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Stock market today: Wall Street hangs near its latest record highs

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NEW YORK (AP) — U.S. stocks are hanging near their records following a wild start to the week for financial markets in Asia. The S&P 500 was down 0.1% in early Monday trading, coming off its sixth winning week in the last seven. The Dow Jones Industrial Average pulled back 153 points, or 0.4%, from its all-time high set on Friday. The Nasdaq composite was virtually unchanged. A big test for Wall Street’s rally will arrive Friday, when the U.S. government offers its latest monthly update on the job market. In Asia, Japanese stocks tumbled, while Chinese indexes soared.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

HONG KONG (AP) — Global markets had a wild start to the week, with Tokyo’s Nikkei 225 index tumbling nearly 5% while Chinese markets soared on news of fresh stimulus for the faltering economy, with Shanghai up more than 8%.

In early European trading, France’s CAC 40 slipped 1.0% to 7,711.66, and Germany’s DAX lost 0.4% to 19,399.02. In London, the FTSE 100 declined 0.3% to 8,294.70. The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.1% lower.

Japanese shares sank after the ruling Liberal Democrats chose former Defense Minister Shigeru Ishiba late Friday to succeed Prime Minister Fumio Kishida, who is due to step down on Tuesday.

Ishiba has expressed support for the Bank of Japan’s moves to raise interest rates from their near-zero level. He also backs other policies, such as possibly raising corporate taxes, that are seen as less market friendly than his chief rival for the top job, Economic Security Minister Sanae Takaichi, who he beat in a run-off vote.

The Nikkei closed 4.8% lower at 37,919.55 on Monday.

The dollar fell from over 146 Japanese yen to under 143 yen after the ruling party’s vote. By Monday, it was trading at 142.38 yen, up from 142.29.

Exporters’ shares plunged, since a stronger yen is a disadvantage for Japanese companies that make a large share of their sales and profits overseas. Also Monday, the government reported that industrial output fell 3.3% year-on-year in August, though analysts said some of that was due to safety scandals that have caused automakers to suspend production of some vehicles.

Toyota Motor Corp. dropped 7.6%. Honda Motor Co.’s shares fell 7.0% and Nissan Motor Co.’s declined 6.0%.

Ishiba has said he backs Kishida’s “new capitalism” policies, which ostensibly would foster more equal distribution of national wealth. But sharply rising prices have undermined progress toward encouraging consumers to spend more.

Meanwhile, the Hang Seng in Hong Kong jumped 2.4% to 21,133.68, with Hong Kong’s Hang Seng Mainland Properties Index up 6.4%. The Shanghai Composite index surged 8.1% to 3,336.50. An index in the smaller market in Shenzhen jumped almost 11%.

The rallies were auspiciously timed, coming on the eve of a week-long national holiday marking 75 years of communist rule in China. Markets in mainland China will be closed Tuesday through Oct. 7.

China is moving forward with measures announced last week to support the property industry and revive languishing financial markets. The central bank announced on Sunday that it would direct banks to cut mortgage rates for existing home loans by Oct. 31. Meanwhile, the major southern city of Guangzhou lifted all home purchase restrictions over the weekend, while both Shanghai and Shenzhen revealed plans to ease key buying curbs.

The effort to wrest the housing market out of a prolonged downturn comes as the economy shows signs of slowing further. China’s manufacturing activity in September contracted for a fifth consecutive month, as the official purchasing managers’ index came in at 49.8, remaining below the 50 line that separates expansion from contraction, according to data from the National Bureau of Statistics released on Monday.

Elsewhere in Asia, Australia’s S&P/ASX 200 advanced 0.7% to 8,269.80. South Korea’s Kospi dropped 2.1% to 2,593.27.

On Friday, the S&P 500 edged down by 0.1% from its all-time high to 5,738.17. The Dow Jones Industrial Average rose 0.3% to 42,313.00, setting its own record, while the Nasdaq composite slipped 0.4% to 18,119.59.

Treasury yields eased in the bond market after a report showed inflation slowed in August by a bit more than economists expected. It echoed similar numbers from earlier in the month about inflation, but Friday’s report has resonance because it’s the measure that officials at the Federal Reserve prefer to use.

In other dealings, oil prices rose as tensions in the Middle East escalated. On early Monday, Israel launched the first apparent airstrike in nearly a year of conflict on the center of Lebanon’s capital, Beirut. This came after Hezbollah’s leader, Hassan Nasrallah, was killed in an air attack on Saturday. Benchmark U.S. crude oil added 49 cents to $68.67 per barrel. Brent crude, the international standard, rose 61 cents at $72.15 per barrel.

The euro was trading at $1.1193, up from $1.1163.



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In the news today: Ontario MPP wants paid holiday for TRC day

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Here is a roundup of stories from The Canadian Press designed to bring you up to speed…

Ontario MPP wants paid holiday for TRC day

Ontario’s only First Nation representative at Queen’s Park plans to soon table proposed legislation, in his own Indigenous language, to have the National Day for Truth and Reconciliation declared a paid provincial holiday.

The day is a federal statutory holiday, but not a provincial one in Ontario.

New Democrat deputy leader Sol Mamakwa, who represents the northwestern riding of Kiiwetinoong, wants Ontario to follow the federal government’s lead and said he hopes Premier Doug Ford’s Progressive Conservatives will support the idea.

The day recognizes the abuse suffered by Inuit, First Nations and Metis people at hundreds of state- and church-run residential schools across the country.

It is a statutory holiday for federally regulated workers and employees in some other provinces such as British Columbia.

The day is an evolution of Orange Shirt Day, an initiative started in 2013 and inspired by Phyllis Webstad’s story of having the orange shirt her grandmother gave her taken away when she arrived at a residential school in 1973 at the age of six.

Here’s what else we’re watching…

Ceremony to mark Truth and Reconciliation Day

A National Day for Truth and Reconciliation ceremony is planned in Ottawa this afternoon to honour the survivors of Canada’s residential school system and the children who never returned home.

The event on Parliament Hill is set to begin at 3 p.m. ET and includes survivors and Indigenous leaders, while other events are planned in locations across Canada throughout the day.

Gov. Gen. Mary Simon will host a sacred fire ceremony in the morning at Rideau Hall before joining the event on Parliament Hill alongside survivors and Indigenous leaders in the afternoon.

More than 150,000 children were forced to attend residential schools, and many survivors detailed the horrific abuse they suffered to the Truth and Reconciliation Commission.

An estimated 6,000 children died while attending the schools, although experts say the actual number could be much higher.

Montreal dockworkers set to strike Monday

The union representing longshore workers at the Port of Montreal is set to go on strike at two terminals today if a last-minute deal isn’t reached by 7 a.m.

The union served a 72-hour strike notice on Friday, warning of a potential work stoppage that could last until Thursday at two terminals owned by Termont Montreal.

The union local, which is affiliated with the Canadian Union of Public Employees, says about 350 members would be part of the labour action, affecting roughly 35 per cent of container shipments.

The longshore workers’ collective agreement with the Maritime Employers Association expired on Dec. 31.

The association issued a statement on Sunday evening saying it has tried “all possible means” of avoiding the strike, adding neither mediation nor a Sunday afternoon emergency meeting with the Canada Industrial Relations Board were fruitful.

Fire destroys church in northwestern Saskatchewan

An early morning fire has destroyed an Anglican church in northwestern Saskatchewan.

Loon Lake Mayor Brian Hirschfeld says the blaze levelled St. George’s Church in the village on Saturday morning.

RCMP say no one was in the church at the time and no injuries have been reported to police.

Police say the investigation is in its preliminary stages, and they’re asking anyone who saw anything suspicious in the area of the church on Saturday morning, or who has information about the fire, to contact them.

George Rothenburger, who was the secretary at St. George’s and was also a lay reader, says the building was constructed in 1938 and still held a community service once per month.

Rothenburger says he learned of the fire when he got a phone call shortly after 5 a.m. on Saturday, and when he got dressed and stepped outside his home, he could see the flames towering into the air.

AI companies could be more transparent: Meta VP

Meta Platforms’ head of artificial intelligence research says many companies are doing plenty of work to keep platforms safe but they’re not being as open about it as they should be.

As A-I evolves, Joelle Pineau (JOH’-el PIN’-oh) says she hopes companies involved in its development and use tackle transparency.

She envisions this can be done by asking them to document information like what data was used to create their A-I models, their capabilities and some of the results from risk assessments.

While Pineau doesn’t have a prescriptive list of everything she wants companies to reveal, she sees it as a first step that would give the public the same kind of transparency they get from reviewing ingredient and nutritional information on grocery store products.

Pineau feels compiling the information would also build trust and force companies to behave and be even safer because they know their work could be scrutinized.

This report by The Canadian Press was first published Sept. 30, 2024.



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B.C. campaign enters week 2 with full list of candidates, leaders’ debate ahead

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VICTORIA – British Columbia’s election campaign is entering its second week with each party’s team of candidates in place and the leaders looking ahead to the upcoming televised debate.

The Oct. 9 debate will be one of the few occasions B.C. voters will see the leaders of the New Democrats, B.C. Conservatives and the Greens face each other during the campaign.

NDP Leader David Eby and B.C. Conservatives Leader John Rustad spent the first week of the campaign taking verbal personal swings at each other and criticizing their policies.

Eby says Rustad’s conspiracy-supporting anti-vaccine position could end up hurting people and the health care system, while Rustad says the NDP leader’s weak leadership and left wing viewpoints are damaging the province.

Elections BC says its final list of nominated candidates for the Oct. 19 vote includes 93 from the NDP, 93 from the B.C. Conservatives, 69 from the Greens and 40 Independents.

The list from Elections BC does not contain any official Opposition BC United candidates but does include five Freedom Party of B.C. hopefuls, four Libertarians, three representing the Communist Party of B.C. and two candidates from the Christian Heritage Party of B.C.

This report by The Canadian Press was first published Sept. 30, 2024.

The Canadian Press. All rights reserved.



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Marathon goat: animal runner wins hearts and a medal after crashing Newfoundland race

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CONCEPTION BAY SOUTH, N.L. – He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event’s undisputed champion.

Partway through Sunday’s T’Railway Trek half marathon in Conception Bay South, N.L., an eager 68-kilogram (150 pound) goat named Joshua broke free from his collar and joined the runners on the route.

He kept pace for nearly a quarter of the race before being rounded up by his owners and now even has a medal to show for his efforts.

Joshua’s half-marathon debut surprised no one more than Heidi Taylor, who woke up Sunday morning to find social media awash in photos of her goat mingling with fellow runners.

“We take Joshua for walks, he listens very well and will follow you,” she said in an interview Sunday.

“So when he’s seeing all the people running, he must have thought: ‘I’m going to go too.’”

Joshua lives at Taylor’s Pumpkin Patch, the business Heidi Taylor co-owns. Taylor doesn’t know what time he managed to ditch his collar but estimates he ran about five kilometres of the 21-kilometre race.

She got wind of his unexpected participation at around 9:30 when she opened her Facebook and recognized him from the photos filling her feed.

Taylor and her fiancé used the Facebook posts to figure out Joshua’s whereabouts along the race route, and they “took another collar and leash along with a bag of cheezies” —his favourite snack — and went off to find him.

Joshua stuck close with the crowd of runners, Taylor said, and managed to avoid roads and stay on a trail. The runners “kept him going, he would follow whoever he was running after.”

“At one point he was leading the race,” Taylor said with a laugh.

Once she managed to collect Joshua, Taylor brought him down to the finish line so he could celebrate with his new running friends.

That’s where Joshua was awarded his half marathon medal. Jeanine Scott, a race volunteer, was the one who placed it around Joshua’s neck.

“I figured you know what, you don’t always see a goat at the finish line of a half marathon, so Joshua got the medal and he was sporting it quite well,” Scott said.

While Joshua’s escape came as a bit of a shock, Taylor said she’s not surprised her people-loving goat wanted to join in the fun. She said he loves to be with people and can often be found sneaking popcorn and snuggles from visitors at the pumpkin patch.

“When we close the farm to the public in October, we encourage people to keep coming back just to see him for a visit with their kids because he’s just such a loveable animal,” she said.

The town of Conception Bay South posted about the “un-baa-lievable” moment when Joshua joined in the race, bringing smiles and giggles to runners and race volunteers. The post garnered over a thousand likes and shares with dozens of comments in just a few hours.

“That would make my day to run with a goat! I wouldn’t even be upset if he was faster than me, which he would be,” one commenter wrote.

“Well deserved medal for the GOAT,” wrote another.

The 10-year-old goat is now happily resting, exhausted from his big run, Taylor said.

This report by The Canadian Press was first published Sept. 30, 2024.

— By Lyndsay Armstrong in Halifax.

The Canadian Press. All rights reserved.



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