TSX Loses Another 40 Pts On Global Economy Fears, Less Than Impressive Earnings
Canada's main stock index lost another 40 points Thursday, largely on renewed concerns about the health of the global economy, with particular focus on the U.S. with its so-called 'fiscal cliff' issue and Greece with tough new austerity measures to be introduced in a bid to solve a debt crisis there. Not to mention debt concerns elsewhere in Europe.
But the losses may also reflect the fact that company earnings are coming in mixed. Good results from the likes of Kinross (K.TO) brought it nearly 9% in gains and took it to the top of the most active list. But companies that disappointed with results like Bombardier (BBD-B.TO) were just as active in falling another 2% today.
Gold futures settled higher with gold for December delivery rising $12 to US$1,726.00 an ounce on the Comex division of the New York Mercantile Exchange, largely reflecting uncertain markets as investors and traders worry about the so-called U.S. fiscal cliff.
Oil futures on the other hand ended higher Thursday, recouping some of Wednesday's strong losses. Oil for December delivery rose 65 cents to close at $85.09 a barrel on the New York Mercantile Exchange.