Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Canada's main stock index lost ground in the final day of trading in July as some commodities dropped, but North American stock markets in general finished the month with positive numbers.
Pierre Cleroux, VP of Research and Chief Economist for the Business Development Bank of Canada, said Amazon Inc. announced it missed its sales targets for the quarter, which stoked concerns that the next quarter may not be as prosperous for equity markets as the previous one.
“They didn't miss it by much, but people are kind of worried that the tech companies, which performed very well through the pandemic, are probably not going to be as good for growth in the next few months as before,” said Cleroux.
The S&P/TSX composite index was down 23.98 points at 20,287.80.
In New York, the Dow Jones industrial average was down 149.06 points at 34,935.47. The S&P 500 index was down 23.89 points at 4,395.26, while the Nasdaq composite was down 105.58 points at 14,672.68.
“To put it into perspective, all the markets are down, but they're slightly down,” said Cleroux.
“The Nasdaq is still 1 per cent up for July, the Dow is 1.5 per cent up, so despite the fact today was not a good day, overall over the month, this has been positive.”
Cleroux said the concerns over U.S. tech stocks had implications in Canada too, especially for Canadian tech companies like Shopify Inc., which lost 1.39 per cent of its value in trading today.
As earnings season continues, Cleroux said the second quarter of 2021 has been positive for most companies, which benefitted from reopenings as COVID-19 vaccines were widely distributed.
Restaurant Brands International Inc. reported a strong second quarter today, beating estimates from analysts with solid earnings. The Toronto-based company's stock was up 5.42 per cent as a result.
Cleroux said Enbridge Inc. also reported a strong second quarter, although their stock still declined slightly by 0.55 per cent as a result of more concerns over oil and gas demand.
The September crude oil contract dipped mid-day, but closed up 33 cents cents at US$73.95 per barrel. The September natural gas contract was down 14.5 cents at US$3.914 per mmBTU.
As the Delta variant of COVID-19 continues to spread in the U.S. and Europe, Cleroux said oil prices continue to be in question as the danger of economic restrictions looms.
Metals also suffered losses today, with the December gold contract down US$18.60 at US$1,817.20 an ounce and the September copper contract down 4.1 cents at nearly US$4.48 a pound.
The substantial drop in gold comes after a larger rise on Thursday. Cleroux said the drop was largely due to people selling their assets after making profits Thursday, and to other market effects.
The Canadian government also released its GDP report for May, reporting a 0.3 per cent contraction for the month.
However, Cleroux said it was a mixed message since the government is also estimating 0.7 per cent growth for June, as that month will take into account when COVID-19 lockdowns were lifted.
He also expects a positive report for July, since that was the month that provinces like Alberta opened almost entirely without restrictions.
“We knew May was going to be negative because a lot of provinces had to introduce restrictions on the economy,” said Cleroux.
“We expect the rest of the year to be really good.”
The GDP news did not have a significant effect on the Canadian dollar, which traded for 80.24 cents US, compared with 80.32 cents US on Thursday.
Cleroux attributed the drop mostly to the drop in commodity prices Friday.
This report by The Canadian Press was first published July 30, 2021.
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.