up to Parliament to debate before any final ratification would take place. There have been concerns expressed about the deal with some sectors unconvinced that it will be good for their industry. A majority vote in Parliament would be required for the TPP to go ahead in Canada.
Jobs cut at Rogers Media
Rogers Media is cutting 4 per cent of its workforce it said Monday. The 200 jobs across radio, TV and print will begin in February and be concluded “as soon as possible.” Many roles will be affected although there will be no lay-offs at the Toronto Blue Jays. Media jobs have been under pressure over the past year with Bell Media and Shaw Media among others that have reduced workforces.
Vancouver is third most unaffordable global city
Hong Kong and Sydney are the only cities in the world that are more unaffordable than Vancouver. That’s according to Demographia International Housing Affordability Survey which ranked 87 major metros using data from Q3 2015. The survey denotes any city where the median home price is more than 5.1 times the median pre-tax income as unaffordable. Vancouver has a median multiple of 10.8.
More market talk: