Canadian Stocks Extend Losses
Canadian stock closed narrowly mixed levels, with major indexes extending Friday's losses as earnings warnings in U.S., and their implications for economic growth in first half 2001, outweighed likelihood of rate cuts to counter downturn. The TSE 300 fell 18.43 to 8671.70, up from 8577.18 low. Industrial Products, Utilities, Financial Services leading to downside; some support provided by Oil & Gas, mining- related issues. Breadth was 665-548 positive. GoC bonds mixed to lower in quiet trading. March Canadian dollar is higher at 66.95 cents vs. the U.S. dollar.
European markets closed mixed. The London Financial Times-Stock Exchange 100 index was off 48.50 points, or 0.78%, at 6,149.60 amid uncertainty about Bank of England rate policy and U.S. markets. In Germany, the DAX Index was up 9.86 points, or 0.15%, to 6,392.17 as German industrial production rose 0.4% in November and a survey showed EuroZone business climate improved. Meanwhile, France's CAC 40 was off 25.22 points, or 0.44%, at 5,732.80.
In Asia, Japan's Nikkei 225 Index was closed for Coming-of-Age day. Hong Kong's Hang Seng index was down 11.08 points, or 0.07%, to 15,436.53.