{"id":192293,"date":"2018-12-03T21:59:35","date_gmt":"2018-12-04T02:59:35","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=192293"},"modified":"2018-12-03T21:59:35","modified_gmt":"2018-12-04T02:59:35","slug":"tsx-gets-lift-from-u-s-china-trade-truce-and-alberta-move-helping-oil-prices","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/12\/03\/tsx-gets-lift-from-u-s-china-trade-truce-and-alberta-move-helping-oil-prices\/","title":{"rendered":"TSX gets lift from U.S. China trade truce and Alberta move helping oil prices"},"content":{"rendered":"
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FILE: The Old Toronto Stock Exchange on Bay Street (Photo By Halava – Own work, CC BY-SA 3.0<\/a>)<\/figcaption><\/figure>\n

TORONTO \u2014 Canada’s main stock index began the week higher as Alberta production cuts helped to lift oil prices to their largest gain since June, while investors felt relief from a preliminary trade truce between the U.S. and China.<\/p>\n

The January crude contract gained four per cent or US$2.02 to US$52.95 per barrel.<\/p>\n

Western Canadian Select rose 9.6 per cent or US$1.48 to US$16.93 after Alberta Premier Rachel Notley instructed the province’s energy regulator to direct oil producers to cut production by 8.7 per cent starting Jan. 1.<\/p>\n

Oil prices also rose on continued expectation that OPEC on Thursday will cut production by up to 1.5 million barrels a day to support prices.<\/p>\n

\u201cI think those two factors combined are providing a little bit of lift for oil prices,\u201d said Craig Fehr, Canadian markets strategist for Edward Jones.<\/p>\n

The S&P\/TSX composite index reached its highest level in nearly a month, closing up 77.16 points to 15,274.98.<\/p>\n

The energy sector gained almost four per cent and higher gold prices helped the materials sector to rise more than two per cent.<\/p>\n

The February gold contract was up US$13.60 at US$1,239.60 an ounce and the March copper contract was up 2.2 cents at US$2.81 a pound.<\/p>\n

Health care fell 1.8 per cent as shares of cannabis producer Aphria Inc. plunged nearly 28 per cent after short-sellers called the Canadian company a \u201cblack hole\u201d and alleged that its recent international acquisitions totalling $280-million were \u201clargely worthless.\u201d<\/p>\n

The Canadian dollar traded at an average of 75.81 cents US compared with an average of 75.18 cents US on Friday. That’s the biggest daily gain since Oct. 1.<\/p>\n

The January natural gas contract was down 27.3 cents at US$4.34 per mmBTU.<\/p>\n

In New York, the Dow Jones industrial average was up 287.97 points at 25,826.43. The S&P 500 index gained 30.20 points at 2,790.37, while the Nasdaq composite was up 110.98 points at 7,441.51.<\/p>\n

A weekend 90-day ceasefire between the U.S. and China on imposing higher tariffs was a catalyst for global markets to rise even though a final resolution is far from certain, Fehr said in an interview.<\/p>\n

\u201cIt is far too early to sound the all-clear signal when it comes to the trade tension that exists between the U.S. and China,\u201d he said.<\/p>\n

\u201cThat’s an encouraging signal that both sides are willing to come to the table but this is far from a concrete agreement that provides a road map for what trade looks like going forward. It’s premature to suggest that equity markets can unshackle themselves from the trade worries at this point.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

TORONTO \u2014 Canada’s main stock index began the week higher as Alberta production cuts helped to lift oil prices to …<\/p>\n","protected":false},"author":44,"featured_media":177976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-192293","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-ross-marowits","mauthors-the-canadian-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/192293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=192293"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/192293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/177976"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=192293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=192293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=192293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}