Canadian Stocks End Slightly Higher on Positive Earnings
Canadian stocks closed at modestly higher levels as investors reacted positively to earnings reports from some high tech companies and pondered how much Fed will cut rates at its Jan. 31 meeting. The TSE 300 closed up 37.36 to 9306.20. Utilities, Financial Services and Industrial Products closed higher. Breadth was 734-499 positive. GoCs were lower along with Treasuries ahead of Greenspan's testimony before the Senate Banking Committee tomorrow. Oil was higher on short covering after earlier weakness on API report. March Canadian dollar closed lower at 66.12 cents vs. the U.S. dollar.
European markets were trading higher. London's Financial Times-Stock Exchange 100 index closed up 49.70 points, or 0.80%, at 6,264.40 following reports that U.K. manufacturing confidence rose to a 9-month high and exporter confidence rose for first time in a year. In Germany, the DAX Index ended 15.74 points, or 0.23%, at 6,706.67. Meanwhile, France's CAC 40 gained 60.59 points, or 1.04%, at 5,900.32.
Markets in Asia finished lower. After seven straight positive sessions, Japan's Nikkei ended down 91.08 points, or 0.65%, to close at 13,893.58, on profit-taking, continued bearish sentiment over the slightly stronger yen, political bumbling politicians and disappointing earnings from computer companies. Hong Kong's Hang Seng Index finished with a loss of 55.06 points, or 0.34%, at 16,044.21on Tuesday. The Hong Kong market will be closed Jan. 24th through 26th for the Lunar New Year Holidays.