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TSX down almost 100 points despite Shopify gaining 18%, U.S. markets also down

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TORONTO – Canada’s main stock index fell almost 100 points Wednesday, tipping into the red after a strong start to the day, while U.S. markets also reversed earlier gains to end the day down.

The S&P/TSX composite index closed down 98.41 points at 21,880.95.

In New York, the Dow Jones industrial average was down 234.21 points at 38,763.45. The S&P 500 index was down 40.53 points at 5,199.50, while the Nasdaq composite was down 171.05 points at 16,195.81.

Investors are still digesting the dramatic Monday that started the week on Wall St., said Ryan Crowther, portfolio manager with Franklin Templeton Canada.

Monday saw a significant sell-off in the U.S. triggered by concerns over the latest jobs numbers as well as economic conditions in Japan.

“Monday is still … the topic and the backdrop of the week, even for Canadian investors,” said Crowther.

Though Wednesday started on strong footing, the momentum didn’t stick, said Crowther.

“I think as far as market sentiment goes, it makes sense that investors are having a tough time shaking off the Monday session,” he said, due to “elevated anxiety” over economic conditions.

Shares in Nvidia, one of the biggest and most influential companies on Wall St. went from a morning gain of more than four per cent to a loss of more than five per cent.

Investors are weighing valuations for the large companies that have driven market gains so far this year, said Crowther.

“It’s still a question as to if investors were overpaying for some of that growth, then to what extent were they overpaying? And is the sell-off that we’ve seen enough to now properly discount a growth story like Nvidia?” he said.

In Canada, earnings from Shopify helped buoy the market. The company’s shares rose almost 18 per cent after it reported higher sales and said it’s weathering softening consumer spending well.

The Bank of Canada Wednesday released a summary of its deliberations ahead of its decision in July to cut interest rates a second time. The summary showed some members of the central bank’s governing council are concerned that weak job market conditions could hinder economic growth.

But the focus for investors is really on the U.S. economy and concerns the U.S. Federal Reserve has waited too long to move rates lower, said Crowther.

The Canadian dollar traded for 72.79 cents US compared with 72.50 cents US on Tuesday.

The September crude oil contract was up US$2.03 at US$75.23 per barrel and the September natural gas contract was up 10 cents at US$2.11 per mmBTU.

The December gold contract was up 80 cents US at US$2,432.40 an ounce and the September copper contract was down eight cents at US$3.95 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published Aug. 7, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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CP NewsAlert: Two people confirmed killed when Vancouver Island road washed out

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PORT ALBERNI, B.C. – RCMP say the body of a second person has been found inside their vehicle after a road washed away amid pouring rain on the west coast of Vancouver Island.

Police say two vehicles went into the Sarita River when Bamfield Road washed out on Saturday as an atmospheric river hammered southern B.C.

The body of the other driver was found Sunday.

More coming.

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Sonia Furstenau staying on as B.C. Greens leader in wake of indecisive election

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The B.C. Greens say Sonia Furstenau will be staying on as party leader, despite losing her seat in the legislature in Saturday’s provincial election.

The party says in a statement that its two newly elected MLAs, Jeremy Valeriote and Rob Botterell, support Furstenau’s leadership as they “navigate the prospect of having the balance of power in the legislature.”

Neither the NDP led by Premier David Eby nor the B.C. Conservatives led by John Rustad secured a majority in the election, with two recounts set to take place from Oct. 26 to 28.

Eby says in a news conference that while the election outcome is uncertain, it’s “very likely” that the NDP would need the support of others to pass legislation.

He says he reached out to Furstenau on election night to congratulate her on the Greens’ showing.

But he says the Green party has told the NDP they are “not ready yet” for a conversation about a minority government deal.

The Conservatives went from taking less than two per cent of the vote in 2020 to being elected or leading in 45 ridings, two short of a majority and only one behind the NDP.

This report by The Canadian Press was first published Oct. 22, 2024.

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Toronto FC captain Jonathan Osorio making a difference off the pitch as well as on it

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Toronto FC captain Jonathan Osorio is making a difference, 4,175 kilometres away from home.

The 32-year-old Canadian international midfielder, whose parents hail from Colombia, has been working with the Canadian Colombian Children’s Organization, a charity whose goal is to help disadvantaged youth in the South American country.

Osorio has worked behind the scenes, with no fanfare.

Until now, with his benevolence resulting in becoming Toronto FC’s nominee for the Audi Goals Drive Progress Impact Award, which honours an MLS player “who showed outstanding dedication to charitable efforts and serving the community” during the 2024 season.”

Other nominees include Vancouver Whitecaps midfielder Sebastian Berhalter and CF Montreal goalkeeper Jonathan Sirois.

The winner will be announced in late November.

The Canadian Colombian Children’s Organization (CCCO) is run entirely by volunteers like Monica Figueredo and Claudia Soler. Founded in 1991, it received charitable status in 2005.

The charity currently has four projects on the go: two in Medellin and one each in Armenia and Barranquilla.

They include a school, a home for young girls whose parents are addicted to drugs, after-school and weekend programs for children in a disadvantaged neighbourhood, and nutrition and education help for underprivileged youth.

The organization heard about Osorio and was put in contact with him via an intermediary, which led to a lunch meeting. Osorio did his due diligence and soon got back to the charity with his decision.

“It was something that I wanted to be a part of right away,” said Osorio, whose lone regret is that he didn’t get involved sooner.

“I’m fortunate now that to help more now that I could have back then,” he added. “The timing actually worked out for everybody. For the last three years I have donated to their cause and we’ve built a couple of (football) fields in different cities over there in the schools.”

His father visited one of the sites in Armenia close to his hometown.

“He said it was amazing, the kids, how grateful they are to be able to play on any pitch, really,” said Osorio. “But to be playing on a new pitch, they’re just so grateful and so humble.

“It really makes it worth it being part of this organization.”

The collaboration has also made Osorio take stock.

“We’re very fortunate here in Canada, I think, for the most part. Kids get to go to school and have a roof over their head and things like that. In Colombia, it’s not really the same case. My father and his family grew up in tough conditions, so giving back is like giving back to my father.”

Osorio’s help has been a godsend to the charity.

“We were so surprised with how willing he was,” said Soler.

The TFC skipper has helped pay for a football field in Armenia as well as an ambitious sports complex under construction in Barranquilla.

“It’s been great for them,” Figueredo said of the pitch in Armenia. “Because when they go to school, now they have a proper place to train.”

Osorio has also sent videos encouraging the kids to stay active — as well as shipping soccer balls and signed jerseys their way.

“They know more about Jonathan than the other players in Colombia,” Figueredo said. “That’s the funny part. Even though he’s far away, they’ve connected with him.”

“They feel that they have a future, that they can do more,” she added. “Seeing that was really, really great.”

The kids also followed Osorio through the 2022 World Cup and this summer’s Copa America.

Back home, Osorio has also attended the charity’s annual golf tournament, helping raise funds.

A Toronto native, he has long donated four tickets for every TFC home game to the Hospital for Sick Children.

Vancouver’s Berhalter was nominated for his involvement in the Whitecaps’ partnership with B.C. Children’s Hospital while Montreal’s Sirois was chosen for his work with the Montreal Impact Foundation.

Follow @NeilMDavidson on X platform, formerly known as Twitter

This report by The Canadian Press was first published Oct. 21, 2024.



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