TSX ends lower on resources, financials
The markets were busy digesting US jobs news from the previous session Monday, while oil reversed overnight gains to end the session off by almost 3 per cent.
Resources and financials were the biggest drags on the main index of the TSX, which ended more than 100 points lower.
Asian markets were mostly lower on thin trade with China, Hong Kong and Taiwan closed and the Nikkei hit by a stronger yen once more.
European markets closed higher, while Wall Street was down as oil slipped back.
The S&P/TSX Composite Index closed down 104.3 (0.78 per cent)
The Dow Jones closed down 55.75 (0.31 per cent)
Oil is trending lower (Brent $37.60, WTI $35.56 at 4.30pm)
Gold is trending lower (1217.40 at 4.30pm)
The loonie is valued at U$0.7653
Ottawa to examine how much tax is lost amid Panama
The release of 11.5 million documents from a Panama law firm has sparked investigations (and panic) across many parts of the world. With Canadian entities and individuals among those named in the ‘Panama Papers’ a PEI senator has released a letter which shows that Ottawa plans to find out how much tax is owed but not collected. Sen. Percy Downes received a letter in January from revenue minister Diane Lebouthillier which states that the government wants to join other nations in tackling overseas tax evasion.
Oil spill shuts down Keystone XL pipeline
TransCanada has shut down its Keystone XL pipeline following an oil spill in South Dakota. The company revealed Monday that a landowner had spotted the spill over the weekend and the shutdown followed within minutes. A section of the pipeline will remain in shutdown until the end of this week.
More cuts to come for Canadian oil industry
There could be another six months of cuts for Canada’s oil industry. That’s according to ATB Financial’s chief economist Todd Hirsch who says there will be more layoffs as energy firms slim down to the bare minimum amid the continuing lower oil prices. Hirsch told the Financial Post that despite 40,000 job losses already, there are still staffing levels above where the firms need them to be.
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