Saturday, October 25th5.8°C
23711
22952

Canadian dollar rises amid strong U.S. retail data, Chinese growth concerns

TORONTO - The Canadian dollar closed higher Thursday amid a stronger than expected read on U.S. retail data and Chinese growth worries.

The loonie was up 0.51 of a cent to 90.47 cents US.

U.S. retail sales for February rose 0.3 per cent following a 0.6 per cent drop in January, better than the 0.2 per cent climb that economists had expected.

China growth worries have buffeted the currency and commodity prices this week.

Adding to those worries Thursday were government figures which showed industrial production in China rose by a lower than anticipated 8.6 per cent in the first two months of this year. Retail sales growth also fell short of estimates.

China’s premier Li Keqiang said Thursday that his country will keep this year’s economic expansion strong enough to create new jobs, adding that China will also emphasize market-opening reform and clean up smog-choked cities while aiming to hit its official growth target of 7.5 per cent.

The data followed a report issued last weekend showing the world's second-biggest economy experienced an 18 per cent drop in exports in February.

Copper prices have slid more than eight per cent over the past four sessions. The May contract for the metal closed down four cents to US$2.92 a pound Thursday.

But it's not just demand concerns that have weighted on copper.

Chinese authorities gave the go-ahead late last week for the country's first credit default, involving a manufacturer of solar panels. And another solar energy company is also in danger of default.

This is worrisome because copper is used as much for financing transactions as it is for its industrial applications.

Traders worry that a wave of defaults could result in a massive liquidation of copper on the markets, which would further depress prices.

Demand questions have also hit oil prices hard this week with the April contract in New York down almost five per cent this week. But on Thursday, crude rose 21 cents to US$98.20 a barrel.

Gold bullion prices continued to head higher amid concerns centred on the Ukraine-Russian conflict. The April contract climbed for a fourth day, up $1.90 to US$1,372.40 an ounce.

The Canadian Press


Read more Business News

23658


Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 



22970

FEATURED Property
1886883108-770 Rutland Road
2 bedrooms 2 baths
$217,900
more details
image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22707