Barrick Gold Corp rose 2.8 percent to C$24.25, while spot gold gained 1 percent as the dollar weakened on expectations that the Federal Reserve will not raise US interest rates at its September policy meeting.
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One sign that it likely won’t has been attributed to a lower-than-expected U.S.jobs report last Friday.
The Dow Jones industrial average was down 8.35 points at 18,483.61, while the broader S&P 500 declined 0.43 point to 2,179.55.
Stephenson said the Fed would’ve had more of a case to hike rates if there had been an addition of at least 200,000 jobs. A previous version had incorrect figures for the S&P/TSX composite index and the S&P 500. Bombardier Inc. plunged 5 percent after cutting its C Series delivery forecast. Pershing Square intends to discuss with management ways to revamp the company’s governance, operations, cost structure and strategy. The U.S. company announced that its new smartphone models will be water- and dust-resistant. Analysts say the new iPhones could help Apple recover modestly from a recent dip in sales.
Energy producers added 0.4 percent, even as crude slipped in NY to trade at around $44 a barrel. “December makes more sense anyway because that’s after the US election”. Since July 2015, the bank’s target for the overnight rate has been set at 0.5 per cent. Canadian equity markets were closed Monday for a holiday.
Trade was choppy as some traders eyed USA oil inventory data due late Wednesday and Thursday morning for clearer direction. That was a third day of gains in a row for the US futures. A pledge by Russian Federation and Saudi Arabia to cooperate to stabilize the market failed to include any specific measures to bolster prices.
“The markets’ view is let’s wait and see, and see what the Fed actually does instead of what it talks about doing because they don’t believe it anymore”, he said. Yields fell as low as 1.519 per cent, a three-week trough.
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The dollar was last down 0.3 per cent at 101.71 yen, having fallen as low as 101.18, its weakest since August 16, after a report from the Sankei newspaper that Bank of Japan policymakers are divided ahead of the central bank’s next meeting. Eight of its 10 main sectors fell, although most were slight losses.
