Oil slumps on OPEC report... Inflation eased to 1% last month... Retailers had another positive month...
.jpg)
Oil slumps on OPEC report
Friday started with optimism in oil prices which were hovering around $50 overnight but a report from PetroLogistics soon changed that. Ahead of an OPEC meeting next week, the report said the cartel’s members were pumping higher levels than expected.
Oil prices have slumped more than 2.5%, dragging the energy sector of the main TSX index lower. Its 1.4% drop was joined by falls for 8 other sector groups while utilities closed the session flat.
Wall Street closed flat while European and Asian markets were mostly lower.
The S&P/TSX Composite Index closed down 81.51 (0.53%)
The Dow Jones closed down 31.71 (0.15%)
Oil is trending lower (Brent $47.88, WTI $45.61 at 5.05pm)
Gold is trending higher (1255.10 at 5.05pm)
The loonie is valued at U$0.7974
Inflation eased to 1% last month
Canada’s annual rate of inflation slipped to 1% in June following the 1.3% gain in May.
Statistics Canada data shows that energy prices were the main reason for the reduction in the Consumer Price Index while food was up slightly. Without energy and food, the CPI was up 1.4%.
Gasoline prices were down 1.4% in the 12 months to June, leading to a 2.2% decrease in the energy sector following a 0.6% rise in May.
Shelter costs rose 1.6%, down from 1.9% in the May figures.
Consumer prices rose less on a year-over-year basis in nine provinces in June than they did in May. The 12-month increase in the CPI in Nova Scotia was unchanged from a month earlier.
Retailers had another positive month
Retail trade increased for the third consecutive month in May, up 0.6% to $48.9 billion, but it was driven by one sector.
Cars and motor parts gained 2.4% following a decline in the previous month, Statistics Canada reported Friday. New car sales saw the largest gain in dollar terms.
Food & beverage stores and electrical retailers also gained while general merchandise stores and gasoline stations saw lower sales.
Friday started with optimism in oil prices which were hovering around $50 overnight but a report from PetroLogistics soon changed that. Ahead of an OPEC meeting next week, the report said the cartel’s members were pumping higher levels than expected.
Oil prices have slumped more than 2.5%, dragging the energy sector of the main TSX index lower. Its 1.4% drop was joined by falls for 8 other sector groups while utilities closed the session flat.
Wall Street closed flat while European and Asian markets were mostly lower.
The S&P/TSX Composite Index closed down 81.51 (0.53%)
The Dow Jones closed down 31.71 (0.15%)
Oil is trending lower (Brent $47.88, WTI $45.61 at 5.05pm)
Gold is trending higher (1255.10 at 5.05pm)
The loonie is valued at U$0.7974
Inflation eased to 1% last month
Canada’s annual rate of inflation slipped to 1% in June following the 1.3% gain in May.
Statistics Canada data shows that energy prices were the main reason for the reduction in the Consumer Price Index while food was up slightly. Without energy and food, the CPI was up 1.4%.
Gasoline prices were down 1.4% in the 12 months to June, leading to a 2.2% decrease in the energy sector following a 0.6% rise in May.
Shelter costs rose 1.6%, down from 1.9% in the May figures.
Consumer prices rose less on a year-over-year basis in nine provinces in June than they did in May. The 12-month increase in the CPI in Nova Scotia was unchanged from a month earlier.
Retailers had another positive month
Retail trade increased for the third consecutive month in May, up 0.6% to $48.9 billion, but it was driven by one sector.
Cars and motor parts gained 2.4% following a decline in the previous month, Statistics Canada reported Friday. New car sales saw the largest gain in dollar terms.
Food & beverage stores and electrical retailers also gained while general merchandise stores and gasoline stations saw lower sales.
