“One Can Find So Many Pains When The Rain Is Falling ” -John Steinbeck

TSX Little Changed As Miners Gain, Banks and Energy Slip

Canada’s main stock index fell on Friday, with a drop in oil prices weighing on energy stocks and heavyweight financial names also slipping. The index shed 1% on the week, after closing last week at a 16-month high. The Toronto Stock Exchange’s S&P/TSX composite index settled down 48.46 points, or 0.33%, at 14,785.29. Seven of the index’s 10 main groups ended in positive territory, although decliners outnumbered gainers by 1.35-to-1.  Oil prices settled below $50 and marked their biggest weekly loss in six weeks on concerns OPEC will not fully carry out a planned output cut, even as data showed U.S. oil drillers removed rigs from production for the first time since June.
U.S. stocks declined in a volatile session on Friday but were able to partially recover from a sharp drop spurred by news the FBI will review more emails related to Democratic presidential candidate Hillary Clinton’s private email use. Each of the three major indexes on Wall Street fell to session lows, with the S&P 500 dropping 1 percent in an hour, after FBI Director James Comey said in a letter to several congressional Republicans the agency had learned of the existence of emails that appeared to be pertinent to its investigation. The U.S. election is scheduled to take place in 11 days, on Nov. 8. The Dow Jones industrial average fell 8.29 points, or 0.05 percent, to 18,161.39, the S&P 500 lost 6.6 points, or 0.31 percent, to 2,126.44 and the Nasdaq Composite dropped 25.87 points, or 0.5 percent, to 5,190.10. For the week, the S&P 500 dipped 0.7 percent and the Nasdaq lost 1.3 percent, while the Dow managed a 0.1 percent gain.

 

Social Insurance Numbers – Interesting Facts

The SIN was created in 1964 as a client account number to help government administer the Canada Pension Plan and other employment insurance programs. In 1967, Revenue Canada (now Canada Revenue Agency) began using it for tax purposes.  As of March 31, 2014, Service Canada has stopped issuing the plastic SIN cards, to help protect people against identity theft. People now receive a paper Confirmation of SIN letter in the mail.
The card is used as a person’s identifier for work and investments, for paying taxes, contributing to a pension plan and to access government services. You need a SIN to work in Canada. An employer cannot pay you if you do not have a SIN.

The first digit of the SIN identifies the province where it was registered. 1 covers Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador), and overseas residents. 2-3 is used in Quebec. 4-5 is used in Ontario, excluding northwestern Ontario. 6 is for prairie provinces (Manitoba, Saskatchewan and Alberta), Northwest Territories, Nunavut and northwestern Ontario. 7 is used in the Pacific region (British Columbia and Yukon). 8 and 0 are not used.  SINs that begin with the number 9 are issued to temporary residents who are neither Canadian citizens nor permanent residents, such as foreign students or individuals on work visas. These SINs have an expiry date.

 

WEEKLY MARKET WRAP-UP

North America

The TSX closed at 14783, down -156 points or -1.04% over the past week. YTD the TSX is up 13.82%.
The DOW closed at 18161, up 15 points or 0.08% over the past week. YTD the DOW is up 4.22%.
The S&P closed at 2126, down -15 points or -0.70% over the past week. YTD the S&P is up 4.01%.
The Nasdaq closed at 5190, down -67 points or -1.27% over the past week. YTD the Nasdaq is up 3.65%.
Gold closed at 1276, up 16.00 points or 0.63% over the past week. YTD gold is up 20.49%.
Oil closed at 50.31, changed 0.00 points or 0.00% over the past week. YTD oil is up 35.79%.
The USD/CAD closed at 1.338352, up 0.0047 points or 0.36% over the past week. YTD the USD/CAD is down -3.27%.

Europe/Asia
The MSCI closed at 1695, down -9 points or -0.53% over the past week. YTD the MSCI is up 1.92%.
The Euro Stoxx 50 closed at 3079, up 1 points or 0.03% over the past week. YTD the Euro Stoxx 50 is down -5.78%.
The FTSE closed at 6996, down -25 points or -0.36% over the past week. YTD the FTSE is up 12.08%.
The CAC closed at 4549, up 13 points or 0.29% over the past week. YTD the CAC is down -1.90%.
DAX closed at 10696, down -15.00 points or -0.14% over the past week. YTD DAX is down -0.44%.
Nikkei closed at 17446, up 261.00 points or 1.52% over the past week. YTD Nikkei is down -8.34%.
The Shanghai closed at 3104, up 13.0000 points or 0.42% over the past week. YTD the Shanghai is down -12.29%.

Sources: Bloomberg; Investment Executive;  advisor.ca