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  • TSX shows some spunk
  • Markets at a glance
  • Tesla to cut jobs
  • Annual inflation rate rises
  • From today’s Globe and Mail

TSX shows some spunk

These are, obviously, very early days, but 2019 has already “been a very good year” for the Toronto stock market, Bank of Montreal’s chief economist notes.

“We’re only 12 trading days in, but the index has advanced 6.2 per cent, which would already rank it fourth-best among the past nine years (sadly),” Douglas Porter said of the S&P/TSX Composite Index.

“It’s also been up every session so far in 2019, except for Jan. 3, and has now run its daily winning streak to a nice round 10,” he added in a report.

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“It’s also up a roaring 10.4 per cent from the lows hit on the Nightmare Before Christmas.”

Mr. Porter’s comments come as global markets rally across the board this morning, buoyed by further hopes of trade tensions easing between the U.S. and China.

Mr. Porter noted that the benchmark Canadian index has “broken decisively” above its 50-day moving average, though remains far below the 200-day mark.

“The last time we saw this pattern of a decisive break from below was in early 2016, which presaged that year’s nice long run,” he said.

“That period also just so happened to coincide with a turn from the bottom in oil prices.”

The index’s “quick turnaround” bodes well for the economic outlook, Mr. Porter said.

“Or at least it removes some of the gloom that enveloped investors late last year. We repeat, we look for cooler growth globally and in Canada this year, but nothing to justify the late 2018 dive.”

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