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Canada Stocks Close Down More Than 200 Pts Today, Under the 14,000 Level

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Canada's main stock market, the Toronto Stock Exchange, on Friday closed down more than 200 points or 1.5% and under the 14,000 level. The index has lost more than 1,000 points in the last 15 sessions, largely amid growing concerns about the outlook for global economic growth.

This all comes ahead of financial markets in Canada closing early for a half day on Monday, then remaining closed for two full days, before returning to normal next Thursday.

At home, GDP data earlier today came in stronger than expected. But that data was for October, and quiet a lot of negativity has circled financial markets since then -- and quite a lot of it around oil. In addition, the Bank of Canada's latest Business Outlook Survey highlighted fears around future sales. All of this is hurting not just local sentiment, but is leading to potential overseas investors choosing to look away, for now at least.

Among commodities, gold futures closed down US$9.80 or 0.8%, at US$1,258.10 per ounce. But oil prices settled at a fresh 17-month low amid continuing economic worries and concern that production has risen faster than demand. West Texas Intermediate crude for February delivery closed down US$0.29 to US$45.59 per barrel, the lowest since July, 2019. February Brent crude was last seen down US$0.63 to US$53.72. With prices down 11% on the week, the release of the Baker-Hughes rig count, showing a rise of 10 rigs drilling in the United States augured U.S. production, already up 2 million barrels per day over the past 12 months, was set to rise further, offsets 1.5 million bpd of cuts from OPEC, Russia and Canada.

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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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