Results tagged “tsx”

After rising 262 points (3.1%) yesterday on the Federal Reserve's decision to slash interest rates, the TSX has been shut down all morning and afternoon. What was supposed to be a small glitch has turned into a major blackout and no one seems to know why. Luc Bertrand, Deputy CEO of TMX Group (which runs the TSX) appeared on BNN at 1 p.m., three and a half hours after the market was supposed to open, and he deflected any direct questions about the cause. Sadly, it appeared as though even he may not know the root of the problem. With markets expected to be shut all day, it looks like Canadians are going to have to get used to the forced closure of yet another national institution.

People work hard for their money, but they don't make their money work hard for them. It's time to fix that. Economist whips your income into shape with smart, practical advice.

September and October have been quite the wild ride. With the $700 billion financial rescue package, a Canadian federal election, the U.S. presidential race, and the threat of corporate bankruptcies, it's been hard to de-politicize the current economic environment and take note of the fundamental trends at play. For most of 2008, Toronto didn’t need to worry about this big picture—the TSX was the world's leading (or least worst) stock market and its economy didn't look too shabby. Recently, though, the situation has deteriorated, and things in Toronto don't look very promising now: since September 1, the TSX has lost 32% of its value. To make things worse, its daily volatility has been obscenely high and 5–8% intra-day swings are not uncommon. Why does this matter? Because the investment savings or RRSP you've been trying to start (or have continued to fund) will also be down by 32% on average, and the baby boomers' pension plans are taking a deep hit.

The stock market roller coaster is continuing unabated, last week's $700 billion bailout notwithstanding. Mid-morning, the TSX was down more than 1,100 points from Friday's close, or just over 10%. It's rebounding slightly at the moment—the loss had been cut to about 650 points as of 1 p.m. today—but with several hours of trading ahead, and the credit concerns that have been plaguing the U.S. now spreading to the European markets, stability is still nowhere in sight. While Canadian banks are not closing or restructuring as their American counterparts have been, our market is taking a severe hit in part because of dropping oil prices and concerns that the American crunch will depress our trading with that country. Combined with forecasts of a Canadian recession by several top economists this morning, look for this to dominate the news cycle and campaign trail in the days ahead.

WestJet and Porter Airlines both added fuel surcharges to their ticket prices, because it turns out jet fuel is getting more expensive what with, you know, oil prices and all. So obviously this means that you should plan your expensive, environmentally wasteful trip sooner rather than later, when all the gas runs out and the only airline left is the Gyro Captain from The Road Warrior.

Unless you're just coming off a three-day bender, you already know that Australian actor Heath Ledger died in New York yesterday, an event covered by the media with the familiar dead celebrity combination of prurience and gravitas. Still, he was good at what he did and he had a little girl and it's sad.

Stock market volatility continued yesterday, with the TSX index adding a 194 point drop to a loss of about 10% in the last month. A spokesman for the Global Society of Plutocrats said that in spite of the burgeoning financial crisis, everything remains fine for the super-rich.

Proving that New Democrats actually are allowed to have a sense of humour, former provincial cabinet minister and federal candidate Marilyn Churley commented on the dearth of women in the Ontario legislature by suggesting that there were not enough Janes and too many Dicks in provincial politics. You go, girl.

Following a major sell-off in the Shanghai stock market yesterday, other markets around the world fell dramatically, including the Toronto Stock Exchange. It looks like today is more of the same, as the index is already down 61.85 points, or 0.49%. However, given today's partial recovery of the Dow after its 400+ point fall yesterday, it is possible the S&P/TSX could bounce back by closing time.

Photo by Denmar from the Torontoist Flickr Pool.

Turns out that the union was actually ready to walkout again yesterday. Fortunately a few last minute desperate phone calls prevented what would've been a disastrous second wildcat strike in as many weeks. The TTC and the union are still in intense negotiations. Hopefully they can avoid any future job actions.