Canadian Financial Close: Recession fears continue

By MarketsFarm

WINNIPEG, August 15 (MarketsFarm) – The Canadian dollar was lower at market close on Thursday, as concerns of a global recession persisted.

The loonie finished the day at US$0.7505 or US$1=C$1.3325, which compares with Tuesday’s close of US$0.7513 or C$1.3311.

The TSX/S&P Composite Index was down 33.41 points on Thursday, to close at 16,012.53.

In the United States, the two of the major stock indices finished on the plus side due to strong retail sales data. The Dow Jones gained 99.97 points closing at 25,579.39 and the S&P 500 was up seven points ending at 2,847.60. The NASDAQ slipped 7.32 points at 7,766.62.

Benchmark oil prices were down Thursday, on fears of a global recession and possible Chinese countermeasures against coming U.S. tariff hikes Brent crude oil lost US$1.18 to close at US$58.30 per barrel. West Texas Intermediate (WTI) crude oil was down 60 cents to close at US$54.63 per barrel.

As of Wednesday, Western Canadian Select (WCS) crude oil was dropped US$2.05 at US$43.99 per barrel. On August 14, the WCS/WTI price differential increased 18 cents at US$11.24 per barrel.

Gold was up US$5.80 on Thursday to close at US$1,524.80 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.03 at $ 2.77
Linamar Corp. dn $ 0.06 at $ 38.38
Maple Leaf Foods up $ 0.17 at $ 32.76
Nutrien Ltd. dn $ 0.06 at $ 65.04
Ritchie Bros Auctioneers Inc. up $ 0.07 at $ 51.01
Rocky Mountain Dealerships Inc. dn $ 0.25 at $ 6.55
(All figures are in Canadian dollars.)

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