“Take A Walk On The Wild Side” -Lou Reed
TSX Dips Lower
The Toronto stock market closed lower Friday even as investors took in encouraging manufacturing data from China and the United States. The S&P/TSX composite index declined 23.8 points to 13,337.46, pressured by continued weakness in the gold sector as prices hit a two-week low and Barrick Gold announced a huge stock offering. “Gold is getting crushed, but gold is a flight to safety,” said Wes Mills, chief investment officer Scotia Asset Management PM Advisor Services. “And so, gold coming off the way it is, is a confirmation that the global economy is in fact improving.”
The Canadian dollar was unchanged at 95.9 cents US. U.S. indexes were higher after the Institute for Supply Management reported the factory sector showed greater than expected expansion during October, rising to 56.4 from 56.2 in September. Economists had expected the index to dip to 50.9. Anything above 50 indicates expansion. The Dow Jones industrials closed up 69.8 points to 15,615.55, the Nasdaq rose 2.34 points to 3,922.04 and the S&P 500 index was up 5.1 points to 1,761.64. Earlier, HSBC Corp. said its monthly purchasing managers’ index for China showed its best improvement in seven months, rising to 50.9 from September’s 50.2. China’s economic growth rebounded to 7.8% in the three months ending in September, from the previous quarter’s two-decade low of 7.5%.
The TSX is coming off its best month of 2013, running ahead 4.5% during October, leaving it up 7.26% year to date.
How Was Your Halloween ?
With just over half of Canadians or 54% celebrating Halloween the spooky holiday spending stayed under control with the average spent for costumes, parties and candy around $70, finds a Scotiabank poll. The top activities Canadians planned for Halloween were handing out candy (21%), taking kids trick-or-treating (13%), followed by going to a Halloween party for adults (8%).Of those that had planned their costumes for Halloween, the most popular costumes for adults were vampires, witches, fairies and pirates. Canadians aged 35-44 are the most likely to take their kids trick or treating. Women (11%) and younger Canadians aged 18-24 (34%) are more likely to go to a Halloween party. B.C. residents spend the most for Halloween ($82) compared to Atlantic Canadians ($51). About 15% of Canadians saved in advance for Halloween expenses.
Market Update as of November 1, 2013
The TSX closed at 13337, down -62 points or -0.46% over the past week. YTD the TSX is up 6.35%.
The DOW closed at 15616, up 46 points or 0.30% over the past week.YTD the DOW is up 19.17%.
The S&P closed at 1762, up 2 points or 0.11% over the past week.YTD the S&P is up 23.56%.
The Nasdaq closed at 3922, down -21 points or -0.53% over the past week.YTD the Nasdaq is up 26.88%.
Gold closed at 1314, down -38.00 points or -2.81% over the past week.YTD gold is down -21.79%.
Oil closed at 94.66, down -3.31 points or -3.38% over the past week.YTD oil is up 2.26%.
The USD/CAD closed at 1.0418, down -0.0032 points or -0.31% over the past week.YTD the USD/CAD is up 5.49%.
Sources: Bloomberg, advisor.ca, Scotiabank, Investment Executive