Euro banking drama had a ripple effect felt on Bay Street Friday but Canada’s main stock index dodged another close in the red. Declining crude oil prices further added to the pressure that saw the TSX post its third straight down week. Despite the laggard energy and tech sectors, mining, health care, telecom, and utilities rose higher. Statistics Canada reported retail sales jumped 1.4 per cent to $66.4 billion in January. Sales were led by increases in motor vehicle and parts dealers as well as gasoline stations and fuel vendors.
Wall Street stock futures climbed but a tumble in US-listed Deutsche Bank shares once again raised investor fears about the banking sector. Without an apparent catalyst, the move appeared to raise concerns over the health of the European banking industry. Shares of major US banks were also under pressure.
Today in the Markets
The Canadian dollar traded for 72.78 cents US, compared to 73.31 cents US on Thursday.
US crude futures traded $0.85 lower at $69.11 a barrel, and the Brent contract lost $1.02 to $74.89 a barrel.
The price of gold was down 14.38 to US$1,977.47.
In world markets, the Nikkei was down 34.36 points to 27,385.25, the Hang Seng was down 133.96 points to 19,915.68, the FTSE was down 94.15 points to 7,405.45, and the DAX was down 253.16 points to 14,957.23.
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