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Stockhouse @ the Bell: Weak bank earnings & China uncertainty weigh on markets

Stockhouse Editorial
0 Comments| February 28, 2019

Canada’s main stock index fell below 16,000 on Thursday led by financial sector losses (-0.8%) and disappointing quarterly earnings from the country’s second bigger lender, TD Bank (-2.4%). CIBC (-2.7%) also posted a quarter earnings decline that was bigger than expected. Energy shares were also down (-0.5%) led by Seven Generations Energy Ltd (-9.1%). On Wall Street, weak economic data from China, coupled with uncertainty over trade talks with the U.S. and the abrupt end to the North Korea / U.S. nuclear talks saw investors scale back their optimism.

The S&P/TSX Composite Index was down 75.29 points to 15,999.01, but the TSX Venture Exchange was up 3.19 of a point to 623.54.

The Canadian dollar was down $0.0013, remaining at 76 cents.

Crude oil prices were up $0.32 to $57.26.

The price of gold was down $8.30 to $1312.50.

In U.S. markets; the Dow lost 69.16 points to 25,916.00, the S&P 500 shed 7.89 points to 2,784.49, and the NASDAQ was down 21.98 points to 7,532.53.

In world markets; the Nikkei fell 169.99 points to 21,385.16, the Hang Seng declined 123.72 points to 28,633.18, the FTSE slipped 32.32 points to 7,074.73, but the DAX climbed 28.38 points to 11,515.64.


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