TSX ends session weak despite export data... Time called on bundled home loans... Exports at record high but trade deficit almost doubles...
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TSX ends session weak despite export data
Toronto’s main stock index was down 0.5 per cent Thursday as almost all sector groups dropped led by healthcare and materials. Even stronger export data was viewed as potentially negative as it could increase the chance of a sooner-rather-than-later interest rate rise.
Oil and gold prices stabilized but commodities producers were generally on the losing side with telecoms the only sector to remain positive. Materials was hit by a 33 per cent slump for Tahoe Resources stocks after its license to operate in Guatemala was suspended.
Wall Street closed lower and markets in Europe and Asia were also generally weak with mainland China one of the few major markets to close higher.
The S&P/TSX Composite Index closed down 75.12 (0.50 per cent)
The Dow Jones closed down 158.1 (0.74 per cent)
Oil is trending (Brent $47.86, WTI $45.29 at 4.25pm)
Gold is trending (1224.40 at 4.25pm)
The loonie is valued at U$0.7712
Time called on bundled home loans
The practice of bundling mortgages with regulated and unregulated lenders sharing the risk could be banned under a new proposal.
OSFI suggests “expressly prohibiting co-lending arrangements that are designed, or appear to be designed to circumvent regulatory requirements.” It has begun a consultation period until August 17, 2017.
It is also considering stress tests for all unsecured mortgages and requiring that Loan-to-Value (LTV) measurements remain dynamic and adjust for local market conditions where they are used as a risk control, such as for qualifying borrowers.
Exports at record high but trade deficit almost doubles
Canada’s exports were up 1.3 per cent in May to a record high of $48.7 billion while imports increased 2.4 per cent to $49.8 billion, almost doubling the trade deficit to $1.1 billion.
Statistics Canada reported that Aircraft imports and unwrought gold exports were the main drivers but trade value for May was up 13.8 per cent year-over-year to $98.5 billion.
In volume terms, imports were up 1.8 per cent and exports rose 1.1 per cent in May, taking Canada's trade surplus in real terms down from $814 million in April to $561 million in May.
Toronto’s main stock index was down 0.5 per cent Thursday as almost all sector groups dropped led by healthcare and materials. Even stronger export data was viewed as potentially negative as it could increase the chance of a sooner-rather-than-later interest rate rise.
Oil and gold prices stabilized but commodities producers were generally on the losing side with telecoms the only sector to remain positive. Materials was hit by a 33 per cent slump for Tahoe Resources stocks after its license to operate in Guatemala was suspended.
Wall Street closed lower and markets in Europe and Asia were also generally weak with mainland China one of the few major markets to close higher.
The S&P/TSX Composite Index closed down 75.12 (0.50 per cent)
The Dow Jones closed down 158.1 (0.74 per cent)
Oil is trending (Brent $47.86, WTI $45.29 at 4.25pm)
Gold is trending (1224.40 at 4.25pm)
The loonie is valued at U$0.7712
Time called on bundled home loans
The practice of bundling mortgages with regulated and unregulated lenders sharing the risk could be banned under a new proposal.
OSFI suggests “expressly prohibiting co-lending arrangements that are designed, or appear to be designed to circumvent regulatory requirements.” It has begun a consultation period until August 17, 2017.
It is also considering stress tests for all unsecured mortgages and requiring that Loan-to-Value (LTV) measurements remain dynamic and adjust for local market conditions where they are used as a risk control, such as for qualifying borrowers.
Exports at record high but trade deficit almost doubles
Canada’s exports were up 1.3 per cent in May to a record high of $48.7 billion while imports increased 2.4 per cent to $49.8 billion, almost doubling the trade deficit to $1.1 billion.
Statistics Canada reported that Aircraft imports and unwrought gold exports were the main drivers but trade value for May was up 13.8 per cent year-over-year to $98.5 billion.
In volume terms, imports were up 1.8 per cent and exports rose 1.1 per cent in May, taking Canada's trade surplus in real terms down from $814 million in April to $561 million in May.
