Prep Business Report – CP

Source: The Canadian Press – Broadcast wire
Oct 26, 2015

North American stock markets closed higher on Friday after the European and Chinese central banks signalled new efforts to boost economic growth.

Toronto’s S&P / TSX composite index rose 75 points to 13,953.

In New York, the Dow Jones gained 157 points at 17,646.

And the Nasdaq surged 111 points to 5,031.

In Tokyo this morning, the Nikkei average rose 121 points, to 18,947.

In Hong Kong, the Hang Seng index slipped 35 points, to 23,116.

And our dollar is trading overseas this morning at 76.02 cents U-S, up 12 basis points from Friday’s close of 75.90.

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(World Markets)

Asian stock markets were mostly higher today after China cut interest rates and expectations grew that other major central banks will maintain or expand already extensive monetary stimulus.

Tokyo’s Nikkei index gained 0.6 per cent, China’s Shanghai index gained 0.5 per cent, and Hong Kong’s Hang Seng slipped 0.15 per cent.

Beijing cut interest rates Friday for a sixth time since last November to prop up economic growth that slowed to a six-year low of 6.9 per cent in the latest quarter.

The U-S Federal Reserve board meets this week, but expectations of a rate hike are declining due to weak global growth. (Associated Press)

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(Oil Prices)

Benchmark U-S crude is up 13 cents this morning to $44.73 U-S per barrel in electronic trading on the New York Mercantile Exchange.

The contract soared $1.22 on Friday to close at $44.60.

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(Lookahead)

Canada Mortgage and Housing Corporation releases its fourth-quarter housing market outlook report this morning.

StatsCan releases registered apprenticeship training programs, 2013.

Quebec-based Valeant Pharmaceuticals International holds a conference call to discuss allegations it created phantom pharmacies to fool auditors.

Quarterly earnings results are due in today from retailer Danier Leather and Edmonton-based electricity-generation company Capital Power Corporation.

Alberta’s first-ever N-D-P government will table its inaugural budget tomorrow. (The Canadian Press)

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(Lookahead-This Week)

It’s a huge week for Canadian corporate earnings reports with a slew of oilpatch companies, including Suncor and Canadian Oil Sands, reporting their third-quarter results.

Canadian National Railway, Bombardier, Barrick Gold, Restaurant Brands International and Maple Leaf Foods will also be reporting.

A North Vancouver First Nation will discuss its opposition to U-S-based Kinder Morgan’s proposed Trans Mountain pipeline expansion tomorrow and what it will mean under the new Justin Trudeau government. (The Canadian Press)

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(US-General Motors Contract)

The United Auto Workers union and General Motors have reached a tentative agreement on a new four-year contract to avoid a strike for now.

Local union leaders will meet in Detroit Wednesday on whether to send the pact to the membership for a vote.

The proposed contract covers 53-thousand auto workers at 62 G-M facilities in the U-S.

U-A-W President Dennis Williams said the pact will provide “long-term, significant wage gains and job security benefits now and in the future.”

The union also hinted that the agreement, like the one approved last week by Fiat Chrysler workers, will gradually eliminate a much-hated two-tier wage system in the plants. (Associated Press)

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(Toyota-Sales)

Toyota remained the top automaker in global vehicle sales after the first nine months of this year, selling nearly 7.5-million vehicles, outpacing rivals General Motors and Volkswagen — but that was still down 1.5 per cent from the same period last year.

Earlier this month, Volkswagen of Germany said it sold 7.43-million vehicles, almost unchanged from the previous year — while G-M sold 7.2-million vehicles, down one per cent. (Associated Press)

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(Business Report by Karen Rebot)

(The Canadian Press)

INDEX: BUSINESS