TSX Up 60 Points on Positive Sectors; Miners in The Lead
The TSX is up 60 points this morning on mainly positive sectors. Miners are leading, up nearly 3%, followed by industrials, up 1.12%. Canadian housing starts unexpectedly jumped in August from July. A report from the Canadian Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts jumped to 216,924 in August from an upwardly revised 193,253 units in July. Forecasters had expected 190,000 starts.
Meanwhile, Chinese Premier Li Keqiang was reported as saying at the World Economic Forum at Davos, that China has fended off the major risks to its financial system while its economic prospects remain positive.
"The government took measures to stabilize the market and prevent risks from spreading, we have forced out the possibility of any systemic risks," Li said.
Meanwhile, the Bank of Canada has opted not to lower or raise its benchmark interest rate, choosing to hold it at 0.5%.
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