Closing Bell TSX ends lower as data shows contracting Chinese manufacturing sector

TORONTO — The Toronto stock market closed lower Monday as traders balanced surveys that showed Chinese manufacturing shrank in April for a fourth month in a row against data that indicated a strengthening American economy.Here are the closing numbersTSX — 14,697.03-68.12 -0.46%S&P 500 —  1,884.66+3.520.19%Dow — 16,530.55+17.66 0.11%Nasdaq — 4,138.06 +14.16 0.34%The S&P/TSX composite index dropped 68.12 points to 14,697.03, led by declines in mining stocks after the HSBC index of Chinese factory activity rose by 0.1 point to 48.1 in April on a 100-point scale in which readings below 50 indicate contraction.The gauge also fell short of its already weak preliminary result, raising another round of questions about the health of China, the world’s second-biggest economy. But analysts noted that the recent mass of data indicates that the global economy is still moving in the right direction.“It is not a surprise to anybody that the Chinese data is showing the economy growing at slower pace,” said Craig Fehr, Canadian markets specialist at Edward Jones in St. Louis.“Broadly, the economy backdrop continues to move in a favourable direction and so any data to the contrary, even if it is data that was expected like the Chinese PMI data, is enough to get investors to perhaps take a step back and exercise a little more caution.”The Canadian dollar was up 0.24 of a cent at 91.31 cents US.U.S. indexes were largely lacklustre but well off the worst levels of the session as other data showed greater than expected expansion in the American service sector. The Institute for Supply Management’s index hit 55.2 in April versus the reading of 54 that economists had expected.The Dow Jones industrials recovered from a triple-digit tumble to edge up 17.66 points to 16,530.55. The Nasdaq rose 14.16 points to 4,138.06 and the S&P 500 index was 3.52 points higher at 1,884.66.Andrew Grantham, economist at CIBC World Markets, called the ISM report “further encouraging evidence that the US economy is bouncing back strongly in Q2 following a weather-impacted first quarter.”The TSX base metals led decliners, down 2.33% as the Chinese data helped push July copper down two cents to US$3.05 a pound. First Quantum Minerals (TSX:FM) fell 69 cents to $20.86.The energy sector declined 0.41% as June crude in New York slipped 64 cents to US$99.12 a barrel.The gold sector drifted about 0.13% lower as worries about deteriorating conditions in Ukraine pushed gold higher for a second day, up $6.40 to US$1,309.30 an ounce.The telecom sector was up slightly with shares in BCE Inc. (TSX:BCE) up nine cents to $48.96 a day before the telecom posts quarterly earnings.It’s a heavy earnings week in Canada, where investors will also take in reports from other major companies, including Sun Life Financial (TSX:SLF), pipeline company Enbridge (TSX:ENB), Kinross Gold (TSX:K), Talisman Energy (TSX:TLM), Tim Hortons (TSX:THI), Canadian Natural Resources (TSX:CNQ), Canadian Tire (TSX:CTC.A) and Valeant Pharmaceuticals (TSX:VRX).On the corporate front, retailer Target announced Monday that chairman, president and CEO Gregg Steinhafel is stepping down nearly five months after the retailer disclosed a massive security breach that has hurt its reputation among customers and greatly hurt its business. The company has also struggled with its expansion into Canada, its first foray outside the U.S. and its shares fell 3.45% to US$59.87 in New York.TOP STORIESBlackBerry Ltd reveals deal to sell Canadian real estate assets to Spear Street for $305-millionCMHC sees amount of mortgages it insures shrinking amid tighter housing market rulesTarget CEO exits in wake of devastating cyber attack and ‘disastrous’ Canadian expansionWarren Buffett and Charlie Munger wow the Woodstock of capitalismPartners REIT cancels Ontario deal after pressure from U.S. activistWHAT’S ON DECK TUESDAYCANADA8:30 a.m.Merchandise trade balance: (March): Economists expect $300,000 10 a.m.Ivey Purchasing Managers’ Index (April): Economists expect reading of 54.5, down from last month UNITED STATES8:30 a.m.Goods and services trade balance (March): Economists expect deficit of $40-billion CORPORATE NEWSCANADAAgrium Incorporated Q1 earnings: Analysts expect 42¢ a share BCE Incorporated Q1 earnings: Analysts expect 76¢ a share Centerra Gold Inc Q1 earnings: Analysts expect loss of 4¢ a share Dundee Precious Metals     Q1 earnings: Analysts expect 8¢ a share George Weston Limited    Q1 earnings: Analysts expect 73¢ a share Iamgold Corporation Q1 earnings: Analysts expect 2¢ a share Sun Life Financial Inc Q1 earnings: Analysts expect 66¢ a share Westjet Airlines Ltd    Q1 earnings: Analysts expect 62¢ a share UNITED STATESWalt Disney Company Q2 earnings: Analysts expect 95¢ a share Electronic Arts Inc. Q4 earnings: Analysts expect 11¢ a share First Solar, Inc. Q1 earnings: Analysts expect 56¢ a share Marathon Oil Corp. Q1 earnings: Analysts expect 72¢ a share Whole Foods Market Q2 earnings: Analysts expect 41¢ a share read more

Whats up for Canada Day For a change its not average gasoline

What’s up for Canada Day? For a change, it’s not average gasoline prices by The Canadian Press Posted Jun 29, 2017 2:10 pm MDT Last Updated Jun 30, 2017 at 7:00 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email CALGARY – Canadian motorists hitting the road for the country’s 150th Canada Day weekend are expected to find the lowest average gasoline prices in seven years, according to GasBuddy.com.The retail fuel price tracking company says that drivers will be paying an average of 104.4 cents per litre, 13 cents less than the 10-year average of $1.17 and the lowest Canada Day long weekend price since 2010.GasBuddy senior petroleum analyst Dan McTeague says the prices are a welcome relief after years of summer price increases.He says this weekend will “put to rest the myth” that gas prices always go up for the holidays.Michael Ervin, a fuel market analyst with the Kent Group, says lower gasoline prices mainly result from North American refineries being able to buy oil at lower prices.He said refinery production has been strong, allowing gasoline inventories to build and preventing an imbalance in supply and demand that might force prices higher. read more