LeCanadian

Top Menu

  • Login
  • Archives
  • Les Actualités
  • Advertising
  • Sexy Pages
  • Contact Us

Main Menu

  • Home
  • Business
  • Entertainment
  • Foodie
  • Headline
  • Health
  • Editorials
  • Lifestyle
  • Sports
  • UFO · Exopolitics
  • City
  • Sexuality
  • Dating
  • Login
  • Archives
  • Les Actualités
  • Advertising
  • Sexy Pages
  • Contact Us

logo

Header Banner

LeCanadian

  • Home
  • Business
  • Entertainment
  • Foodie
  • Headline
  • Health
  • Editorials
  • Lifestyle
  • Sports
  • UFO · Exopolitics
  • City
  • Sexuality
  • Dating
  • How Canadians can access online casinos through mobile phones

  • Comment gérer un retard de vol ?

  • 5 ways sudoku boosts brain health

  • 10 tips to successfully market your law firm

  • 7 Amazing Gifts for Kids Who Like to Cook

Business
Home›Business›TSX, Loonie Sink Amid Softened Oil Prices Ahead of OPEC Meeting

TSX, Loonie Sink Amid Softened Oil Prices Ahead of OPEC Meeting

By admin
November 30, 2016
1781
0
Share:

The Toronto stock market fell for a second day as oil prices softened on the eve of a highly-anticipated meeting by the Organization of the Petroleum Exporting Countries.

The S&P/TSX composite index lost 15.55 points to 14,999.81, with metals and energy stocks providing the biggest drag.

The January crude contract was down $1.85 at $45.23 (U.S.) per barrel, as traders priced in an increasing likelihood that OPEC members won’t be able to agree on an output freeze or cut.

Momentum has been building for months that the 14-member cartel will be able to hash out details of a preliminary deal, which first emerged during an informal meeting in September. The group is set to meet on Wednesday in Vienna.

In the last few weeks, there was a growing belief that non-member Russia will also agree to participate if a deal were to materialize.

But in the past few days, those hopes have dissipated, as word got out about infighting between Iraq, Iran and Saudi Arabia, and how open they were to any output restrictions.

“We’ve seen oil prices fall by a sharp 3.5 per cent (today) with OPEC and Russia unable to craft this deal on production cuts,” said Todd Mattina, chief economist and strategist at Mackenzie Investments.

“Saudi Arabia really wants other cartel members, especially its regional rival Iran, to share more deeply in the production cuts. That’s really frustrating a deal at this point and getting priced into the oil price.”

The lower crude values weighed on the Canadian dollar, which declined 0.09 of a U.S. cent to 74.42 cents US despite a weakening greenback.

In corporate news, Scotiabank was the first of Canada’s biggest five banks to release its latest quarterly earnings results. The bank reported a 9 per cent increase in its fourth quarter, offering an encouraging sign to investors that it was still able to make $2 billion in profits in a low oil price environment.

Scotiabank’s revenue for the quarter was $6.75 billion, up from $6.13 billion a year earlier.

In other commodities, the February gold contract fell $3 to $1,190.80 (U.S.) an ounce, March copper contracts were down six cents at $2.61 (U.S.) a pound, and January natural gas contracts were barely changed at $3.32 (U.S.) per mmBTU.

In New York, stock markets seemed to have scaled back the gains of a rally that picked up steam when Republican Donald Trump was elected the next president of the United States.

The Dow Jones industrial average gained 23.70 points to 19,121.60, while the S&P 500 rose 2.94 points to 2,204.66. The Nasdaq composite climbed 11.11 points at 5,379.92.

Mattina said indices are being more cautious as investors wait to see if Trump’s policies will result in major spending for infrastructure.

“The markets appear to be waiting for clarity in how the policies of president-elect Trump differ from candidate Trump,” he said.

“The markets remains in a pause until we see more clarity.”

Read More..

Post Views: 1,984
Previous Article

‘Populist Surge’ a Threat to Global Growth, ...

Next Article

UberEats Changes Compensation Structure for Delivery People ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Business

    Mortgage rates: A ‘Calculator’ Declining Trend?

    October 20, 2015
    By admin
  • Business

    Farmers furious over Ottawa’s tax changes, but too busy harvesting crops to mount a fight

    September 8, 2017
    By admin
  • Business

    Hackers Could Tap Into Smart Light Bulbs, Research Shows

    November 3, 2016
    By admin
  • Business

    Energy East Pipeline Further in Doubt After Panel Quits, Analyst Says

    September 13, 2016
    By admin
  • Business

    Oil Rally Runs Out of Steam Despite Fort McMurray Supply Disruptions

    May 7, 2016
    By admin
  • Business

    Executives Anticipate Brexit Effects in Quarterly Reports

    July 22, 2016
    By admin

Featured Petition

  • Bell Baker’s John Summers – Stop a Crime Against Humanity – What would his Mother think?
  • John E Summers: Ottawa Lawyer Attacks Motherhood and Civil Rights – Support His Disbarment
  • Stop Ottawa Lawyer John Summers’, Marcella Carby-Samuels’ & David Tenenbaum’s Ab
  • Week
  • Month

Week

Sorry. No data so far.

Month

Sorry. No data so far.

Popular on The Le Canadian

  1. AgoraCosmopolitan
  2. Ottawa Market
  3. Agora Publishing Consortium
  4. Le Journal Canadien
  5. Dominion: Food News
  6. LeCanadian.com
  7. The Ottawa Star
  8. Capitalistocracy.com
  9. Agora Books Author House
  10. First Nations Press
  11. The Etiquette Show
  12. Ontario People's Front





Mark's



Recent Posts

  • How Canadians can access online casinos through mobile phones
  • Comment gérer un retard de vol ?
  • 5 ways sudoku boosts brain health
  • 10 tips to successfully market your law firm
  • 7 Amazing Gifts for Kids Who Like to Cook
  • Make Mortgage Overpayments Work for You
  • Son shares warning for immunocompromised after fully-vaccinated Tampa Bay dad dies from COVID-19
  • Catching Covid-19 after being vaccinated isn’t a myth. It happened to me
  • My COVID Story: “I got COVID after being fully vaccinated”
  • Albertans fully vaccinated for COVID-19 urged to stay cautious during pandemic’s 4th wave

Most Viewed Posts

No Posts found

Visitors

  • Home
  • Business
  • Entertainment
  • Foodie
  • Headline
  • Health
  • Editorials
  • Lifestyle
  • Sports
  • UFO · Exopolitics
  • City
  • Sexuality
  • Dating