Oil, metals hit TSX... Government seeks advice on economy... Household debt increased again in Q3... Encana cuts dividend by 79 per cent...
Oil, metals hit TSX
The main index of the Toronto Stock Exchange closed lower Monday as oil prices continued their downward trajectory and gold and copper also lost value.
With the Fed almost certain to raise interest rates this week and the ever stronger greenback, commodities are squeezed with energy, mining and financial stocks all dragged lower.
Wall Street managed to close above the line as US crude managed to reverse its decline while Brent continued lower.
Asian markets had closed with losses earlier in the day although Shanghai was the outperformer. European indexes closed lower ahead of the Fed and with the falling oil prices.
The S&P/TSX Composite Index closed down 94.46 (0.74 per cent)
The Dow Jones closed up 102.3 (0.60 per cent)
Oil is trending mixed (Brent down at $37.73, WTI up at $36.21 at 4.15pm)
Gold is trending lower (1063.40 at 4.15pm)
The loonie is valued at U$0.7279
Government seeks advice on economy
The Liberal government is to consult experts on how to help ignite the Canadian economy. Federal finance minister Bill Morneau said Monday that an advisory council will be created with private and public sector advisors from Canada and elsewhere. He said that the government was left a worse economic profile than it was believed and that growth was weak following the oil rout.
Household debt increased again in Q3
The level of household debt increased again in the third quarter of 2015. Statistics Canada has revealed that Canadians owed $1.63 for every dollar earned, a debt-to-income ratio of 163.7 per cent, up one percentage point from the second quarter. National wealth declined $190.4 billion to $9,205 billion at the end of the third quarter. This was mainly attributable to a $285.4 billion decrease in the value of natural resource wealth as energy prices fell in the quarter. National net worth declined 1.3 per cent or $129.4 billion from the second quarter to $9,493 billion at the end of the third quarter.
Encana cuts dividend by 79 per cent
Oil firm Encana will pay a sharply lower dividend and cut capital spending. The dividend will be around 79 per cent lower in 2016 at 6 cents per share compared to 2015’s 28 cents. Its capital spending next year will be down by around a quarter. The firm is the latest in a line of oil sector firms that are reducing spending plans and cutting or scrapping dividend payments in the coming quarters.
The main index of the Toronto Stock Exchange closed lower Monday as oil prices continued their downward trajectory and gold and copper also lost value.
With the Fed almost certain to raise interest rates this week and the ever stronger greenback, commodities are squeezed with energy, mining and financial stocks all dragged lower.
Wall Street managed to close above the line as US crude managed to reverse its decline while Brent continued lower.
Asian markets had closed with losses earlier in the day although Shanghai was the outperformer. European indexes closed lower ahead of the Fed and with the falling oil prices.
The S&P/TSX Composite Index closed down 94.46 (0.74 per cent)
The Dow Jones closed up 102.3 (0.60 per cent)
Oil is trending mixed (Brent down at $37.73, WTI up at $36.21 at 4.15pm)
Gold is trending lower (1063.40 at 4.15pm)
The loonie is valued at U$0.7279
Government seeks advice on economy
The Liberal government is to consult experts on how to help ignite the Canadian economy. Federal finance minister Bill Morneau said Monday that an advisory council will be created with private and public sector advisors from Canada and elsewhere. He said that the government was left a worse economic profile than it was believed and that growth was weak following the oil rout.
Household debt increased again in Q3
The level of household debt increased again in the third quarter of 2015. Statistics Canada has revealed that Canadians owed $1.63 for every dollar earned, a debt-to-income ratio of 163.7 per cent, up one percentage point from the second quarter. National wealth declined $190.4 billion to $9,205 billion at the end of the third quarter. This was mainly attributable to a $285.4 billion decrease in the value of natural resource wealth as energy prices fell in the quarter. National net worth declined 1.3 per cent or $129.4 billion from the second quarter to $9,493 billion at the end of the third quarter.
Encana cuts dividend by 79 per cent
Oil firm Encana will pay a sharply lower dividend and cut capital spending. The dividend will be around 79 per cent lower in 2016 at 6 cents per share compared to 2015’s 28 cents. Its capital spending next year will be down by around a quarter. The firm is the latest in a line of oil sector firms that are reducing spending plans and cutting or scrapping dividend payments in the coming quarters.
