The Canadian loonie has been sitting near multi-year lows, making life more expensive for Canadians. In the past, our country had a natural mechanism that cushioned the inflation impact of a falling loonie. As the value of the currency dropped, global operators would invest in and develop the country’s abundant natural resources. This would then lead to increased demand for Canadian currency and increased jobs and exports during critical periods when the low loonie suggested weakness in other sectors. However, this mechanism weakened recently, making current inflation more persistent and resulting in a higher cost of living. It has taken a few years to play out, but we now find ourselves in this new regime.
Investment
Le Dain: More foreign investment in our natural resources could ease financial burden on Canadians
FDI for natural resources is not where it should be, or needs to be, and increasing it is a lever available to Canada to ease the financial burden on our population. I am very aware, though, that the dynamics driving FDI are incredibly complex, the lag time in response to factors is often years, and sector-specific dynamics are also at play. For this reason, I would love feedback to incorporate into an updated article in two months. Working together on these problems is critical.
Mark Le Dain is vice-president, corporate development, at Neo Financial in Calgary.
Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Investment
Crypto Market Bloodbath Amid Broader Economic Concerns
-
Sports23 hours ago
Lawyer says Chinese doping case handled ‘reasonably’ but calls WADA’s lack of action “curious”
-
Sports8 hours ago
Dolphins will bring in another quarterback, while Tagovailoa deals with concussion
-
News22 hours ago
B.C. to scrap consumer carbon tax if federal government drops legal requirement: Eby
-
News23 hours ago
RCMP say 3 dead, suspects at large in targeted attack at home in Lloydminster, Sask.
-
News23 hours ago
Ceiling high for Vancouver Whitecaps midfielder Ahmed: Canada coach
-
Sports9 hours ago
David Beckham among soccer dignitaries attending ex-England coach Sven-Goran Eriksson’s funeral
-
News22 hours ago
A linebacker at West Virginia State is fatally shot on the eve of a game against his old school
-
News23 hours ago
Ottawa loses bid to quash Israel advocates’ lawsuit calling for halt to UNRWA funding