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Market Updates

Up-to-the-minute insights
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Entry archive:

Top Links: Low oil prices mean ‘Canada’s economy is in trouble’

Scott Barlow

A roundup of what The Globe and Mail's market strategist Scott Barlow is reading this morning on the World Wide Web.

U.S.-based financial pundit Walter Kurtz spends a lot more time thinking about Canada than most Americans but today Canadians might wish he didn’t bother. In a chart-heavy post titled “If energy prices remain near current levels, Canada's economy is in trouble,” Mr. Kurtz lays out the numerous reasons – not just low energy prices – why the domestic economy is likely to slow.

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Premarket: Global shares, oil and ruble rally into Christmas period

Marc Jones

World share markets extended their ‘Santa rally’ into a fourth day on Monday, as a recovery in beaten-down oil prices and the ruble and more calls for quantitative easing from the ECB helped lift sentiment.

There were also hopes that Greece could avoid destabilizing snap elections after Greece’s Prime Minister Antonis Samaras made a surprise offer to bring pro-European independents into the government if they backed his choice for new president.

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The close: TSX ends higher, posts biggest weekly gain in 3 years

Malcolm Morrison

Canada’s main stock index rose for a fourth straight session and posted its biggest weekly gain in three years on Friday, powered by a rally in energy stocks as the price of oil extended its rebound from multi-year lows.

The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed up 121.51 points, or 0.85 per cent, at 14,468.26.

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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, Dec. 22

Euro area releases consumer confidence numbers for December.

(10 a.m. ET) U.S. existing home sales for November. Consensus is for a 1.1 per cent drop to an annualized rate of 5.20 million.

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At midday: TSX racks up fourth day of advances

Malcolm Morrison

The Toronto stock market was higher Friday, adding to a string of solid gains as investors continue to buy up stocks oversold during the course of a fall selloff.

The S&P/TSX composite index was ahead 77.56 points to 14,420.53 after charging ahead about 650 points over the last three sessions.

BlackBerry (TSX:BB) was a drag on the TSX. The smartphone maker posted a profit of one cent a share after adjustments, beating expectations for a loss of five cents a share, but revenue was short of estimates. The company narrowed its net loss to US$148 million or 28 cents, an improvement from a year ago loss of $4.4 billion or $8.39 in the same period a year ago. BlackBerry’s revenue was US$793 million versus analyst predictions of US$931 million, and down from $1.19 billion a year ago. Its stock was close to the worst levels of the session, down 74 cents or 6.34 per cent to $10.93 on heavy volume of 6.2 million shares.

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At the open: TSX climbs after 3 days of gains, BlackBerry shares dive

Malcolm Morrison

The Toronto stock market was in positive territory Friday after a string of solid gains as investors continue to buy up stocks oversold during the course of a fall selloff.

The S&P/TSX composite index was ahead 55.49 points, or 0.39 per cent,  to 14,402.24 after charging ahead about 650 points over the last three sessions.

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Before the Bell: Stocks set for gains, BlackBerry falls

Darcy Keith

The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

U.S. and Canadian stock futures are pointing to more gains when markets open this morning, although there are few signs that the kind of robust rally seen on Thursday will redevelop. Futures for the S&P 500 are off their highs from earlier,  now up only 0.02 per cent. Crude oil futures, which fell back to fresh five-year lows on Thursday, are up 1.5 per cent ahead of the opening bell.

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Premarket: European stocks set for biggest weekly gain of 2014

Marc Jones

World markets are ending their last full week of 2014 on a high, as Wall Street made its biggest two-day advance since late 2011 and European shares headed for their strongest week of the year.

The gains came amid relief that the Federal Reserve appears in no rush to withdraw stimulus from the U.S. economy and as investors began to see the advantages of lower oil and fuel costs that should ultimately help global growth.

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The close: Dow surges more than 400 points as traders cheer Fed

U.S. stocks rose, sending the Standard & Poor’s 500 Index to its best two-day gain in three years, as global equities rallied on the Federal Reserve’s pledge to be patient on boosting rates.

The S&P 500 added 2.4 percent to 2,061.23, its largest one-day gain since January 2013. The index has climbed 4.5 percent over two days, the most since November 2011. The Dow Jones industrial average rose 421.3 points, or 2.4 per cent, at 17,778.15.

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Crude oil resumes slide in most volatile day of trading in four years

Moming Zhou

Crude oil dropped to the lowest level in more than five years on concern a supply glut will worsen.

Trading volatility for both Brent and West Texas Intermediate increased to a four-year high. Saudi Arabia, the largest producer in OPEC, will stick to its policy to maintain output, Oil Minister Ali Al-Naimi said. The Organization of Petroleum Exporting Countries last month refused to cut production at a meeting in Vienna. Prices rallied earlier on speculation recent losses were excessive.

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At midday: TSX surrenders triple digit rise as volatility returns

Malcolm Morrison

Volatility returned in a big way to the Toronto stock market late morning Thursday as a strong triple-digit advance melted away and oil prices turned negative after two days of gains.

The S&P/TSX composite index had started the session with a 200-point surge. But by early afternoon it was still ahead, but by only 83.02 points to 14,296.90.

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At the open: TSX jumps as appetite for risk lifts resources

Malcolm Morrison

Canada’s main stock index jumped sharply higher at the open on Thursday buoyed by a rally in resource stocks, as higher oil prices and an upbeat assessment of the U.S. economy by the Federal Reserve pushed investors back toward riskier assets.

The Toronto Stock Exchange’s S&P/TSX composite index jumped 200.06 points, or 1.41 per cent, at 14,414.55. Eight of the index’s 10 main groups were stronger, including a 4.2 per cent surge in energy stocks.

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Before the Bell: TSX poised for big gains, oil rallies

Darcy Keith

The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

Investors are showing few signs of losing their enthusiasm for stocks, one day after the TSX enjoyed its biggest rally of this year. Stock futures this morning are pointing to possible gains of 1 per cent or greater when markets open on both Wall Street and Bay Street - and energy stocks should once again be among equities seeing sturdy gains, as the price of crude is up about 2 per cent.

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Premarket: European stocks jump on heels of Fed announcement

Marc Jones

The Swiss franc tumbled on Thursday as its central bank slapped a charge on deposits, wary of a flood of money exiting Russia and the likely pressure from the euro zone if the ECB starts full-scale money printing early next year.

European shares opened sharply higher after an upbeat assessment of the U.S. economy and a promise to be patient in raising rates by the Federal Reserve had seen U.S. stocks enjoy their strongest session of the year so far.

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The close: TSX, S&P 500 enjoy best day this year as Fed reassures markets

The Toronto stock market soared more than 300 points Wednesday with sentiment helped along by reassurance on interest rates from the U.S. Federal Reserve.

The S&P/TSX composite index jumped 351.87 points to 14,213.39, its second straight triple-digit advance and the biggest one-day gain since November 2011 as traders continued to buy up stocks oversold in the course of a steep fall sell-off triggered by plunging oil prices.

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Stocks extend rally as Fed pledges patience on rates

The Toronto stock market soared more than 300 points Wednesday afternoon with sentiment helped along by reassurance on interest rates from the U.S. Federal Reserve.

The S&P/TSX composite index jumped 355.61 points to 14,217.13, its second straight triple-digit advance as traders continued to buy up stocks oversold during the course of a steep fall sell-off triggered by plunging oil prices.

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At midday: TSX surges as Talisman deal sparks jump in oil shares

Alastair Sharp

Canada’s main stock index surged on Wednesday as oil and gas shares wounded in the rout of oil prices regained some vitality on the $8.3-billion bid by Spain’s Repsol to buy Talisman Energy Inc.

The energy group on the benchmark TSX index has shed more than a third of its value since June as the price of crude oil has plummeted to near 5-1/2 year lows. But Tuesday’s news of Repsol’s deal for Canada’s fifth-largest independent producer has encouraged investors to reassess.

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Energy stocks propel TSX to another triple-digit gain

Malcolm Morrison

The Toronto stock market ran up sharply for a second session Wednesday as traders continued to buy up stocks oversold during the course of a deep autumn selloff triggered by plunging oil prices.

The S&P/TSX composite index jumped 239.23 points to 14,100.75 while traders also looked for reassurance on interest rates from the U.S. Federal Reserve.

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Before the Bell: Stock futures gain but oil slides again

Darcy Keith

The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

U.S. and Canadian stock futures are pointing to gains at today's open, amid a calmer - but still unsettling - day in emerging markets. Russia's ruble fell further against the U.S. dollar overnight, but losses were relatively modest, after the Russian finance ministry went on the offensive and said it had begun selling foreign currency.

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Premarket: Focus turns to Fed as investors seek safety

Lionel Laurent

Fears of a full-blown crisis in Russia and oil’s continued slide pushed investors to seek safety on Wednesday, buying core bonds and selling stocks while the rouble failed to halt its prolonged tumble.

With only days to go before the end of the trading year, investors were also looking ahead to the U.S. Federal Reserve’s final statement of 2014, due at 1900 GMT. Analysts expect it to remove language pledging to wait a “considerable time” before raising U.S. interest rates.

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The close: TSX boosted by Talisman deal, bargain hunters

Malcolm Morrison

The Toronto stock market registered a strong, triple-digit advance Tuesday as buyers bought up stocks that suffered during a fall sell-off that had left the TSX barely in positive territory for the year.

However, a wave of caution set in late in the trading day and the S&P/TSX composite index closed well off session highs, coming down from a 352-point surge to move up 156.38 points to 13,861.52.

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‘Oversold’ TSX gains 300 points as buyers grab discount stocks

Malcolm Morrison

The Toronto stock market charged ahead Tuesday morning as buyers bought up stocks that have suffered during an autumn selloff, particularly in the energy and financial sectors.

The S&P/TSX composite index climbed 332.83 points, or 2.43 per cent, to 14,037.97. Oil prices stabilized amid weak Chinese manufacturing data and traders considered the effect of a desperate move by Russia’s central bank to halt the plunge in the ruble.

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At the open: Bargain hunting in resource stocks push TSX higher

Malcolm Morrison

The Toronto stock market was higher Tuesday while the slide in oil prices intensified amid weak Chinese manufacturing data, while traders considered the effect of a desperate move by Russia’s central bank to halt the plunge in the ruble.

The S&P/TSX composite index climbed 73.03 points to 13,778.17 as buyers bought up energy and mining stocks that have suffered the brunt of the damage during an autumn selloff that has left the TSX barely in positive territory for the year.

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Before the Bell: Stocks head for losses as oil dives again

Darcy Keith

The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

The seemingly unstoppable plunge in the price of crude oil and a surprisingly big hike in interest rates in what was already an economically challenged Russia are setting an unnerving backdrop as trading in North American markets nears. S&P 500 stock futures are down about 0.6 per cent and TSX futures are down 0.5 per cent, pointing to broad losses for equity markets.

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Premarket: Russian markets slammed on oil plunge, ruble rout

Patrick Graham

A plunge in oil below $60 (U.S.) and the failure of an emergency interest rate rise to stabilize Russia’s ruble sent another shock through global financial markets on Tuesday, adding to a growing sense of crisis in a volatile end to 2014.

Moscow’s main stock exchanges fell by 5 and 9 per cent respectively and those in Europe’s big developed markets fell as much as half a per cent in response.

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The close: TSX ends lower as resource stocks fall

Malcolm Morrison

The Toronto stock market closed lower Monday as energy stocks again sold off amid another plunge in oil prices and gold stocks fell sharply as bullion lost ground ahead of this week’s interest rate meeting of the U.S. Federal Reserve.

The S&P/TSX composite index was down 25.91 points to 13,705.14.

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At midday: TSX erases early triple-digit gain, oil prices slide

Malcolm Morrison

An early attempt at a rally fizzled on the Toronto stock market Monday as another sharp drop in oil prices pushed energy companies lower and eroded gains in non-resource sectors.

The TSX started the session with a triple digit gain as investors picked over some stocks that were badly beaten up last week during the course of a selloff sparked by plunging oil prices. But the advance fizzled, leaving the Toronto market up 63.62 points, or 0.46 per cent, to 13,794.67.

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Early rally on the TSX fizzles out

Malcolm Morrison

The Toronto stock market moved into negative territory late Monday morning after a brief rally earlier in the session.

The S&P/TSX composite index came off a triple-digit gain to fall 42.25 points to 13,688.80.

The Canadian dollar fell 0.29 of a cent to 86.06 cents (U.S.).

U.S. indexes were also negative with the Dow Jones industrials down 31.79 points to 17,249.04, the Nasdaq down 17.80 points higher to 4,635.80 while the S&P 500 index slipped 3.02 points to 1,999.31 .

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Before the Bell: Stocks head for gains as oil steadies

Darcy Keith

The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

U.S. and Canadian markets are heading for sturdy gains as the opening bell approaches, largely thanks to relief that crude oil prices are not falling further as the week gets underway. 

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Premarket: Oil edges higher after hitting fresh 5-1/2-year low

Emelia Sithole-Matarise

Oil prices touched fresh 5-1/2-year lows on Monday, spurring an emerging market selloff as demand for the safe-haven yen picked up while European stocks stabilized after their worst week since 2011.

Indonesia’s rupiah sank to a six-year trough and Russia’s ruble hit record lows. Emerging stocks fell to nine-month lows and developing market dollar bond yield premiums over U.S. Treasuries were at their highest since 2011.

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