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North American Markets Lower Ahead of Election

Uncertainty around the U.S. election continued to weigh on stock markets, pushing the S&P 500 to its ninth consecutive decline.
In Toronto, the S&P/TSX composite index gave back 74.17 points to close at 14,509.25. South of the border, the Dow Jones industrial average lost 42.39 points to 17,888.28, while the S&P 500 declined 3.48 points to 2,085.18. The Nasdaq composite was off 12.04 points at 5,046.37. The loonie was at 74.61 cents US, down 0.11 of a U.S. cent from Thursday’s close. The December crude contract fell 59 cents to US$44.07 per barrel and December natural gas was essentially flat at US$2.77 per mmBTU. December gold rose $1.20 to US$1,304.50 an ounce and December copper contracts were up two cents to US$2.27 a pound.

 

Canadian Economy Surprisingly Adds 44,000 Jobs

The economy gained 44,000 net new jobs in October but the gains were entirely in part-time employment, Statistics Canada said Friday. The overall increase was driven by 67,000 additional part-time jobs for the month, while the number of full-time jobs fell by 23,000. The unemployment rate held steady at 7% as more people entered the labour market. Economists had expected a loss of 10,000 jobs overall and the unemployment rate to remain unchanged, according to Thomson Reuters.  The increase in October follows a gain of some 67,000 jobs in September that saw gains in both part-time and full-time work. Compared with a year ago, there were 140,000 more jobs in October including a gain of nearly 16,000 full-time jobs and 124,000 part-time positions. For October, the goods-producing sector gained nearly 21,000 jobs, boosted by a gain of 24,000 in the construction industry. The natural resources sector also gained 10,000 jobs, its first notable increase since March 2015.

The services-producing sector added more than 23,000 jobs as wholesale and retail trade jobs climbed 19,000 and the “other services category” increased by 18,000. The educational services group climbed by 16,000. Ontario gained 25,000 jobs in October, while British Columbia increased 15,000. The number of jobs in Newfoundland and Labrador fell by 5,600.

 

WEEKLY MARKET WRAP-UP

North America
The TSX closed at 14509, down -274 points or -1.85% over the past week. YTD the TSX is up 11.71%.
The DOW closed at 17888, down -273 points or -1.50% over the past week. YTD the DOW is up 2.66%.
The S&P closed at 2085, down -41 points or -1.93% over the past week. YTD the S&P is up 2.01%.
The Nasdaq closed at 5046, down -144 points or -2.77% over the past week. YTD the Nasdaq is up 0.78%.
Gold closed at 1305, up 8.00 points or 2.27% over the past week. YTD gold is up 23.23%.
Oil closed at 44.12, down -6.19 points or -12.30% over the past week. YTD oil is up 19.08%.
The USD/CAD closed at 1.340381, up 0.0020 points or 0.15% over the past week. YTD the USD/CAD is down -3.13%.

Europe/Asia
The MSCI closed at 1667, down -28 points or -1.65% over the past week. YTD the MSCI is up 0.24%.
The Euro Stoxx 50 closed at 2955, down -124 points or -4.03% over the past week. YTD the Euro Stoxx 50 is down -9.58%.
The FTSE closed at 6693, down -303 points or -4.33% over the past week. YTD the FTSE is up 7.23%.
The CAC closed at 4378, down -171 points or -3.76% over the past week. YTD the CAC is down -5.59%.
DAX closed at 10259, down -437.00 points or -4.09% over the past week. YTD DAX is down -4.51%.
Nikkei closed at 16905, down -541.00 points or -3.10% over the past week. YTD Nikkei is down -11.19%.
The Shanghai closed at 3125, up 21.0000 points or 0.68% over the past week. YTD the Shanghai is down -11.70%.

 

Sources: Bloomberg; Investment Executive;  advisor.ca