Canadian Stocks Are Up Slightly In Cautious Trade — Canadian Commentary
(RTTNews.com) – The Canadian stock market is holding onto modest gains Wednesday morning, but is off its early highs. Investors are in a cautious mood ahead of Thursday’s U.K. referendum on whether it will remain a member of the European Union. The issue … Continue reading at nasdaq.com
CANADA STOCKS-TSX tips lower as Brexit vote eyed; energy stocks weigh
“When in doubt, stay out” of the market, Ing said. Energy stocks fell 1.5 percent overall, embracing a 2 percent drop in Canadian Natural Resources Ltd to C$ 38.88 and a 3 percent fall for Cenovus Energy Inc, to C$ 18.21. The weakness in energy stocks also … Continue reading at reuters.com
Canada stocks lower at close of trade; S&P/TSX Composite down 0.06%
Investing.com - Canada stocks were lower after the close on Wednesday, as losses in the Energy, Clean Technology and Mining sectors led shares lower. At the close in Toronto, the S&P/TSX Composite declined 0.06%. Falling stocks outnumbered advancing ones … Continue reading at investing.com
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5 "Brexit" market strategies Canadian investors need to know now
So I think that, if anything, a leave vote could actually bolster both the U.S. and the Canadian stock market." "In a leave scenario, the general consensus is that the pound would fall and that the U.S. dollar would increase. That would obviously lead … Continue reading at msn.com
Canadian Natural Resource Ltd (CNQ) Stock Price Down 1.6%
Canadian Natural Resource Ltd (NYSE … The stock has an average rating of "Buy" and a consensus target price of $ 38.07. The stock's market capitalization is $ 32.57 billion. The firm's 50 day moving average is $ 29.20 and its 200-day moving average … Continue reading at tickerreport.com
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Toronto, New York stock markets braced in quiet trading ahead of Brexit vote
TORONTO – Traders shied away from making any big moves in North American stock markets this morning … P/TSX composite in Toronto index added 18.63 points to 14,030.95, as the Canadian dollar gained 0.10 of a U.S. cent at 78.16 cents US. Continue reading at canada.com
Moody’s: Canadian Banks Well Placed to Bear Housing Crisis
The Bank of Canada recently warned that markets in Vancouver and Toronto are "unlikely … Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Continue reading at finance.yahoo.com
Toronto stock market, Canadian dollar show gains early Friday
At 10:00 a.m. EDT (1400 GMT), the resource-rich Toronto Stock Exchange’s S&P/TSX composite index was up 65 points, or 0.47 percent, to 13,947.41. The July crude contract was down one cent at US$ 48.48 per barrel while July natural gas was up almost two … Continue reading at portalemdia.com
Canadian stocks shed gains ahead of Brexit vote
Canada’s main stock market in Toronto lost early gains and closed lower Wednesday a day before British voters would decide to exit from or remain in the European Union. The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index lost 8.51 … Continue reading at china.org.cn
Opening: Toronto stock market, Canadian dollar show gains early today
The Toronto Stock Exchange and Canadian dollar were bright spots this morning as U.S. markets declined. The S&P/TSX composite index was up a modest 25.21 points at 13,907.62 after 90 minutes of trading In New York, the major indexes were in the red. Continue reading at windsorstar.com
* Overall, the session marked a broad-based pullback for metals futures. Only copper managed to buck the bearish trend.
Gold for December delivery GCZ2 -0.88% dropped .70 to stand lately at ,712.30 an ounce on the Comex division of the New York Mercantile Exchange. It had traded down as much as .40 on the session, according to FactSet data.
Obama on the so-called fiscal cliff
During a news conference Wednesday, President Obama discusses the approaching fiscal cliff and reiterates the need for bipartisan cooperation.
Selling sentiment in gold keyed off “a weak demand summary from the World Gold Council partly influenced by very tough year-over-year comparisons to the big runup in gold demand associated with the U.S. budget fiasco in August 2011,” said Richard Hastings, macro strategist at Global Hunter Securities.
In tonnage terms, global demand fell 11% from the year-ago third quarter as China’s appetite for gold investment and jewelry declined, according to the Gold Demand Trends Report released Thursday.
Global demand in the third quarter was 1,084.6 metric tons, down from the record figure of 1,223.5 metric tons seen a year earlier, the report said. In value terms, year-on-year demand dropped 14% to .6 billion, with an average gold price of ,652 an ounce down 3% from the third quarter a year ago.
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Meanwhile, the quarter’s global investment in exchange-traded funds jumped 56% from the prior year.
“It is clear from five-year rising demand trends that gold’s fundamental property as a vehicle for capital preservation continues to endure, as evidenced by this quarter’s increase in global ETF investment … and continued purchasing by central banks, the ultimate long-term investors,” said Marcus Grubb, managing director, investment at the World Gold Council, in a statement. See: Gold demand drops 11% in third quarter.
On the currencies front, the dollar offered little direction for gold. The ICE dollar index DXY -0.05% , which measures the greenback against a basket of six other currencies, edged down to 81.043 from 81.111 late Wednesday.
The report about the slide in global gold demand overshadowed weak U.S. economic data.
Among other things, reports out Thursday showed manufacturing in the New York and Philadelphia regions disrupted by Hurricane Sandy. Also, first-time jobless claims soared to an 18-month high last week, largely a side-effect of Sandy. See: Jobless claims soar after Hurricane Sandy.
Tracking the trading in other metals, silver for December delivery SIZ2 -0.84% traded down 40 cents, or 1.2%, to .47 an ounce.
December palladium PAZ2 -1.19% fell .35, or 1.1%, to 4.70 an ounce, while January platinum PLF3 -1.23% sank , or 1.5%, to ,568.60 an ounce.
However, December copper HGZ2 +0.30% rose 1 cent, or 0.3%, to .46 per pound.
U.S. and Mideast catalysts
In Wednesday’s Comex session, December gold rose .30 to settle at ,730.10 an ounce.
GFT Markets technical analyst Fawad Razaqzada equated Wednesday’s gains for gold with a search for safe-haven assets.
“Investors are clearly worried about the looming fiscal cliff and are appropriately increasing their bullish positions in precious metals,” he said.
Gold needs to close over a resistance level pegged at ,740 to attract fresh buyers, he said.
HSBC metal analysts expected gold to benefit as long as the fiscal cliff -- more than 0 billion of tax hikes and spending cuts due to kick in automatically in January if U.S. lawmakers don’t reach a deal -- remains high on the radar for investors.
“A lack of progress in resolving the ‘fiscal cliff’ issue would be gold-friendly, we believe,” the analysts said. “The path of least resistance appears higher for bullion.”
Typically, gold would “rally on the Israel-Hamas situation and on ominous signs of tension regarding the fiscal cliff,” said Hastings.
But “the lingering problem for gold is that even with prices hovering around the ,700-,725 area, this is a bit too high for a bunch of Asia jewelry consumers, thus the outlook for final consumption of jewelry in Asia should be cautious until the results prove otherwise.
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