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Inside the Market

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

Entry archive:

The close: U.S. stocks suffer biggest loss in months

Canada’s main stock index retreated on Thursday for a third straight day as U.S. political worries weighed on sentiment and a pullback in some base-metal prices drove down the materials group.

U.S. and European equities also lost ground as investors trimmed their exposure to riskier assets amid ongoing uncertainty over whether the Trump administration will be able to proceed with its economic agenda and after cautious tones from U.S. and European central banks.

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Stocks lower on Barcelona crash, Washington turmoil

World equity markets and U.S. bond yields fell while gold rose on Thursday as investors favored safe-haven investments amid skepticism U.S. President Donald Trump, roiled in controversy, would achieve his economic agenda.

Adding to investor concerns was news that a van had slammed into crowds in the Spanish city of Barcelona, killing 13 people, according to media reports, in an attack police were treating as a terrorism.

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Wall Street falls on concerns over Trump’s pro-growth policy

U.S stocks were lower in choppy trading on Thursday as investors worried about President Donald Trump’s ability to pursue his pro-growth policies.

Mr. Trump disbanded two business councils on Wednesday after several chief executives quit in protest over his remarks on white nationalists.

Stocks had hit session lows before paring losses after Axios reporter Jonathan Swan tweeted, citing a source with direct knowledge, that rumours around the resignation of Gary Cohn, director of National Economic Council, is “100 (percent) false.”

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Canada dollar off two-week high on reduced risk appetite

Alastair Sharp

The Canadian dollar weakened against its U.S. counterpart on Thursday, as White House drama and an attack in Barcelona reduced investor appetite for the loonie after it hit a nearly two-week high earlier in the day.

A U.S. official said Gary Cohn intends to remain in his post as head of a White House economic council, after speculation earlier in the day of Cohn’s possible departure rattled the U.S. stock market and the U.S. dollar.

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At the open: TSX falls as energy, financial stocks weigh

Canada’s main stock index opened lower on Thursday, hurt by slips among heavyweight financial and energy stocks.

The Toronto Stock Exchange’s S&P/TSX composite index was down 21.2 points, or 0.14 per cent, at 15,061.01 shortly after the open. Seven of its 10 main sectors were in the red.

U.S. stocks opened lower on Thursday after minutes from the Federal Reserve’s July meeting showed growing concerns over weak inflation, while investors worried about President Donald Trump’s ability to pursue his pro-growth policies.

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‘Stocks are pricey, let’s buy more’

Scott Barlow

A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading today on the Web

The NY Times’ Upshot blog summarizes Merrill Lynch’s survey of global portfolio managers and finds an interesting contradiction,

“A record share [of managers], 46 percent, say equity markets are overvalued…But that hasn’t changed the net percentage who say they’re overweight equities, which is currently 0.3 standard deviations above the historical norm. Some may be getting a bit queasy, but no one’s allowed off the ride anytime soon.. [the] shift in profit expectations is what BAML calls an ‘ominous inflection point’ for risk-on trades. The jubilation of January has given way to summer doldrums and an increasing sense of dread, but there’s still nowhere to go but up.”

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Thursday’s analyst upgrades and downgrades

DAVID LEEDER

Inside the Market’s roundup of some of today’s key analyst actions

Plaza Retail Real Estate Investment Trust (PLZ.UN-T) currently provides investors with an attractive entry point, according to Desjardins Securities analyst Michael Markidis.

With the Fredericton-based REIT’s stock having fallen by 13 per cent since late February, he upgraded his rating to “buy” from “hold.”

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Thursday’s Insider Report: Companies insiders are buying and selling

JENNIFER DOWTY

Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock’s valuation; perhaps an insider needs to raise money for personal reasons. An insider’s total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company’s shares or units.

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Thursday’s small-cap stocks to watch

Brenda Bouw

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Corsa Coal Corp. (CSO-T) reported revenue of $66.2-million in the second quarter up from $18.7 million a year earlier.

Its net income was $4.6-million versus a net loss of $8.1-million a year earlier.

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Premarket: European stocks fall after Fed flags weak inflation

Alasdair Pal

European stocks and bond yields fell in early trade on Thursday after the Federal Reserve expressed concern over weak U.S. inflation, a trend which has clouded the outlook for the world’s largest economy.

Some policy makers argued against future rate rises until there was more concrete evidence that inflation was moving back toward the Fed’s objective, according to minutes of the U.S. central bank’s last policy meeting.

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The close: TSX ends lower as resource groups head in opposite directions

Canada’s main stock index reversed course to end lower on Wednesday as a drop in oil prices weighed on energy shares, offsetting gains for the materials group as base and precious metal prices climbed.

Losses for the Toronto Stock Exchange’s S&P/TSX composite index, which had spent much of the day in positive territory, came as the United States laid down a tough line for modernizing the North American Free Trade Agreement.

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At midday: Miners, financials lead broad rise in TSX

Canada’s main stock index rose on Wednesday as the heavily weighted bank stocks led broad gains and firmer commodity prices bumped resource issues higher.

The gains mirrored global markets which rose on economic data that showed forecast-beating growth, and U.S. stocks which rose ahead of the release of the Federal Reserve’s latest policy meeting minutes.

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Canadian dollar rallies 1 per cent as Fed minutes, Trump pressure greenback

Solarina Ho

The Canadian dollar rebounded against its U.S. counterpart on Wednesday from a one-month low hit the day before, driven by a broad-based retreat in the U.S. dollar on the back of Federal Reserve concerns over inflation.

Investors were also following North American Free Trade Agreement renegotiation talks, which kicked off on Wednesday, but an overall dearth of domestic news meant the loonie took its cues elsewhere.

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At the open: TSX opens higher as financials, energy stocks lead

Canada’s main stock index rose at the open on Wednesday in broad-based gains led by financials, while energy stocks were buoyed by firmer crude oil prices.

The Toronto Stock Exchange’s S&P/TSX composite index rose 38.7 points, or 0.26 per cent, to 15,136.54 shortly after the open, with all 10 of the index’s key sectors advancing.

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Sharp drop in home prices ‘almost entirely a Golden Horseshoe story’

Scott Barlow

A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading today on the Web

The Canadian trade delegation has presented its opening salvo ahead of NAFTA re-negotiations, but I strongly suspect there will be a lot of twists and turns before a deal is signed. Trade and foreign policy are the two areas where the U.S. president can act without a lot of legal restraint and, to put it charitably, his actions to date have not been overly predictable.

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Wednesday’s small-cap stocks to watch

Brenda Bouw

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

ATS Automation Tooling Systems Inc. (ATA-T) reported first-quarter revenues of $264-million, down 1 per cent from $265.4-million a year ago.

Net income was $11.5-million or 12 cents per share versus $12.1-million or 13 cents a year earlier.

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Wednesday's analyst upgrades and downgrades

DAVID LEEDER

Inside the Market’s roundup of some of today’s key analyst actions

Metro Inc.’s (MRU-T) third-quarter financial results were “short on summer sizzle,” according to Raymond James analyst Kenric Tyghe, who emphasized the grocer’s stock is “still a buy.”

“We believe that investors should look through the largely mix-driven F3Q17 miss (on EPS of 78 cents versus consensus of 79 cents), and that the 2018 wage inflation fears’ impact on earnings power currently priced into the grocery group overstates the reality,” said Mr. Tyghe. “While our estimate revisions provide for cost pressures on (what we characterize as) the comically short notice, largest proposed minimum wage increases in a generation, we believe that the potential mitigating actions are more pronounced than recognized.”

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Wednesday’s Insider Report: Companies insiders are buying and selling

JENNIFER DOWTY

Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock’s valuation; perhaps an insider needs to raise money for personal reasons. An insider’s total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company’s shares or units.

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Premarket: U.S. dollar holds firm before Fed minutes, stocks rise

Nigel Stephenson

The U.S. dollar held on to big gains on Wednesday before minutes of the U.S. Federal Reserve’s latest meeting, while European shares followed Asian stocks higher.

Relative calm in the standoff between the United States and North Korea also lifted investors’ appetite for riskier assets.

Metals markets were buoyant, with the price of zinc, used to galvanize steel, hitting its highest in a decade on Chinese infrastructure demand.

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Turns out, clean-energy stocks are also good for your portfolio

JOSH O’KANE

Stocks of companies that focus on clean energy and efficiency are now outperforming a global energy benchmark heavily tied to fossil fuels, according to new research from a pair of groups focused on corporate social responsibility.

In a report released on Tuesday, researchers with Canadian “clean capitalism” media company Corporate Knights Inc. and U.S. non-profit As You Sow revealed the performance of a curated group of the world’s 200-largest companies ranked by clean-energy and energy-efficiency revenues. German conglomerate Siemens AG tops the “Clean 200” list, followed by Toyota Motor Corp. and Schneider Electric SE – with five Canadian companies, including No. 7-ranked Bombardier Inc., in the mix.

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The close: TSX slips as gold miners fall with bullion prices

Canada’s main stock index fell on Tuesday after an easing of tensions between North Korea and the United States hit the price of bullion, sending shares of gold-mining companies lower.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 22.07 points, or 0.15 per cent, at 15,097.84. Six of the 10 main sectors on the index were lower.

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At midday: TSX falls as gold miners, oil companies weigh

Canada’s main stock index slipped on Tuesday, with gains for financial stocks offset by losses for oil companies as crude prices fell.

Precious metals miners also lost ground as the price of gold pulled back on easing geopolitical tensions over North Korea.

The heavyweight energy group retreated 0.5 per cent as oil prices were pressured by a stronger U.S. dollar and as data showed Chinese refineries operated in July at their slowest daily rates since September.

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A mom asks: Is this the right investment for a financially stressed millennial?

ROB CARRICK

A mom writes to say she’s worried about her adult daughter’s precarious financial position.

The daughter lives in Toronto and is barely able to save because of her high rent and other basic living costs – nothing extravagant. What savings she does have is an investment is an investment made through an online broker in the iShares S&P 500 Index ETF, a U.S.-listed exchange-traded fund with the ticker symbol IVV.

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Canadian dollar hits one-month low as oil prices fall, greenback climbs

Fergal Smith

The Canadian dollar hit a one-month low against its U.S. counterpart on Tuesday, pressured by broader gains for the greenback, as North Korea tensions eased and data showed a jump in U.S. retail sales.

The U.S. dollar climbed against a basket of major currencies after North Korea’s leader delayed a decision on firing missiles toward Guam. Also aiding the greenback, U.S. retail sales recorded their biggest increase in seven months in July.

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At the open: TSX slips as gold miners pull back with bullion

Canada’s main stock index slipped slightly in early trade on Tuesday, with gains for financial stocks offset by losses for gold miners as easing North Korean tensions and stronger U.S. data reduced gold’s appeal as a safe haven.

The Toronto Stock Exchange’s S&P/TSX composite index was down 13.02 points, or 0.09 per cent, at 15,106.89 shortly after opening in positive territory.

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Canadian economy ‘firing on all cylinders’ despite housing fears

Scott Barlow

A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading today on the Web

The domestic benchmark is roughly flat for the year, and, like many investors, I got caught up in the Home Capital Group-related handwringing about the housing market and consumer debt. Meanwhile, as Nomura economist Peter Dragicevich, the Canadian economy is firing on all cylinders,

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Tuesday's analyst upgrades and downgrades

DAVID LEEDER

Inside the Market’s roundup of some of today’s key analyst actions

Echelon Wealth analyst Russell Stanley trimmed his estimates for Canopy Growth Corp. (WEED-T) following mixed second-quarter financial results and what he expects to be a slower pace of growth.

On Monday, the Smiths Falls, Ont.-based company reported total revenue for the quarter of $15.9-million, below Mr. Stanley’s projection of $16.6-million. That miss was due largely to lower-than-anticipated cannabis sales ($14.6-million versus his $16.1-million estimate).

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Tuesday’s Insider Report: Companies insiders are buying and selling

JENNIFER DOWTY

Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock’s valuation; perhaps an insider needs to raise money for personal reasons. An insider’s total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company’s shares or units.

More »

Tuesday’s small-cap stocks to watch

Brenda Bouw

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

High Liner Foods Inc (HLF-T) reported sales of $232.4-million (U.S.) in the second quarter, compared to $224.4-million a year earlier. Analysts were expecting revenue of $244.8-million.

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Premarket: Shares rally, yen and gold fall as N. Korea tensions ease

Nigel Stephenson

Shares rose on Tuesday, while the Japanese yen, Swiss franc and gold all dropped after North Korea’s leader signaled he would delay plans to fire a missile towards Guam, easing tensions and prompting investors to buy riskier assets.

European shares followed Asian bourses higher, having already risen late on Monday after U.S. officials played down prospects of the standoff between North Korea and the United States leading to conflict.

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What Inside the Market offers

Inside the Market provides up-to-the-minute insights on developing market news and trends for subscribers of Globe Unlimited. The section provides exclusive analysis from some of Canada’s most authoritative voices on finance, including The Globe’s in-house market strategist Scott Barlow, Globe investment analyst Jennifer Dowty, Globe personal finance columnist Rob Carrick, and outside finance experts such as investment newsletter writers Gordon Pape and The Contra Guys, economist David Rosenberg and strategist Don Coxe.


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