News Column

Slight stumble at open

June 30, 2014



GDP figures out







Canadian stocks looked set to start a short week lower as investors digested the country's second-quarter growth data.

The S&P/TSX composite index gained 63.51 points to end the week at 15,094.25. June futures were down 0.15 percent Monday morning.

The Canadian dollar skidded 0.12 cents to 93.64 cents U.S. early Monday

Markets are shuttered Tuesday for Canada Day

Thomson Reuters is revising its foreign exchange trading rules, the company said, following consultations with market participants.

The Supreme Court of Canada ruled on Friday that Wal-Mart Stores violated Quebec's labour code when it closed a store in the province that had become one of the first in Canada to successfully unionize.

Saudi Arabia's Mobily has signed a $200-million vendor financing agreement with Canada's export credit agency to buy equipment from Alcatel Lucent, the kingdom's number two telecommunications operator said on Sunday.

Barclays raised the rating on Canadian National Railway to overweight

On the economic slate, Statistics Canada reported this morning that gross domestic product grew 0.1% in April, the same pace as in March. The output of service industries increased 0.3%, while the output of goods-producing industries declined 0.3%.

ON BAYSTREET

The TSX Venture Exchange picked up 9.72 points to 1,022.86

ON WALLSTREET

Monday is the final trading day of the first half of 2014 and it's shaping up to be quite eventful.

Ahead of the opening bell, futures for the Dow Jones Industrials dipped six points to 16,751. Futures for the S&P 500 ducked back 0.6 points to 1,951.40, and futures for the NASDAQ nicked ahead two points to 3,833.50.

The U.S. Department of Justice is expected to announce a multi-billion-dollar settlement with French banking giant BNP Paribas on Monday. The bank has been subject to a long running criminal investigation over accusations that it breached U.S. sanctions on Iran, Sudan and other countries. Shares in BNP dipped in Paris by 0.5%.

Kenneth Feinberg, a consultant who worked on payouts after the 9/11 terrorist attacks and the BP oil spill, will announce a victim compensation plan for General Motors at 10 a.m. ET. At least 13 people have died and many more were injured as a result of a defect in GM cars.

Facebook is in hot water after people learned the company conducted a 'mood' experiment on users without their knowledge or explicit consent.

The study found that users who were shown more negative content in their News Feeds were slightly more likely to produce negative posts. Facebook's terms of service give the company permission to conduct this kind of research, but many users have reacted with anger. Facebook shares were down slightly ahead of the open.

In pre-market trading, the main stock making waves was Yahoo. Shares in the online service were rising by 2%. The company owns a large stake in the highly successful Chinese e-retailer Alibaba, which is preparing to go public.

European markets were mixed in midday trading. Asian markets ended mixed. The main loser of the day was Australia's ASX All Ordinaries index, which dropped by 0.9%.

Oil prices fell 51 cents to $105.23 U.S. a barrel

Gold prices gave back six dollars at $1,314 U.S. an ounce.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Baystreet Stock Market Update (Canada)


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