Financials push TSX higher
TORONTO (Reuters) - The Toronto Stock Exchange's main index rose 100 points on Friday afternoon on strength in financial and consumer issues, and appeared to be on track to post its sixth straight day of gains. The S&P/TSX composite index <.GSPTSE> was up 100.58 points, or 1.15 percent, at 8,854.35 in muted trading, with U.S. markets open only a half day.
Canada could see temporary deficit, Flaherty says
TORONTO (Reuters) - Finance Minister Jim Flaherty said on Friday that Canada could go into deficit if the government announces fiscal stimulus measures, but that any deficit would be short-lived. "If we have to take additional stimulus steps and measures in the Canadian economy, we will do so, even if it means that we would go into deficit," he told a business audience in Toronto. "We would go into deficit only temporarily."
RBS bailout and Santander up pace of bank shake-up
LONDON (Reuters) - Britain's government bought a majority stake in one of the country's biggest banks and Germany's Commerzbank accelerated its takeover of a rival as the shake-up of European banks gathered pace with help from taxpayers and shareholders. Britain's move was the latest attempt by countries around the world to shore up ailing banks amid a global credit crisis and give them a more solid footing for looming recession.
Canada's Flaherty says new bank powers prudent
TORONTO (Reuters) - Canadian Finance Minister Jim Flaherty said on Thursday he does not expect to use proposed new powers to inject capital into domestic financial institutions, but added that it is best to be prepared for "improbable events." "I do not anticipate having to use any of those powers but it's best that we have them," Flaherty told business news channel BNN on Thursday.
Oil drops 5 percent on demand slump
NEW YORK (Reuters) - Oil dropped more than 5 percent to below $52 a barrel on Friday on demand concerns and signs OPEC would defer cutting production when it meets this weekend. U.S. light crude for January delivery CLc1> fell to $51.47 a barrel at 12:37 p.m EST, down $2.97 from Wednesday's close. U.S. markets, including the New York Mercantile Exchange, were shut on Thursday for the Thanksgiving holiday, though crude did trade on Globex.
Loonie falls on Canadian political uncertainty
TORONTO (Reuters) - The Canadian dollar fell against the U.S. dollar on Friday as the possibility of a second federal election in three months raised uncertainty among investors about the government's focus on dealing with the financial crisis. Canadian bond prices were flat to higher as fears of weak U.S. holiday sales had investors on the defensive, spurring a flight to safe-haven government debt.
Canada current account narrows in third quarter
OTTAWA (Reuters) - Canada posted a current account surplus in the third quarter for what analysts expect to be the last time in a while as exports sagged and domestic companies earned lower profits on their investments abroad. Statistics Canada said on Friday the surplus narrowed to C$5.64 billion ($4.55 billion) from C$8.21 billion in the second quarter. Analysts had forecast a surplus of C$5.1 billion.
Asian economies stumble and U.S. faces retail test
LONDON/NEW YORK (Reuters) - U.S. shoppers awoke early for post-Thanksgiving sales on Friday in a key test of the country's ability to lead an economic recovery as sharp production declines in Asia gave fresh evidence of the global crisis. Continued fighting in India's commercial capital, Mumbai, where Islamist militants launched attacks on Wednesday, and lingering fears of a coup in Thailand underlined the political risks facing emerging markets already grappling with economic turmoil. Indian commandos, appeared, however, to be flushing out the last of the militants.
Canada fiscal report prompts election talk
OTTAWA (Reuters) - The Canadian economy has slipped into recession and the federal coffers are on the verge of running dry for the first time in 13 years, the government said on Thursday in a report that raised the prospect of an early election. Even so, the government forecast that the budget would show a tiny surplus in the next fiscal year, a surprise after it prepared the country for the possibility of renewed deficits.
CTV cuts 105 jobs amid advertising slowdown
TORONTO (Reuters) - Television broadcaster CTV is cutting 105 jobs, a spokeswoman said on Thursday, making it the latest media company to reduce staff as the advertising market falters. It wasn't immediately clear what portion of CTV's overall workforce the layoffs represent.
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