TSX Closes Down For First Time In Five Days; With TD Missing Its Q2 Target, Focus Now On National Bank Friday
Canada's main stock market, the Toronto Stock Exchange, opened around 100 points down from Wednesday's close and, after fluctuating within 50 points both above and below its opening level, it ended the day back more or less where it started - down 94 points. This was the first fall for the TSX in five days.
The losses reflected those for many other international stock markets amid uncertainty about when the U.S. Federal Reserve will end its stimulus program. Poor economic data out of China and Europe also weighed. China factory activity was down for the first time in seven months in May while the euro zone economy looks set to contract again in this second quarter.
On the domestic front, Toronto-Dominion Bank (TD.TO) lost 0.5% as it kick started the banks' earnings season by missing Q2 expectations for EPS of $1.91, although by only a cent. Earnings continue with National Bank (NA.TO) Friday, and it is expected to earn $1.98.
Gold added 1.8% to settle at US$1,391.80 per ounce. Gold futures are seeing upside momentum in today's session boosted by a declining greenback, which made the commodity more affordable for holders of international currencies.
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