Canadian Stocks Head South on California Energy Worries
Canadian stocks closed broadly lower, surrendering all of post-rate cut gains as worries that California's energy producer crisis may pummel the banking system sends equity markets reeling. The TSE 300 fell 215.35 points to 8690.30 as Industrial Products, Utilities and Financial Services tumbled. Oil & Gas was higher as energy futures rose on talk of OPEC production cuts. Breadth was 701-520 positive. GoCs were mixed in choppy trading, though the trend is up, tempered by concerns that BoC won't match the Fed's rate cut. March Canadian dollar was a bit lower at 66.76 cents vs. the U.S. dollar.
European markets were mixed after the latest U.S. jobs report. The London Financial Times-Stock Exchange 100 index, which had been rising earlier in the session, ended up 12.5 points, or 0.20%, to 6,198.1. In Germany, the DAX Index finished up 5.77 points, or 0.09%, to 6,382.31. Meanwhile, France's CAC 40 ended off 57.97 points, or 1.00%, at 5,758.02.
In Asia, Japan's Nikkei 225 Index closed up 176.12 points, or 1.29%, to 13,867.61. Hong Kong's Hang Seng index ended up 212.58 points, or 1.40%, to 15,447.61.