TSX soars 5.4 percent on oil price
TORONTO (Reuters) - The Toronto Stock Exchange's main index was up more than 5 percent on Friday afternoon, after tumbling at the open, led sharply higher by oil and gas stocks as crude rose on expectations OPEC could cut output. The S&P/TSX composite index <.GSPTSE> jumped 504.08 points, or 5.44 percent, to 9,774.05.
Canada and EU support international summit on crisis
QUEBEC CITY (Reuters) - Canadian Prime Minister Stephen Harper said on Friday that Canada and the European Union support convening an international summit to address the global financial crisis before the end of the year. Harper, speaking after a meeting in Quebec City with French President Nicholas Sarkozy, added that Canada and the European Union reaffirmed their determination to restore confidence and normal functioning in the financial system.
Consumer confidence plummets to 26-year low
OTTAWA (Reuters) - Consumer confidence in Canada fell in October to its lowest level since 1982, when the economy was in recession, according to a survey by the Conference Board of Canada released on Friday. "The global credit crunch and major stock market declines clearly had an effect on consumer confidence in October," said Pedro Antunes, director of forecasts at the Conference Board, an independent research organization.
Dealers expect Bank of Canada rate cut next week
TORONTO (Reuters) - Nearly all of Canada's primary securities dealers predicted on Friday that the Bank of Canada will lower interest rates next week as the slowdown in the global economy shows little sign of easing. Six of Canada's 12 dealers, surveyed by Reuters, forecast Canada's central bank would cut its key overnight rate by 50 basis points at the next rate-setting date on October 21. Three called for a 25-point cut, and three expect no move.
Canada accounting change seen helping banks
TORONTO (Reuters) - The board that sets Canadian accounting rules is going along with U.S. and international changes that will allow companies to reclassify some financial instruments to allow them to avoid fair-value accounting treatment. The Accounting Standards Board said on Friday it wants to ensure consistency with other jurisdictions.
U.S. and EU to meet on financial crisis
NEW YORK (Reuters) - U.S. consumer confidence and new-home construction plummeted in further signs of a looming recession, ahead of a meeting between President George W. Bush and European leaders to discuss the financial crisis. Bush said government interventions to stop the crisis needed time to work, but interbank lending showed signs of a thaw and markets took heart from a call by famed investor Warren Buffett that it was time to buy U.S. stocks.
Canada, meeting France, sees G7 plan working
QUEBEC CITY (Reuters) - The Canadian government voiced confidence on Friday in a G7 plan to confront the financial crisis and said the country's banks had adequate reserves to deal with any shocks. Still, it stressed its willingness to take whatever steps are necessary to make sure Canadian financial institutions are not placed at a competitive disadvantage to those in other countries.
Oil rises $2 on OPEC and global markets
NEW YORK (Reuters) - Oil jumped $2 to near $72 a barrel on Friday, spurred by a broader rise across financial markets and expectations OPEC could cut output at an emergency meeting next week. U.S. stocks rose as investors hunted for beaten-down shares, offsetting mounting concerns about a possible global recession.
Loonie drops on global economic concerns
TORONTO (Reuters) - The Canadian dollar was down versus the U.S. dollar on Friday as continued uncertainty about the outlook for the global economy extended demand for the greenback. Canadian bond prices, with no Canadian economic data to influence a move, were higher across the curve as the market braced for another aggressive Bank of Canada interest rate announcement on Tuesday.
InStorage urges no action on Canadian Storage bid
TORONTO (Reuters) - InStorage Real Estate Investment Trust
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