MONEY IN BRIEF

The Prince George Citizen - - Money -

Cur­ren­cies

OT­TAWA (CP) — These are in­dica­tive whole­sale rates for for­eign cur­rency pro­vided by the Bank of Canada on Wednes­day. Quo­ta­tions in Cana­dian funds.

Aus­tralia dol­lar 0.9044

Brazil real 0.3487

China ren­minbi 0.191

Euro 1.4627

Hong Kong dol­lar 0.168

India ru­pee 0.0191

In­done­sia ru­piah 0.000094

Japan yen 0.0121

Malaysia ring­git 0.3186

Mex­ico peso 0.06914

N.Z. dol­lar 0.8665

Nor­way krone 0.1496

Peru­vian new sol 0.3987

Rus­sia rou­ble 0.02072

Saudi riyal 0.3506

Sin­ga­pore dol­lar 0.9601

South Africa rand 0.09253

South Korean won 0.001111

Swe­den krona 0.137

Switzer­land franc 1.3271

Tai­wanese dol­lar 0.04228

Thai­land baht 0.04282

Turkey lira 0.2371

U.K. pound 1.6043

U.S. dol­lar 1.3148

Viet­nam dong 0.000057

The mar­kets to­day

TORONTO (CP) — The Fed­eral Re­serve’s first in­ter­est rate cut in a decade sent North Amer­i­can stock mar­kets lower Wednes­day as in­vestors ex­pressed dis­ap­point­ment that fur­ther cuts aren’t guar­an­teed. The U.S. cen­tral bank cut its rate by 0.25 per cent and chair­man Jerome Pow­ell re­ferred to it as a “a mid-cy­cle ad­just­ment” which sug­gests that it won’t nec­es­sar­ily make fur­ther cuts. Mar­kets have risen on hope that a weak­ened econ­omy and a trade war with China would prompt the Fed to make sev­eral rate cuts through the end of 2020.

“I think this dis­ap­point­ment is short-lived be­cause I re­ally be­lieve that if the mar­ket an­tic­i­pated two or three rate cuts this year I think they were fool­ing them­selves,” says Allen Small, se­nior in­vest­ment ad­viser at Hol­lisWealth.

The S&P/TSX com­pos­ite in­dex closed down 59.49 points at 16,406.56 af­ter hit­ting an in­tra­day low of 16,282.12.

In New York, the Dow Jones in­dus­trial av­er­age was down 333.75 points at 26,864.27 for its largest daily drop since May. The S&P 500 in­dex was down 32.80 points at 2,980.38, while the Nas­daq com­pos­ite was down 98.19 points at 8,175.42. Eight of the 11 ma­jor sec­tors of the TSX were lower, led by ma­te­ri­als. It dropped 2.6 per cent as shares of sev­eral met­als pro­duc­ers fell on lower prices, in­clud­ing First Ma­jes­tic Sil­ver Corp. Kin­ross Gold Corp. and Bar­rick Gold Corp.

The De­cem­ber gold con­tract was down $4.00 at US$1,437.80 an ounce and the Septem­ber cop­per con­tract was down 1.25 cents at US$2.67 a pound. En­ergy gained 1.2 per cent as Encana Corp. shares rose 4.9 per cent af­ter the Cal­gar­y­based com­pany swung to a US$446-mil­lion profit in the sec­ond quar­ter and said it re­mains on track to meet its pro­duc­tion and cap­i­tal in­vest­ment plan for 2019 while re­duc­ing costs more than pre­vi­ously pro­jected. The Septem­ber crude con­tract was up 53 cents at US$58.58 per bar­rel as U.S. crude in­ven­to­ries fell by 8.5 mil­lion bar­rels for the week and the Septem­ber nat­u­ral gas con­tract was up 9.6 cents to US$2.23 per mmBTU.

The Cana­dian dol­lar traded at an av­er­age of 76.06 cents US, com­pared with Tues­day’s av­er­age of 75.94 cents US. While stock mar­kets ended the day lower, they were up for a sec­ond-con­sec­u­tive month in July.

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