By Commodity News Service Canada
July 26 (CNS Canada) – The Canadian dollar posted slight gains on early
trading as the market kept a close eye on the trade breakthrough between the
European Union and the United States.
The Canada/U.S. exchange sat at 0.7658, or C$1.3058 at 8:40 a.m. CT this
morning. It closed yesterday at 0.7641 or C$1.3088.
Cameco Corp. plans to fire about 550 workers and shut down one of the world’s
largest uranium mines in northern Saskatchewan. The Saskatoon company said global
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Another 150 jobs will likely be cut at its Saskatoon head office. Cameco announced
in November that it was suspending for 10 months operations at its largest mine
but the closure was made indefinite yesterday.
European stocks posted across-the-board gains early Thursday following an
agreement between the European Union and the United States to negotiate on trade.
However, concerns over the slowing global economy limited gains. The European auto
sector led stocks higher with Germany’s auto-heavy index rising 1.4 per cent. The
MSCI world equity index hit its highest point since March. The MSCI monitors shares
in 47 countries.
The S&P/TSX is sliding early this morning based on lower energy sector
earnings, including Royal Dutch Shell, which failed to meet quarterly expectations
and suspension of Saudi Arabia’s use of the Red Sea shipping channel. The index
fell 0.06 per cent, or 9.18 points to 16,411.58.
A massive selloff in Facebook shares also roiled markets, especially the
tech-heavy Nasdaq. Facebook announced its profit margins would steadily fall over
the next several years due to the costs of improving privacy safeguards and slowing
use of its platform.
In the U.S., the S&P 500 was down 0.30 per cent or 8.62 points to 2,837.45.
The Dow Jones gained 0.27 per cent to 25,482.58 and Nasdaq Composite declined 0.91
per cent to 7,860.40.
West Texas Intermediate crude rose 0.06 per cent this morning to US$69.34.
