Daily Wrap-up: TSX closes higher despite oil concerns

TSX closes higher despite oil concerns... Fiscal update Friday... Wholesale trade slightly lower in September... Bombardier secures $1.5 billion from Caisse... Employment insurance claims rise... Get used to slower growth says BoC report...

Steve Randall
TSX closes higher despite oil concerns
The Toronto Stock Exchange outperformed Wall Street Thursday despite oil prices slipping back as the session progressed. Valeant managed to regain ground along with Bombardier which announced a major new investor.

Global stocks were higher generally with Asian and European markets weighing the expectation of an interest rate rise by the Fed next month with its tone suggesting a series of small rises rather than a sudden hike.
The S&P/TSX Composite Index closed up 73.86 (0.55 per cent)
The Dow Jones closed down 4.14 (0.02 per cent)
Oil is trending lower (Brent $44.10, WTI $40.46 at 9.10pm)
Gold is trending higher (1081.30 at 9.10pm)
The loonie is valued at U$0.7521
Fiscal update Friday
The new federal government will deliver a fiscal update Friday. The report is expected to give details of the current state of finances rather than government plans. The update will be at 10.45am in Ottawa.
Wholesale trade slightly lower in September
Data from Statistics Canada released Friday showed that Wholesale sales edged down 0.1 per cent to $55.2 billion in September. Declines in the motor vehicle and parts and the building material and supplies subsectors were partially offset by higher sales in the machinery, equipment and supplies and the food, beverage and tobacco subsectors. Excluding the motor vehicle and parts subsector, wholesale sales rose 0.5 per cent. In volume terms, wholesale sales decreased 0.4 per cent in September.
Bombardier secures $1.5 billion from Caisse
The rail division of Bombardier has secured a $1.5 billion investment from the Caisse de depot et placement du Quebec. The pension fund will receive a 30 per cent stake in a new holding company for Bombardier’s transportation business. The cash, along with recent funds from the provincial government, will give Bombardier cash to launch its CSeries jet while maintaining a majority stake in the rail business.
Employment insurance claims rise
StatsCan reports that 6,100 more people received regular Employment Insurance (EI) benefits in September compared with August, up 1.1 per cent to 543,800. On a year-over-year basis, the number of EI beneficiaries rose by 41,600 or 8.3 per cent.  Most of the increase came from Alberta, where the number of beneficiaries increased 9.1 per cent.
Get used to slower growth says BoC report
The Bank of Canada says that slower growth could be the new normal for advanced economics. In a research report by Abeer Reza and Subrata Sarker it’s suggested that advanced economies may see slower growth in the immediate future. This is based on evidence of cyclical and structural factors but it’s noted that these will eventually change. However the authors point out that some conditions such as an aging population and slowing growth of labour force will affect growth longer term.