North American stock markets loonie head lower amid grim world outlook

by Linda Nguyen, The Canadian Press Posted Apr 5, 2016 9:36 am MDT Last Updated Apr 5, 2016 at 4:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email North American stock markets, loonie, head lower amid grim world outlook TORONTO – Canada’s biggest stock market pulled back for the fourth straight day Tuesday as investors question whether they can continue to shrug off signs of tepid global growth.Toronto’s S&P/TSX composite index declined 31.49 points to 13,304.66, with the consumer staples and utilities sectors among the biggest losers.Precious and base metals miners were the biggest gainers on the resource-heavy market, with the gold sector up nearly four per cent.“The markets are being driven by the macro stuff,” said Sadiq Adatia, chief investment officer at Sun Life Global Investment.“They realize there is more downside here and they have to decide if they want to take on the risk — and maybe realizing that it’s not worth it.”Adatia said global economic factors may be showing signs of improvement, but it’s not enough to support a bullish outlook on equities.“Right now, people are going to say, ‘I’m going to wait until some of this stuff passes by,’” he said.The negative sentiment ran through currency markets, as the Canadian dollar lost half a cent. It ended the day 0.49 of a U.S. cent lower at 75.90 cents US.The downward pressure came on the same day the Bank of Canada issued a positive take on the country’s ability to ride out any economic shocks from China, its second-largest trading partner.Senior deputy governor Carolyn Wilkins said if growth in China’s economy comes in one percentage point lower than projections — then Canadian growth would slip just one-tenth of a percentage point. A effect of a similar decline in the U.S. would be six times greater, she said.The comments come on the back of worse-than-expected trade figures.Statistics Canada reported that the country’s trade deficit grew to $1.9 billion in February. Economists had expected a deficit of $900 million, according to Thomson Reuters.Meanwhile, bearish comments from the head of the International Monetary Fund, Christine Lagarde, helped push U.S. indexes further into the red.She noted that while the world economy isn’t in a crisis, slow growth risks becoming ingrained as a “new mediocre” and that the outlook the next six months has weakened.The Dow Jones industrial average plunged 133.68 points to 17,603.32, while the broader S&P 500 slid 20.96 points to 2,0458.17 and the Nasdaq composite fell 47.86 points to 4,843.93.In commodities, the May contract for benchmark North American crude added 19 cents to US$35.89 a barrel, recouping some of the losses from two days.May natural gas plunged four cents to US$1.94 per mmBtu, while May copper was unchanged at US$2.14 a pound. June gold rebounded $10.30 to US$1,229.60 a troy ounce.Follow @LindaNguyenTO on Twitter. read more

Quebec boxer Adonis Stevenson in critical condition after knockout

Canadian boxer Adonis Stevenson is reported to be in critical condition after being knocked out Saturday night in his light heavyweight title fight in Quebec City.The report comes from boxing promoter Yvon Michel, who tweeted early Sunday morning that Stevenson was in intensive care and that family members have asked that his privacy be respected.“They wish to inform friends and supporters that Adonis is currently in critical condition in the intensive care at the hospital, following his fight against Oleksander Gvozdyk,” the promoter wrote.“They appreciate the concern and support of everyone for Adonis.”A report in the Journal de Montreal says Adonis has been placed in an artificial coma as a precautionary measure due to a possible brain hemorrhage.Oleksandr Gvozdyk stopped Stevenson with a violent knockout at 2:49 of the 11th round to take his World Boxing Council light heavyweight title.The 41-year-old Stevenson was put on a stretcher after the bout and left Videotron Centre in an ambulance.The Montreal-based fighter was making his 10th title defence since winning the belt against Chad Dawson in 2013 and was ahead on two of the judges’ cards and tied on the third when he was stopped.The 31-year-old Gvozdyk, from the Ukraine, improved to 16-0.Gvozdyk landed several strong blows at the beginning the round which left Stevenson faltering in the corners.Stevenson appeared to recover, but a second volley of blows from Gvozdyk appeared to shift the momentum entirely in the Ukrainian’s favour.Referee Michael Griffin stopped the fight after a third push, in which Gvozdyk landed a dozen or so blows without Stevenson being able to stop a single one.Stevenson stayed down for several minutes before being able to sit up on a stool brought to the ring, and needed assistance to return to the dressing room.Late Saturday, Michel said he’d spoken to the boxer immediately after the match and he appeared to be regaining his spirits.However, Stevenson’s condition worsened after leaving the shower, and he was taken to the l’Enfant-Jesus de Quebec hospital, which specializes in neurosurgery and head trauma.A person who was present in the dressing room, who did want wish to be named, said Stevenson could no longer stand at the time the decision was taken.In a press conference late Saturday, Michel said Stevenson seemed disoriented and confused when he arrived at the hospital.“We fear a concussion,” he said. “This is very worrying.” BROWSE Adonis Stevenson read more