CANADA STOCKS-TSX climbs as energy shares rise on Gulf storm threat
government shutdown, which entered its fourth day. A political impasse over the U.S. budget has shut down non-essential government services and appeared likely to drag on for another week or more. Analysts say the longer the shutdown continues, the more likely it is that negotiations between Democrats and Republicans will lead to a deal that would involve raising the debt ceiling. Investors are also concerned about what impact the standoff will have on a still-fragile economic recovery. Analysts said a shutdown that drags on longer than a few days will start to bite into economic growth in the United States, Canada’s biggest trading partner. “The market is getting a wee bit more apprehensive as we draw closer to the all-important mid-October date for the debt ceiling,” said Dean Popplewell, chief currency strategist at OANDA. “There’s too much at stake here, not just for the United States but globally.” U.S. lawmakers must raise the government’s $16.7 trillion debt borrowing limit by mid-October, or the United States will be facing default. With the government shut down, the U.S. report on nonfarm payrolls report, one of the most important data releases for markets, was not issued on Friday as scheduled.
At the time, Prime Minister Stephen Harper said none of the those dollars would go toward abortion services because there were enough other worthy initiatives to support. We’ve been clear in Muskoka, so you can think the same logic will apply here, Paradis told reporters after a speech Friday. There are plenty of measures that can be taken and Muskoka demonstrated that and we’ll follow it in a consistent way with Muskoka. That’s a change from comments made by the president of the Canadian International Development Agency in 2010. While Canada has never directly funded abortions, Margaret Biggs told a committee that the agency would continue to fund aid groups who might provide referrals for abortion services. CIDA was folded into the Department of Foreign Affairs and International Trade earlier this Buy Stendra year. An upcoming report to the UN Security Council from Secretary General Ban-Ki moon is expected to recommend access to abortion services for pregnancies resulting from rape during conflict, according to the Global Justice Center in New York. Foreign Affairs Minister John Baird delivered a speech to the United Nations last week calling for more action on child and forced marriages. He also publicly backed a British initiative condemning sexual violence during conflict. Ottawa pledged $5 million in the spring to help victims of this kind of sexual violence. So far, nearly $1 million has gone to a family hotline in Afghanistan which refers victims to legal, medical and psychological help. Paradis said further details on how Canada will address both issues will be announced in due course.
energy output, the price of oil rose on supply concerns. With the U.S. government shutdown dragging into a fourth day, investors watched closely as Republican members of the House of Representatives got together to chart their next course of action. But the market appeared to shrug off fears that lawmakers will fail to resolve the budget crisis and prevent a debt default. Rick Hutcheon, president and chief operating officer at RKH Investments, said the TSX will tread water until the U.S. political situation is resolved but will make gains as the economy improves and commodity prices stabilize. “Everyone is sitting on their hands, waiting for Washington to make their move,” he said. “They’ll have their bickering and fighting, but ultimately they’ll come to an agreement.” “I don’t see it having a huge impact on Canada,” he said, but added that the longer the U.S. impasse lasts, the more negative it could be for the Canadian market. The Toronto Stock Exchange’s S&P/TSX composite index was up 37.36 points, or 0.29 percent, at 12,772.48. Nine of the 10 main sectors on the index were higher. Financials, the index’s most heavily weighted sector, advanced 0.3 percent. Royal Bank of Canada rose 0.4 percent to C$66.23, and Toronto-Dominion Bank was up 0.4 percent at C$91.53.