TSX Closes Down, But Above Day Lows As Mkt Digests Central Bankers' Comments; RBC Kicks Off Q3 Bank Earnings Season In Style

By MidnightTrader.com Staff,

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Canada's main stock market, the Toronto Stock Exchange, closed down around 20 points Friday amid renewed and rising tensions between Russia and Ukraine overseas, and some profit taking in the Financials sector at home. If there was some consolation, the overall index was 60 points lower as per mid-morning, so the final result could be seen as representing something of a comeback.

Investors digested comments from central bank leaders for clues on monetary policy and interest rates. Among them, U.S. Federal Reserve Chair Janet Yellen said slack remains in the labor market while European Central Bank President Mario Draghi said policy makers are ready to stimulate the economy in that region if, as and when needed.

Story of the day in equities surrounded Royal Bank of Canada (RY.TO, RY), which closed down more than 1% after hitting fresh record highs as the first Canadian lender to report third-quarter results beat analysts' forecasts on much better than expected earnings from its capital markets unit. The company also raised its dividend by almost 6%.

In local economics, Canada's inflation rate slowed for the first time in five months in July, showing that the Bank of Canada was probably right in insisting of late that recent price pressures were temporary.

Of commodities, December gold futures were up Friday, settling at near US$1,280 an ounce on the Comex division of the New York Mercantile Exchange, but down 2% on the week. September silver was down Friday, settling at US$19.386 an ounce, 2.8% lower on the week.

Bloomberg, meanwhile, reported that West Texas Intermediate crude capped a fifth weekly decline, the longest losing streak in nine months, on concern refineries will reduce demand for crude as the end of summer driving season approaches. Brent slid, it added.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
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