Canadian Stocks Churn Lower as Earnings Season Kicks Off

European markets slide; Asian markets bolstered as Toyota gains

Canadian stocks struggled today, with major indexes closing lower as earnings season gets underway; market participants now debating how long current downturn will last. TSE 300 fell 34.54 to 8744.00 as Industrial Products, Utilities fall. The California energy crisis worsened as Southern California Edison stopped payments on some obligations, rating agencies downgrade debt to junk status. GoC bonds are higher. Today's T-Bill sale produced average yield of 5.235% for 3-month, with 6-month getting 5.181%, 1-year 5.104%. March C$ slightly lower at 66.41 cts vs. US$.

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