Thursday, November 27th1.2°C
23286
24058

Loonie up, March retail sales miss expectations, traders look to inflation data

TORONTO - The Canadian dollar closed higher Thursday amid a worse than expected showing in retail sales in March.

The loonie was ahead 0.18 of a cent to 91.8 cents US as Statistics Canada reported that sales actually fell 0.1 per cent in March to $41.1 billion, led by a decrease in the motor vehicle segment. Economists had expected a gain of 0.3 per cent.

The agency said that motor vehicle and parts dealers contributed the most in dollar terms to the March decline, with sales falling 0.7 per cent.

On Friday, markets will look to the latest Canadian inflation data and what effect the reading could have on the Bank of Canada's interest rate announcement in early June.

Economists expect the inflation data will show that the consumer price index rose two per cent year over year in April, up from the 1.5 per cent reading registered the previous month.

Meanwhile, China’s manufacturing contraction eased in May, as HSBC’s preliminary purchasing managers’ index rose to 49.7 from 48.1 in April. Numbers above 50 on the 100-point scale indicate expansion.

The HSBC reading follows a similar survey by an official group that had also been showing signs of a rebound in China, with factory activity growing weakly in April.

Analysts say that the improvements in both surveys suggest the Chinese government’s targeted measures to support the economy are moderating the pace of the slowdown.

On the commodity markets, copper prices rose in the wake of the Chinese manufacturing data with the July contract up two cents to US$3.14 a pound.

June gold bullion gained $6.90 to US$1,295 an ounce and July crude lost 33 cents to US$103.74 a barrel.

The Canadian Press


Read more Business News

23015


Recent Trending




Today's Market
S&P TSX14922.44-115.97
S&P CDNX755.45-15.61
DJIA17827.7512.81
Nasdaq4787.317+29.065
S&P 5002072.83+5.80
CDN Dollar0.8811-0.0007
Gold1185.80-10.7999
Oil68.39-5.30
Lumber327.90-1.60
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.15-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.340.00
Cantex0.04-0.005
Anavex Life Sciences0.171-0.004
Metalex Ventures0.04+0.005
Russel Metals30.70-0.80
Copper Mountain Mining2.12-0.04
Colorado Resources0.13+0.01
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.32-0.02

 
24130


22899

FEATURED Property
2106754107-567 Yates Road
1 bedrooms 1 baths
$197,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Second marriage issues

It is not unusual that one or both of the parties planning to marry are approaching marriage for the second time. There are pluses and minuses to this new situation. On the plus side, individuals ente...


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...

_



24185

24220


Member of BC Press Council


23369