Rate cut, golds boost Toronto stocks
TORONTO (Reuters) - The Toronto Stock Exchange's main index ended more than 200 points higher on Wednesday after a volatile session, as a surprise, co-ordinated interest rate cut by several central banks restored some confidence to investors and lit a fire under mining stocks. After five straight days of steep losses and an initial drop at the open on Wednesday, buyers swept in to pick up bargains after the Bank of Canada cut its key interest rate by a half percentage point to 2.5 percent, part of a concerted effort by central banks.
Asia follows global rate cuts
BEIJING (Reuters) - Two Asian central banks followed the world's largest economies in cutting rates to contain the global financial crisis as a newspaper reported Washington was considering buying into banks to revive shattered confidence. Rate cuts from South Korea and Taiwan helped regional stock markets shake off some of the fear that dominated Wall Street even after Tuesday's unprecedented coordinated easing from the Federal Reserve and central banks in Europe, Canada and China.
Bank of America & RBC settle over ARS
NEW YORK (Reuters) - Bank of America
Canada sees more global action on markets to come
VICTORIA, British Columbia (Reuters) - Prime Minister Stephen Harper promised on Wednesday that major governments and central banks would take more action in a bid to quell the growing financial crisis. Harper was speaking shortly after the Bank of Canada cut interest rates in co-ordination with other central banks.
Canada banks go for smaller cuts to prime rates
TORONTO (Reuters) - Canadian banks will pass along only part of a central bank rate cut to borrowers, with Toronto-Dominion Bank
Oil falls below $88 on downturn fears
SINGAPORE (Reuters) - Oil slid by more than a dollar to below $88 a barrel on Thursday, as a series of bold rescue moves by policy makers around the world failed to lift fears the global economy was heading for a meltdown. A much larger than expected rise in U.S. crude and gasoline inventories underlined worries that the economic crisis would hit oil demand, a concern that has sent crude tumbling about $60 a barrel from its record high above $147 in July.
Dollar falls as rates seen dropping further
TORONTO (Reuters) - The Canadian dollar fell 1 percent against the U.S. dollar on Wednesday as investors bet the Bank of Canada would cut interest rates further to spur economic growth in response to expectations of a weaker U.S. growth and dwindling demand for commodities. Bond prices were mixed with the short end reflecting expectations of further central bank easing.
As safe as safe can be in financial crisis?
PARIS (Reuters) - As the financial crisis sends shudders round the globe, more Parisians appear to be storing their money the old-fashioned way -- in a safe. Specialist companies in the French capital said Wednesday sales of safes were booming.
CIBC cuts prime rate to 4.5 percent from 4.75 percent
TORONTO (Reuters) - Canadian Imperial Bank of Commerce
Financial storm tips world toward recession: IMF
WASHINGTON (Reuters) - The International Monetary Fund, in its bleakest forecast in years, said on Wednesday the world economy was set for a major downturn with the United States and Europe either in or on the brink of recession. The IMF said the worst financial trauma since the Great Depression would exact a heavy economic toll as investors wrestle with a crisis of confidence and global credit is choked off.
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