By the numbers, morning report
Aug 17, 2012 / 6:36 am
The Toronto stock market looked set to extend gains to a fourth session Friday amid rising prices for copper.
The Canadian dollar backed off 0.2 of a cent to 101.15 cents US after closing at a fresh 3 1/2 month high Thursday amid a lower than expected reading on inflation.
Losses in the loonie picked up after Statistics Canada reported that the Consumer Price Index declined 0.1 per cent on a seasonally adjusted basis in July, after decreasing 0.2 per cent in June. Economists had looked for a 0.1 per cent rise. This marked the third consecutive monthly decline in the seasonally adjusted CPI.
The agency said Friday that consumer prices rose 1.3 per cent in the 12 months to July, following a 1.5 per cent gain in June.
Core inflation, which excludes volatile items like energy and fresh fruit and vegetables, rose 1.7 per cent in the 12 months ended in July, down from a two per cent reading in July
Analysts suggested the data represented another reason for the Bank of Canada to keep interest rates on hold.
"With core inflation running below target and external headwinds still blowing, we don't expect the Bank of Canada to resume tightening until well into next year," said BMO Capital Markets senior economist Robert Kavcic.
U.S. futures were mainly tepid at the end of a positive week, with the Dow Jones industrials unchanged at 13,225, while the Nasdaq futures were 5.5 points higher to 2,769 and the S&P 500 futures dipped 1.1 points to 1,412.
The TSX also finished at a 3 1/2 month high Thursday, closing above 12,000 for the first time since early May when the European debt crisis took a turn for the worse as markets focused on high debt levels in Spain. Traders were encouraged by a solid reading on American housing starts and hopes that central bankers are prepared to do whatever is necessary to keep the economic recovery on track and preserve the European monetary union.
Read more Business News
|QHR Technologies Inc||0.64||+0.03|
|Anavex Life Sciences||0.71||-0.025|
|Copper Mountain Mining||1.75||-0.04|
Big Picture Economic Data Remains the Focus Equity markets around the world continued to decline this week as investors remain focused on the trend of economic data and whether economic growth is stro...
With so many choices and variables, how do you find the perfect fit? Before you start your search, it’s a good idea to narrow down the playing field by looking at what would fit you best. Here&r...
My closest partner is my wife and this week I just wanted to share some of our work from her perspective, as she is more of a "thinker" than me, and I wanted to share our activities and goa...
- Mining, oil and gas companies to face tougher rules around disclosing payments
- TSX adds to losses over central bank concerns
- Asian markets down over concerns
- Global energy companies 'dead serious' about B.C. natural gas, says minister
- Teletoon Canada plans to air 'Inspector Gadget' reboot
- TSX drops in early market trading
- Canadian dollar takes a hit
- Apple unveils music streaming service
- What's up Apple?
- Canadian dollar rises on job report
- Tom Cruise backs Wal-Mart
- Royal Bank to edge up mortgage rates