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Market Updates

Up-to-the-minute insights
on developing market news

Entry archive:

Premarket: China stocks fall again despite support measures

Samuel Shen and Pete Sweeney

Chinese stocks fell on Tuesday, taking little comfort from a slew of support measures unleashed by Beijing in recent days, and unnerved by Chinese Premier Li Keqiang’s failure to mention the market chaos in a statement on the economy.

Before the market opened, Li said in comments posted on a government website that China had the confidence and ability to deal with challenges faced by its economy, but had nothing to say on the three-week plunge that has knocked around 30 per cent off Chinese shares since mid-June.

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The close: TSX falls as commodities slide on Greece, China concerns

Eric Lam

The Toronto Stock Exchange fell Monday as commodities from oil to metals slumped after Greek voters rejected austerity measures and Greece scrambled to avoid a cash crunch while China unleashed interventions to stabilize its equity markets.

The S&P/TSX composite index fell 88.82 points, or 0.6 per cent, to 14,593.57. The benchmark Canadian equity gauge has fallen 0.3 per cent this year, after tumbling 2.3 per cent in the second quarter.

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At midday: TSX retreats on Greece, but regains some lost ground

Solarina Ho

Canada’s main stock index was lower on Monday but had made a significant comeback from big early losses after Greek voters rejected debt bailout terms, endangering the country’s future in the euro zone and darkening overall market sentiment.

Global markets stumbled on the news, but declines were limited as the referendum decision was already partially priced in and investors were being careful not to overreact.

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At the open: TSX falls as Greek voters reject austerity measures

Roxana Zega and Annelise Alexander

North American stocks slid shortly after the open Monday, tracking global sentiment, with the TSX down nearly half a per cent, after Greek voters’ rejection of austerity measures raised the risk of an exit from the euro.

The S&P/TSX composite index was off 66.81 points, or 0.46 per cent, to 14,615.58.

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Premarket: Stocks, euro fall but no rout after Greek ‘No’

Nigel Stephenson

Shares fell in Europe and Asia, the euro stumbled and yields on weaker euro zone economies’ bonds rose after Greece overwhelmingly voted against conditions for a rescue package, but there was no rout and contagion was limited.

Investors sought low-risk assets including Bunds, but the yield premium of Italian 10-year debt over Germany remained below last Monday’s eight-month highs.

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Overseas trading: China stocks surge, other global markets down after Greeks vote ‘No’

Emma O’Brien and Benjamin Purvis

The euro slipped with emerging-market currencies as Greek voters’ rejection of austerity sent investors to the relative safety of Treasuries and the yen. Chinese stocks jumped after the country stepped up efforts to arrest a $3.2 trillion equity selloff.

The euro was weaker against all 16 major peers by 10:36 a.m. in Tokyo, dropping 0.6 percent versus the dollar and gold, and 0.8 percent to the yen. The yield on 10-year Treasuries plunged nine basis points, while rates on Australian and Japanese notes also fell. Asian shares outside China dropped amid the flight to safety. The Shanghai Composite Index surged 5.9 percent in early trade after the government teamed with brokerages to defend the equity market. Malaysia’s ringgit fell to a 10-year low.

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The close: TSX edges higher ahead of Greek debt vote

Canada’s main stock index rose on Friday, recording its third straight daily gain, as strength in financials as defensive plays as the Greek crisis rages helped overcome a decline in oil and gas shares.

Volume was muted through the session due to the U.S. Independence Day holiday, and investors were also wary of making aggressive bets heading into Sunday’s Greek referendum on the country’s bailout terms with lenders.

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Calendar: What investors need to know for the week ahead

A daily rundown of the economic reports and corporate earnings that will be grabbing the market's attention in the week ahead.
 

Sunday, July 5

Greek referendum

Monday, July 6

Japan leading index for May.

Euro area releases retail PMI and Germany releases factory orders for May.

(10 a.m. ET) U.S. Federal Reserve Labor Market Conditions Index.

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At midday: TSX little changed as soft energy shares limit gains

Canada’s main stock index was little changed in thin trading on Friday with gains limited by a decline in energy shares as oil prices softened.

Volume was expected to be muted through the session due to the U.S. Independence Day holiday, and investors were also wary of taking aggressive bets heading into Sunday’s Greek referendum on the country’s bailout terms with lenders.

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At the open: TSX little changed as energy, mining shares weigh

Canada’s main stock index was little changed shortly after the opening bell on Friday as energy and mining shares declined and as investors were cautious ahead of Sunday’s referendum in Greece on whether to accept bailout terms.

At 9:32 a.m. EDT, the Toronto Stock Exchange’s S&P/TSX composite index was down 11.43 points, or 0.08 per cent, at 14,626.56.

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Premarket: European bonds and stocks on the defensive before tight Greek vote

Marius Zaharia

European bonds and stocks traded cautiously at Friday’s market opening before a Greek referendum on EU-prescribed reforms that could determine the country’s future in the euro zone and which polls suggest could go either way.

Yields on top-rated German 10-year Bunds, the benchmark for European borrowing costs, fell as some investors chose to preserve their capital in low-yielding but relatively safe assets. European stocks dipped and were set for the biggest weekly drop in two months, while the euro edged higher.

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The close: TSX advances but New York markets end lower

Peter Henderson

North American stock markets were mixed on Thursday with the Toronto Stock Exchange advancing while New York markets ended the day slightly lower.

The S&P/TSX composite index closed up 84.66 points to 14,637.99 as trading resumed after the Canada Day holiday. The Dow Jones industrial average fell 27.8 points, or 0.16 percent, to 17,730.11; the S&P 500 dipped 0.64 points, or 0.03 percent, to 2,076.78, and the Nasdaq Composite dropped 3.91 points, or 0.08 percent, to 5,009.21.

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At midday: TSX rises as investors buy up defensive shares

Canada’s main stock index rose modestly on Thursday as investors pushed into healthcare shares and other defensive sectors, offsetting weakness in commodity-sensitive stocks.

Rattled by the Greek crisis, the TSX index has given up the gains it made earlier in the year. Market focus on Thursday was on a Greek referendum on the weekend on an international bailout deal that the country’s prime minister has urged Greeks to reject. Greece defaulted on its debt to the International Monetary Fund earlier this week.

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At the open: TSX starts higher on tech, consumer stocks

Canada’s main stock index rose shortly after the opening bell on Thursday as gains in consumer and tech stocks offset declines in commodity-related companies.

The Toronto Stock Exchange’s S&P/TSX composite index was up 14.51 points, or 0.1 per cent, to 14,567.84.

U.S. stocks rose on Thursday after data showed job growth slowed in June, indicating that the U.S. Federal Reserve might hold off on raising interest rates in September.

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Premarket: Chinese shares tumble, Greece unease simmers

Marc Jones

The U.S. dollar was near a three-week high on Thursday and world stock markets had a delicate feel, as the implication of U.S. jobs data later for a possible Fed rate hike added to Europe’s uncertainty over Greece.

Chinese shares also remained in focus as they suffered another heavy tumble overnight to take their loses over the last six weeks to 25 per cent, countering otherwise solid performances in the rest of Asia’s main centers.

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The close: Wall Street ends higher but energy stocks fall and Greece hopes waiver

Sinead Carew

U.S. stocks closed higher on Wednesday, but were down from earlier highs as energy stocks declined and Greece’s debt crisis showed no clear signs of resolution.

The benchmark S&P 500’s energy sector was dragged down by the biggest slide in oil prices since April after traders were surprised by a report that showed U.S. crude stockpiles rose for the first time in more than two months.

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At midday: Wall Street higher on Greece hopes, strong U.S. data

Sweta Singh

U.S. stocks rose on Wednesday after Greece’s prime minister signalled he was prepared to accept most of creditors’ bailout terms and a raft of U.S. data pointed to a stronger economy.

Adding to the positive tone, financial stocks rallied after Swiss insurance giant ACE snagged a deal to buy upmarket property insurer Chubb for $28.3-billion.

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At the open: U.S. stocks jump on signs of Greece compromise

Stephen Kirkland And Jeremy Herron

U.S. stocks rose sharply in early trading on Wednesday after Greek Prime Minister Alexis Tsipras signaled he was prepared to accept creditors’ bailout offer with some conditions.

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all rose nearly 1 percent, with financial stocks leading the gains. Canadian markets were closed for the Canada Day holiday.

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Premarket: European stocks rally on revived hopes for Greek deal

Marc Jones

Global shares and peripheral euro zone bonds jumped on Wednesday as Greece’s prime minister signalled he was prepared to accept the bulk of the spending cuts demanded by the rest of the euro zone to keep his country afloat.

Alexis Tsipras wrote to the debt-ridden country’s international creditors to accept a bailout they had offered over the weekend - though there were caveats which prompted scepticism in some European capitals and kept a lid on market gains.

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The close: Toronto, New York markets end higher

Brian McKenna

Buyers returned to North American stock markets Tuesday after frantic selling the previous session sparked by the Greek debt crisis drove most major indexes into the red for the year to date.

The S&P/TSX composite index closed up a solid 63.18 points at 14,553.33, but still finished the first six months of the year with a slight loss courtesy of an almost 318-point plunge on Monday.

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At midday: TSX bounces higher as banks, energy shares gain

Canada’s main stock index regained some ground on Tuesday after Monday’s precipitous drop, with banks rebounding and rising oil prices helping energy stocks.

The Toronto Stock Exchange’s S&P/TSX composite index was up 48.27 points, or 0.33 per cent, at 14,538.42 at midmorning. It fell more than 2 per cent on Monday.

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At the open: TSX gains as banks, energy stocks recover

Canada’s main stock index opened higher on Tuesday, winning back some value after Monday’s precipitous drop as banks rebounded and rising oil prices helped energy stocks.

The Toronto Stock Exchange’s S&P/TSX composite index was up 98.28 points, or 0.68 per cent, at 14,588.43 shortly after the open. It had fallen more than 2 per cent on Monday.

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Premarket: Few signs of market panic as Greece nears default

Lionel Laurent

Eurozone stocks, low-rated bonds and the euro weakened on Tuesday as Greece looked set to default on a repayment due to the International Monetary Fund and to plunge deeper into financial crisis.

There was little evidence of panic, however, with investors pointing to Europe’s improved ability to fight financial contagion since the height of the euro debt crisis in 2011.

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The close: TSX dives 317 points as Greece fears grip global markets

Tim Shufelt

The possibility of Greece leaving the euro currency union gripped global markets on Monday, reigniting fears of a destabilizing financial shock emanating from the country’s enduring financial and economic crisis.

After Greek bailout talks collapsed, stock market benchmarks worldwide dropped in Monday’s trading.

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At midday: TSX dives as Greece crisis spurs bank selloff

Canada’s main stock index fell more than 1.5 per cent on Monday as investors fretted about the impact if Greece exits the euro, with banks taking the brunt of the losses and gold miners listed among the few gainers.

A breakdown in talks between Greece and its creditors has pushed the country closer to default on its loans and possibly out of the currency bloc.

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At the open: TSX slumps as Greece crisis weighs

Canada’s main stock index fell more than 1 per cent soon after the open on Monday in a broad retreat as investors fretted about the risk that Greece will leave the euro, with gold miners among the few gainers.

The Toronto Stock Exchange’s S&P/TSX composite index was down 161.68 points, or 1.09 per cent, at 14,646.41. All 10 main sectors were in the red in early trading.

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Premarket: European stocks, bonds shaken by Greek turmoil

Patrick Graham

European shares sank almost 4 per cent and government bond yields in Italy, Spain and Portugal jumped on Monday as investors priced in a growing risk that Greece will be the first country to leave the euro.

Drops in bank shares and a 30 basis point rise in the cost of borrowing for other southern European euro zone members was the start of an acid test of policymakers’ hopes that, if Greece does go, the rest of Europe is isolated from the fallout.

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The close: TSX eases in broad retreat

Canadian stocks fell a second day on Friday, paring a weekly advance, after oil extended losses below $60 (U.S.) a barrel and an equity rout in China deepened while investors awaited a resolution to Greek debt talks.

TransCanada Corp. retreated 3 per cent to pace declines among energy stocks. Valeant Pharmaceuticals International Inc. retreated 1.9 per cent after a report the drugmaker had approached animal health company Zoetis Inc. about a takeover. Potash Corp. of Saskatchewan Inc. fell 1.8 per cent amid its pursuit of German K+S AG.

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Calendar: What investors need to know for the week ahead

A daily rundown of the economic reports and corporate earnings that will be grabbing the market's attention in the week ahead.

Monday, June 29

Japan retail sales and industrial production. Plus, Euro area economic confidence

(8:30 a.m. ET) Canada industrial product price index and raw materials price index for May. Estimate is an increase of 0.1 per cent and 5 per cent from April, respectively.
(10 a.m. ET) U.S. pending home sales for May. Consensus is an increase of 1.2 per cent from April.

Earnings include: Apollo Education Group Inc.

Tuesday, June 30

Euro area CPI and jobless rate.

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At midday: TSX lower as crude prices drag on oil and gas shares

Canada’s main stock index was down in relatively quiet trading on Friday with lower crude prices weighing on energy stocks and last-ditch talk efforts between Greece and its creditors to avoid a debt default dominating investor focus.

Resource stocks were the biggest drags on the index, with Transcanada Corp falling 1.79 per cent to $52.17, and Potash Corp declining 1.0 per cent to $38.93. Potash has approached German potash miner K+S with a takeover proposal that sources say is worth close to 8 billion euros.

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