TSX tumbles as S&P cuts ratings outlook on U.S., commodity prices decline – Dominion Lending Centres Clearlease
VANCOUVER – (April 18, 2011) Clearlease.com Reports TORONTO – The Toronto stock market opened sharply lower Monday as investors received a jolt after Standard & Poor’s cut its ratings outlook on the U.S., citing a failure by lawmakers to tackle the country’s deteriorating finances.
The S&P /TSX composite index fell 147.73 points to 13,651.38 after S&P cut its ratings outlook to negative from stable while keeping its Triple-A rating.
Standard & Poor’s credit analyst Nikola G. Swann noted that “more than two years after the beginning of the recent crisis, U.S. policymakers have still not agreed on how to reverse recent fiscal deterioration or address longer-term fiscal pressures.”
The TSX Venture Exchange dropped 14.94 points to 2,275.96 while a stronger greenback helped push the Canadian dollar down 0.32 of a cent to 103.84 cents US.
Investors also took in major dealmaking in the mining sector and lower oil prices.
Capstone Mining Corp. is buying Far West Mining Ltd. and has struck a deal to develop the acquired company’s major Chilean copper project in a transaction worth more than $1.1 billion.
The two Vancouver companies announced Sunday that Capstone (TSX:CS) will acquire Far West (TSX:FWM) for about C$725 million in a cash and share deal that values the target company at C$9.19 per share. Far West shares gained 62 cents to $8.30 while Capstone was down 31 cents to $3.90.
Elsewhere in the resource sector, investors looked to quarterly earnings from Teck Resources (TSX:TCK.B) after the market close.
The miner is expected to hand in earnings of 89 cents a share, up sharply from 35 cents a year ago. Its shares declined 79 cents to $49.04.
The base metals sector was down 1.27 per cent as the May copper contract on the Nymex lost four cents to US$4.22 a pound. First Quantum (TSX:FM) was down $2.51 to C$116.50.
The energy sector lost 1.57 per cent as oil prices headed lower even as Saudi Arabia announced Sunday that it cut daily output to 8.3 million barrels in March from 9.1 million barrels in February because of what it saw as excess global supply. The move dampened hopes OPEC will soon boost its output to help bring down prices.
The May crude contract on the New York Mercantile Exchange was down $1.81 to US$107.85 a barrel. Suncor Energy (TSX:SU) fell $1.14 to C$40.94 while Canadian Natural Resources (TSX:CNQ) lost $1.73 to $41.90.
Financials were also lower while Scotiabank (TSX:BNS) moved 59 cents lower to $56.51.
The gold sector was slightly higher as bullion prices advanced after the S&P announcement as the June contract in New York rose $4.30 to US$1,490.30 an ounce. Barrick Gold Corp. (TSX:ABX) gained 19 cents to C$51.44.
New York markets tumbled as the Dow Jones industrial average retreated 171.04 points to 12,170.79.
The Nasdaq composite index fell 40.26 points to 2,724.39 while the S&P 500 index fell 17.83 points to 1,301.85.
In other earnings news, TD Ameritrade Holding Corp. ( NASDAQ :AMTD) said its second-quarter net income rose to US$171.7 million, as transaction-based revenue grew 16 per cent. Ameritrade ’s profit amounted to 30 cents per share, with US$338.3 million of transaction-based revenue and US$718.2 million in total net revenue from all sources.
The results are expected to contribute C$57 million of net income to TD Bank Group (TSX:TD), which owns 40 per cent of Ameritrade . TD shares fell $1.43 to $80.66.
Citigroup ’s first-quarter income fell 32 per cent to US$3 billion on lower revenue from its investment banking business and a decline in consumer loans. However, the bank was able to set aside fewer reserves for loan losses and its shares were unchanged at US$4.42.
Investors will also hear from tech giant Texas Instruments on Monday, tech bellwethers Intel Corp. on Tuesday and Apple Inc. on Wednesday. Canadian gas giant EnCana Corp. (TSX:ECA) also hand in earnings Wednesday while McDonalds Corp. and Advanced Micro Devices Inc. report Thursday.
European markets were lower as investors fretted over a possible Greek default and the impact of huge gains for a nationalist party in Finland.
The renewed focus on Greece’s debts has come in the wake of suggestions from a number of people that the country would be better off looking for a way to renegotiate its debts as a way of relieving its crisis.
The pro-EU conservative National Coalition Party topped Sunday’s vote in Finland but the coalition it previously belonged to no longer has a parliamentary majority. There are worries that a new government including a euroskeptic party which made big gains could derail a bailout which is currently in the works for Portugal.
London’s FTSE 100 index lost one per cent, Frankfurt’s DAX was down 1.1 per cent while the Paris CAC 40 dropped 1.5 per cent.
Earlier in Asia, the main focus was on China’s latest monetary tightening in response to figures on Friday showing inflation running at a 32-month high in March. On Sunday, the People’s Bank of China announced that the deposit reserve ratio for most banks would be raised — the fourth reserve increase this year.
Japan ’s Nikkei 225 index fell 0.4 per cent while Hong Kong ’s Hang Seng dropped 0.7 per cent and South Korea ’s Kospi slipped 0.1 per cent.
However, mainland China’s Composite Index rose 0.2 per cent to its highest close in five months.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
TORONTO – (April 18, 2011) Clearlease.com Reports The Toronto stock market opened sharply lower Monday as investors received a jolt after Standard & Poor’s cut its ratings outlook on the U.S., citing a failure by lawmakers to tackle the country’s deteriorating finances.
The S&P /TSX composite index fell 147.73 points to 13,651.38 after S&P cut its ratings outlook to negative from stable while keeping its Triple-A rating.
Standard & Poor’s credit analyst Nikola G. Swann noted that “more than two years after the beginning of the recent crisis, U.S. policymakers have still not agreed on how to reverse recent fiscal deterioration or address longer-term fiscal pressures.”
The TSX Venture Exchange dropped 14.94 points to 2,275.96 while a stronger greenback helped push the Canadian dollar down 0.32 of a cent to 103.84 cents US.
Investors also took in major dealmaking in the mining sector and lower oil prices.
Capstone Mining Corp. is buying Far West Mining Ltd. and has struck a deal to develop the acquired company’s major Chilean copper project in a transaction worth more than $1.1 billion.
The two Vancouver companies announced Sunday that Capstone (TSX:CS) will acquire Far West (TSX:FWM) for about C$725 million in a cash and share deal that values the target company at C$9.19 per share. Far West shares gained 62 cents to $8.30 while Capstone was down 31 cents to $3.90.
Elsewhere in the resource sector, investors looked to quarterly earnings from Teck Resources (TSX:TCK.B) after the market close.
The miner is expected to hand in earnings of 89 cents a share, up sharply from 35 cents a year ago. Its shares declined 79 cents to $49.04.
The base metals sector was down 1.27 per cent as the May copper contract on the Nymex lost four cents to US$4.22 a pound. First Quantum (TSX:FM) was down $2.51 to C$116.50.
The energy sector lost 1.57 per cent as oil prices headed lower even as Saudi Arabia announced Sunday that it cut daily output to 8.3 million barrels in March from 9.1 million barrels in February because of what it saw as excess global supply. The move dampened hopes OPEC will soon boost its output to help bring down prices.
The May crude contract on the New York Mercantile Exchange was down $1.81 to US$107.85 a barrel. Suncor Energy (TSX:SU) fell $1.14 to C$40.94 while Canadian Natural Resources (TSX:CNQ) lost $1.73 to $41.90.
Financials were also lower while Scotiabank (TSX:BNS) moved 59 cents lower to $56.51.
The gold sector was slightly higher as bullion prices advanced after the S&P announcement as the June contract in New York rose $4.30 to US$1,490.30 an ounce. Barrick Gold Corp. (TSX:ABX) gained 19 cents to C$51.44.
New York markets tumbled as the Dow Jones industrial average retreated 171.04 points to 12,170.79.
The Nasdaq composite index fell 40.26 points to 2,724.39 while the S&P 500 index fell 17.83 points to 1,301.85.
In other earnings news, TD Ameritrade Holding Corp. ( NASDAQ :AMTD) said its second-quarter net income rose to US$171.7 million, as transaction-based revenue grew 16 per cent. Ameritrade ’s profit amounted to 30 cents per share, with US$338.3 million of transaction-based revenue and US$718.2 million in total net revenue from all sources.
The results are expected to contribute C$57 million of net income to TD Bank Group (TSX:TD), which owns 40 per cent of Ameritrade . TD shares fell $1.43 to $80.66.
Citigroup ’s first-quarter income fell 32 per cent to US$3 billion on lower revenue from its investment banking business and a decline in consumer loans. However, the bank was able to set aside fewer reserves for loan losses and its shares were unchanged at US$4.42.
Investors will also hear from tech giant Texas Instruments on Monday, tech bellwethers Intel Corp. on Tuesday and Apple Inc. on Wednesday. Canadian gas giant EnCana Corp. (TSX:ECA) also hand in earnings Wednesday while McDonalds Corp. and Advanced Micro Devices Inc. report Thursday.
European markets were lower as investors fretted over a possible Greek default and the impact of huge gains for a nationalist party in Finland.
The renewed focus on Greece’s debts has come in the wake of suggestions from a number of people that the country would be better off looking for a way to renegotiate its debts as a way of relieving its crisis.
The pro-EU conservative National Coalition Party topped Sunday’s vote in Finland but the coalition it previously belonged to no longer has a parliamentary majority. There are worries that a new government including a euroskeptic party which made big gains could derail a bailout which is currently in the works for Portugal.
London’s FTSE 100 index lost one per cent, Frankfurt’s DAX was down 1.1 per cent while the Paris CAC 40 dropped 1.5 per cent.
Earlier in Asia, the main focus was on China’s latest monetary tightening in response to figures on Friday showing inflation running at a 32-month high in March. On Sunday, the People’s Bank of China announced that the deposit reserve ratio for most banks would be raised — the fourth reserve increase this year.
Japan ’s Nikkei 225 index fell 0.4 per cent while Hong Kong ’s Hang Seng dropped 0.7 per cent and South Korea ’s Kospi slipped 0.1 per cent.
However, mainland China’s Composite Index rose 0.2 per cent to its highest close in five months.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###TSX tumbles as S&P cuts ratings outlook on U.S., commodity prices decline – Dominion Lending Centres Clearlease
VANCOUVER – (April 18, 2011) Clearlease.com Reports TORONTO – The Toronto stock market opened sharply lower Monday as investors received a jolt after Standard & Poor’s cut its ratings outlook on the U.S., citing a failure by lawmakers to tackle the country’s deteriorating finances.
The S&P /TSX composite index fell 147.73 points to 13,651.38 after S&P cut its ratings outlook to negative from stable while keeping its Triple-A rating.
Standard & Poor’s credit analyst Nikola G. Swann noted that “more than two years after the beginning of the recent crisis, U.S. policymakers have still not agreed on how to reverse recent fiscal deterioration or address longer-term fiscal pressures.”
The TSX Venture Exchange dropped 14.94 points to 2,275.96 while a stronger greenback helped push the Canadian dollar down 0.32 of a cent to 103.84 cents US.
Investors also took in major dealmaking in the mining sector and lower oil prices.
Capstone Mining Corp. is buying Far West Mining Ltd. and has struck a deal to develop the acquired company’s major Chilean copper project in a transaction worth more than $1.1 billion.
The two Vancouver companies announced Sunday that Capstone (TSX:CS) will acquire Far West (TSX:FWM) for about C$725 million in a cash and share deal that values the target company at C$9.19 per share. Far West shares gained 62 cents to $8.30 while Capstone was down 31 cents to $3.90.
Elsewhere in the resource sector, investors looked to quarterly earnings from Teck Resources (TSX:TCK.B) after the market close.
The miner is expected to hand in earnings of 89 cents a share, up sharply from 35 cents a year ago. Its shares declined 79 cents to $49.04.
The base metals sector was down 1.27 per cent as the May copper contract on the Nymex lost four cents to US$4.22 a pound. First Quantum (TSX:FM) was down $2.51 to C$116.50.
The energy sector lost 1.57 per cent as oil prices headed lower even as Saudi Arabia announced Sunday that it cut daily output to 8.3 million barrels in March from 9.1 million barrels in February because of what it saw as excess global supply. The move dampened hopes OPEC will soon boost its output to help bring down prices.
The May crude contract on the New York Mercantile Exchange was down $1.81 to US$107.85 a barrel. Suncor Energy (TSX:SU) fell $1.14 to C$40.94 while Canadian Natural Resources (TSX:CNQ) lost $1.73 to $41.90.
Financials were also lower while Scotiabank (TSX:BNS) moved 59 cents lower to $56.51.
The gold sector was slightly higher as bullion prices advanced after the S&P announcement as the June contract in New York rose $4.30 to US$1,490.30 an ounce. Barrick Gold Corp. (TSX:ABX) gained 19 cents to C$51.44.
New York markets tumbled as the Dow Jones industrial average retreated 171.04 points to 12,170.79.
The Nasdaq composite index fell 40.26 points to 2,724.39 while the S&P 500 index fell 17.83 points to 1,301.85.
In other earnings news, TD Ameritrade Holding Corp. ( NASDAQ :AMTD) said its second-quarter net income rose to US$171.7 million, as transaction-based revenue grew 16 per cent. Ameritrade ’s profit amounted to 30 cents per share, with US$338.3 million of transaction-based revenue and US$718.2 million in total net revenue from all sources.
The results are expected to contribute C$57 million of net income to TD Bank Group (TSX:TD), which owns 40 per cent of Ameritrade . TD shares fell $1.43 to $80.66.
Citigroup ’s first-quarter income fell 32 per cent to US$3 billion on lower revenue from its investment banking business and a decline in consumer loans. However, the bank was able to set aside fewer reserves for loan losses and its shares were unchanged at US$4.42.
Investors will also hear from tech giant Texas Instruments on Monday, tech bellwethers Intel Corp. on Tuesday and Apple Inc. on Wednesday. Canadian gas giant EnCana Corp. (TSX:ECA) also hand in earnings Wednesday while McDonalds Corp. and Advanced Micro Devices Inc. report Thursday.
European markets were lower as investors fretted over a possible Greek default and the impact of huge gains for a nationalist party in Finland.
The renewed focus on Greece’s debts has come in the wake of suggestions from a number of people that the country would be better off looking for a way to renegotiate its debts as a way of relieving its crisis.
The pro-EU conservative National Coalition Party topped Sunday’s vote in Finland but the coalition it previously belonged to no longer has a parliamentary majority. There are worries that a new government including a euroskeptic party which made big gains could derail a bailout which is currently in the works for Portugal.
London’s FTSE 100 index lost one per cent, Frankfurt’s DAX was down 1.1 per cent while the Paris CAC 40 dropped 1.5 per cent.
Earlier in Asia, the main focus was on China’s latest monetary tightening in response to figures on Friday showing inflation running at a 32-month high in March. On Sunday, the People’s Bank of China announced that the deposit reserve ratio for most banks would be raised — the fourth reserve increase this year.
Japan ’s Nikkei 225 index fell 0.4 per cent while Hong Kong ’s Hang Seng dropped 0.7 per cent and South Korea ’s Kospi slipped 0.1 per cent.
However, mainland China’s Composite Index rose 0.2 per cent to its highest close in five months.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
