TSX sluggish as gains in CPI are offset by energy shares
Canada's main index of stocks was down on Tuesday, as the losses in energy shares tempered gains from consumer price data which showed that inflation had cooled to a low of 40 months in July. This raised hopes for a rate cut next month. At 9:56 am. The S&P/TSX Composite index rose 3.48 points or 0.02% to 23,119.87 ET (13.56 GMT), hovering near its record highs. The annual rate of inflation in Canada dropped to 2.5%, but it rose 0.4% monthly, which indicates that the Bank of Canada may lower rates in September. This week, we will get the retail sales figures.
Canada's benchmark TSX index edges up on oil gains and local acquisitions
Canada's benchmark stock index edged up slightly on Monday, as calm returned to the market after a turbulent week. However, rising tensions in Middle East and the upcoming U.S. data this week kept investors on the edge. The S&P/TSX Composite Index closed at 22,406.31, up 95.01, or 0.43%. Two major acquisitions in Canada also contributed to the increase. On Monday, oil prices surged to $80.06 per barrel amid fears that tensions in the Middle East may escalate and lead to a wider conflict. This could also impede crude oil supply globally. The energy stocks index rose by roughly 3%.
Oil Slips 2 Percent
Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.24 to $51.34 a barrel, a 2.4 percent loss.Global benchmark Brent was set for a weekly loss of about 2.2 percent…
Oil Slips on Falling U.S. Equity Market, Weak China Economic Data
Oil prices dropped more than one percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m. EST (1553 GMT). U.S. West Texas Intermediate (WTI) crude futures dropped 93 cents to $51.65 a barrel, a 1.8 percent loss.Global benchmark Brent was set for a weekly loss of about 1.7 percent, while…
U.S. Gasoline Prices Rise Ahead of Driving Season
Filling the fuel tank for vacation driving this summer will be pricier than it has been in nearly four years for American motorists, as gasoline prices nationwide rise toward the expected average seasonal price of $3 a gallon. Lower-income consumers could be most likely to rethink their driving habits as pump prices rise, the American Automobile Association said. Prices ease as the peak summer season ends around September, AAA said, but they could remain at seasonal highs not seen since 2014.
Commodities Ride Rollercoaster on $100 Oil Talk
Oil highest in over 3 yrs on report Saudis want higher prices; nickel sees biggest jump in 6-1/2 years on sanctions worries. Talk that Saudi Arabia has its sights on $80-$100 a barrel oil again and of more U.S. sanctions on Russia ignited a rally in commodities and resource stocks on Thursday, though the potential boost to inflation hit fixed-income assets. It was set to be the strongest day for the commodity complex in eight months as Brent crude futures climbed past $74 a barrel after a near 3 percent jump overnight.
China's Appetite for Crude Could Wane
The sharp slowdown in China's refinery processing in July may be another warning sign that the robust growth in crude oil demand this year in the world's top importer is poised to moderate. Refinery throughput was 45.5 million tonnes of crude in July, or about 10.71 million barrels per day (bpd), the lowest operating rate since September last year, and a drop of 500,000 bpd from June. For the first seven months of the year, refinery runs were 11.04 million bpd, up 2.9 percent from the same period last year.
Oil Price Jump Soothes Cyber Nerves
Oil jumps on Saudi-Russia comment on output; worries over cyber attack relegated to background. Oil's strongest run of gains since December cushioned the hit to stock markets on Monday from a successful missile test by North Korea and a cyber attack that locked 200,000 computers in more than 150 countries. Asian shares hit a two-year high overnight and Wall Street was set to open higher, while Europe's major markets were mixed after hitting long-term highs in early trade. In Europe…
Oil Slides as U.S. Pumps More
Brent, WTI prices drop about 1 percent. U.S. rig count gains for 13th consecutive week. Crude oil slid lower on Monday on signs that the United States is continuing to add output, largely counteracting strong economic growth in China and OPEC efforts to cut production. Benchmark Brent crude futures were down 50 cents at $55.39 at 1126 GMT. On Thursday, before major markets closed for a holiday break, they settled up 3 cents at $55.89 a barrel. U.S. West Texas Intermediate (WTI) crude futures were down 47 cents at $52.71 a barrel, after rising 7 cents to $53.18 on Thursday.
Essar Oil Hits Record Profits
Essar Oil Limited today announced to its shareholders that it had recorded its highest ever EBITDA, PAT and GRMs in FY 2015-16 at the 26th Annual General Meeting in Vadinar, Gujarat. In FY2015-16, the company achieved its highest ever EBIDTA of Rs 7,773 crore, which was 35% higher than the previous year. The Profit after Tax was also at a new high of Rs 2,162 crore--a rise of 42% from FY2014-15. The total throughput of the refinery stood at 19.1 MMT in FY 2015-16, compared to 20.49 MMT in the previous year.
Essar Oil's fuel exports to fall in 2018/19 as focus shifts to local sales
Indian refiner Essar Oil's fuel exports will sharply drop in 2018/19 as it ramps up local sales by doubling its retail network and turns some of its naphtha into profitable gasoline, its managing director said. Rising fuel demand, driven by India's thirst for gasoline, is expected to help push the growth rate in the country's fuel consumption ahead of China's. Essar Oil, which operates the 400,000 barrels per day Vadinar refinery in western Gujarat state, directly sells gasoil and gasoline in the retail market through 2…
Lower Oil Prices Squeezing U.S. Manufacturing Sector
New orders for long-lasting U.S. manufactured goods in December recorded their biggest drop in 16 months as lower oil prices and a strong dollar pressured factories, the latest indication that economic growth braked sharply at the end of 2015. Despite the slowdown in growth, which was acknowledged by the Federal Reserve on Wednesday, the labor market remains on solid ground. First-time filings for jobless benefits retreated from a six-month high last week, other data showed on Thursday.
TSX Jumps With Oil, Closes 2.6 % Higher
Canada's main stock index scored its biggest rally in more than four years on Friday, led by oil and gas stocks as crude prices surged and investors welcomed hints of more stimulus from global central banks. Sharp gains on Thursday and Friday left the index 2.6 percent higher for the week, supported by a recovery in crude oil prices and optimism that central banks in Europe and Japan will increase policy stimulus. "The market was becoming extremely oversold in the short run," said Irwin Michael, portfolio manager at ABC Funds. U.S.
Wall St Hemorrhages as Oil Falls, China Fears Deepen
Wall Street bled on Friday, with the S&P 500 sinking to its lowest level since October 2014 as oil prices sank below $30 per barrel and fears grew about economic trouble in China. Pain was dealt widely, with the day's trading volume unusually high and more than a fifth of S&P 500 stocks touching 52-week lows. The major S&P sectors all ended sharply lower. The Russell 2000 small-cap index dropped as much as 3.5 percent to its lowest level since July 2013. The energy sector dropped 2.87 percent as oil prices fell 6.5 percent…
China's 'steady-as-she-goes' Economy Carries On
China is no longer a driver of commodity demand, rather it has become a constant factor that can be relied upon to import relatively steady volumes of major natural resources. Both China's central bank and a respected think-tank expect further moderation in the economic growth rate next year, which underscores that the world's second-largest economy is still undergoing a structural transformation, but is unlikely to fall victim to a hard landing. The People's Bank of China said in a paper published on Wednesday that annual growth will slow to 6.8 percent in 2016…
Oil Rattles Investors as Fed Hike Looms
Oil slide to new lows hammers stocks; historic Fed rate decision looms. Volatility swept through world markets on Monday as a renewed slide in oil and weakness in credit markets hit stocks, weighed on bond yields and added to the nervousness already building ahead of an expected U.S. interest rate hike later this week. European stocks wiped out earlier gains to trade in the red by midsession, while U.S. futures turned flat. Brent crude tumbled 3.4 percent to trade as low as $36.62 a barrel, its lowest since December 2008.
Oil slides, Stocks drop; Paris attacks add to Jitters
Global stock indexes fell amid disappointing company results and forecasts, while oil prices registered their biggest weekly loss in eight months on swelling storage of crude. U.S. stock index futures hit session lows after the close on Friday after France was rocked by multiple, near simultaneous attacks around Paris. French media said at least 60 people were killed and hostages were being held in a concert hall in the capital on Friday evening. S&P 500 e-mini futures were down 22 points in light volume. Weaker-than-expected U.S. October retail sales weighed on U.S.
Brent Oil Hits Lowest Since August; Dollar Dips
Brent crude oil prices hit their lowest since late August on Wednesday on worries about growing U.S. stockpiles, while the U.S. dollar took a breather from recent gains. U.S. stocks were mostly lower in choppy trading, with the drop in oil prices weighing on energy shares. European shares ended up 0.7 percent. Copper prices traded higher after nearing a six-year low on mixed Chinese data which showed growth in the world's second-biggest economy was still in low gear. Oil prices fell as traders awaited government data, expected to show another weekly build in U.S. crude stockpiles.
China Slashes Q3 Product Export Quotas
Beijing has cut the pace at which it is allowing Chinese refiners to ship out oil products this year by 40 percent in its third quarter review of annual export volumes, industry sources familiar with the matter said on Tuesday. Sinopec Corp, CNOOC Ltd and China National Petroleum Corp were given an additional oil product export quota of 3.4 million tonnes for the year, down from the 5.6 million tonnes awarded in the second quarter and 9.75 million tonnes in the first quarter, the source said.
U.S. Manufacturing Stabilizing, Housing Improves
Core capital goods orders rise 0.4 percent in May; durable goods order drop 1.8 percent on transportation. A gauge of U.S. business investment spending plans rose in May, a tentative sign that the manufacturing sector was stabilizing after hitting a soft patch in recent months. But the lingering effects of lower oil prices and a strong dollar will continue to constrain factory activity for a while, economists say. Other data on Tuesday showed new home sales increased to a more than seven-year high in May.
