Closing Bell TSX unchanged on modest Chinese data disappointing European data

TORONTO — The Toronto stock market was barely changed at the close Tuesday amid a mixed outlook on global manufacturing from some of the world’s largest economies.Here are the closing numbersTSX — 15,125.67 -3.33 0.02%S&P 500 —  1,982.77 -11.52 0.58%Dow — 17,055.87 -116.81 –0.68%Nasdaq —4,508.69 -19.00 -0.42%The S&P/TSX composite index dipped 3.33 points to 15,125.67, while the loonie lost 0.31 of a cent to 90.34 cents US following disappointing economic news in Canada.Statistics Canada reported retail sales slipped 0.1% in July to $42.5 billion, well short of the 0.5% gain that economists had expected, according to a survey by Thomson Reuters.Meanwhile, U.S. markets were down sharply after the American military launched overnight airstrikes against Islamic State military strongholds in Syria and Iraq. The Dow Jones industrials plunged 116.81 points to 17,055.87, while the Nasdaq dropped 19 points to 4,508.69 and the S&P 500 index lost 11.52 points to 1,982.77.In economic news, the latest reading on Chinese manufacturing came in better than expected and eased some concerns that growth has stalled in the world’s second-largest economy.The HSBC manufacturing survey for September came in at 50.5, up from 50.2 in August. Anything above 50 indicates an expansion. Analysts had expected it to fall for a second month.The Chinese data helped boost commodity markets. December gold, considered a safe haven during volatile times, was up $4.10 to US$1,222 an ounce as the gold sector on the TSX led advancers, up 2.76% after two days of losses. The November crude contract rose 69 cents to US$91.56 a barrel. December copper was unchanged at US$3.04 a pound.There wasn’t the same kind of relief in Europe, where more signs indicated that the 18-country eurozone economy hasn’t found renewed momentum despite stimulus measures from the European Central Bank.In its monthly survey, financial information company Markit said its purchasing managers’ index for the eurozone — a closely watched gauge of business activity — fell to a nine-month low of 52.3 in September from the previous month’s 52.5. The crisis in Ukraine and the sanctions between the West and Russia as well as a general sense of pessimism about the eurozone economy were cited as reasons.“The recovery in Europe is on weak footing,” said Ben Jang, a portfolio manager at Nicola Wealth Management in Vancouver.“Any news like this will cause more volatility in the market. It’s also scaling back market sentiment in terms of how strong growth will be. We’re looking at a slower growth environment across the board.”Jang said new measures by the Obama administration also weighed on markets, with investors unsure of what the regulations will spell for American and European companies in the future.Washington announced a “tax inversion” regulation as part of its effort to crack down on American companies that seek to reincorporate overseas to avoid paying U.S. taxes. The new regulations, which are now in effect, bars some techniques used by companies reduce their taxes.“The action of the Treasury was more aggressive and more sweeping than most people had though,” he said. “(But) It didn’t address everything and it’s not comprehensive reform. It also didn’t address the larger underlying issue, where corporate taxes are too high in the U.S. and they’ll eventually need to come down.”TOP STORIESTim Hortons, Burger King say $12.5B tie-up still on despite U.S. inversions crackdownCan BlackBerry’s new Passport ‘wow’ in the shadow of Apple’s blockbuster iPhone debut?Jimmy Choo to step out on London market in challenging times for luxury goodsYara, CF in talks to create $27-billion global fertilizer giant to rival Canada’s Potash CorpAlibaba stock declines for second day after completing record US$25B IPOWHAT’S ON DECK WEDNESDAYECONOMIC NEWSUNITED STATES10 a.m.New Home sales (Aug): Economists expect 4.4% rise CORPORATE NEWSCANADAAgf Management Ltd Q3 earnings: Analysts expect 17¢ a share UNITED STATESAccenture  Q4 earnings: Analysts expect US$1.10 a share Paychex Inc Q1 earnings: Analysts expect 46¢ a share read more

Oil jumps to 93 a barrel after US avoids fiscal cliff in

The price of oil jumped by more than dollar to above US$93 a barrel Wednesday after U.S. lawmakers passed legislation to avoid a “fiscal cliff” that could have pushed the world’s biggest economy into recession.The U.S. House of Representatives voted near midnight Tuesday night to approve a tax and spending bill and send it to President Barack Obama after a frantic day of political brinkmanship in Washington.By early afternoon in Europe, benchmark West Texas Intermediate crude for February delivery was up $1.49 to US$93.31 a barrel in electronic trading on the New York Mercantile Exchange. The contract had risen $1.02 to finish at US$91.82 per barrel in New York on Monday.Brent crude, used to price various kinds of international oil, was up $1.12 to US$112.23 a barrel on the ICE Futures exchange.Economists had warned that if Congress did not take action a series of tax increases and spending cuts due to automatically start this year could have helped push the U.S. into recession.Some House Republicans at first opposed the bill, which neutralizes middle class tax increases and $24 billion in spending cuts set to take effect over the next two months while raising taxes on the wealthy. They wanted more spending cuts but hours later agreed to a simple yes-or-no vote on the bill, which had already passed the Senate.As a result of a broad increase in market sentiment, the dollar weakened as investors felt confident to invest in relatively riskier assets.A weaker dollar makes crude cheaper and a more attractive investment for traders using other currencies. On Wednesday, the euro rose to $1.3280 from $1.3213 on Monday, the previous trading session.In other energy futures trading on the Nymex, wholesale gasoline rose 3.88 cents to US$2.8005 a U.S. gallon (3.79 litres), heating oil added 2.62 cents to US$3.058 a gallon and natural gas fell 4.1 cents to $3.31 per 1,000 cubic feet.(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE) Oil jumps to $93 a barrel after US avoids ‘fiscal cliff’ in emergency vote by Pablo Gorondi, The Associated Press Posted Jan 2, 2013 9:04 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

Magnetek supplier of variable frequency drives and radio remote controls wins Joy

first_imgMagnetek, a leading designer and manufacturer of digital power and motion control systems used in mining, has been awarded 2012 Premier Supplier of the Year status by Joy Global. This is the second year Joy Global has recognised a select group from its nearly 5,000 North American suppliers. As one of only 39 recipients, Magnetek says it “represents best in industry quality, delivery and value as identified by Joy Global.“We are extremely pleased to receive this award. It puts us in good company with some of the finest suppliers in the business,” said Peter McCormick, President and CEO for Magnetek. “Our goal is always to provide the best products possible and foster close relationships with our customers.”Awards were granted to companies achieving target metrics for quality, on-time delivery, material productivity and long-term relationship with Joy Global. Particular emphasis was placed on Magnetek’s successful investment in capacity improvement, established supply agreement and development capabilities.Through its market-leading P&H and Joy brands, Joy Global manufactures, markets, and services original equipment and support parts for the surface and underground mining industries. Joy Global’s products and related services are used extensively for the mining of coal, copper, iron ore, oil sands, gold and other mineral resources.Magnetek provides digital power and motion control systems used in mining and overhead material handling applications. The company is a leading independent supplier of digital motion control systems for underground coal mining applications, including drives and wireless radio controls. It is a leading designer and manufacturer of variable frequency drives and radio remote controls for mining, with a proven track record for reliability and value in the mining industry with over 30 years of experience and over 10,000 mining drives in the field. Magnetek’s M-FORCE® line of Severe Duty AC Traction Drives are the optimal solution for a variety of mining applications including battery-operated mobile vehicles, locomotives, muckers, loaders and haulage equipment. Custom engineered solutions are available as well.last_img read more