A false report of explosions at the White House that wiped out $136 billion from the Standard & Poor’s 500 Index in about two minutes highlighted the risks of the computerized trading that dominates the $18 trillion market.
Gold miners led by Barrick Gold Corp., the world’s largest, will likely accelerate spending cuts and trim high-cost output as the metal’s biggest plunge since 1980 threatens to make about 30 percent of production unprofitable.
Element Financial Corp. Chief Executive Officer Steven Hudson says selling repackaged leases to life insurance companies helped his Canadian firm avoid the “financial market heroin” that almost ruined his first leasing venture 14 years ago.
Canadian stocks declined, sending the benchmark index toward its biggest weekly drop since May, after the country’s employment fell the most in four years and U.S. jobs data missed economists’ forecasts.
Royal Bank of Canada shares are poised to reach a record high, leading a rally in bank stocks as wealth-management activity boosts profit, say investors such as Baskin Financial Services Inc.’s Barry Schwartz.