John Kinsey News
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Canadian stocks fell as banks and raw-material shares slumped after the price of gold dropped below $1,400 on disappointing U.S. manufacturing data.
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Hedge funds increased bets on lower gold prices after investors pulled a record $20.8 billion from bullion funds this year while BlackRock Inc., the world’s biggest money manager, said it’s still bullish.
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Commodities tumbled to the lowest since July, led by a plunge in precious metals, as U.S. retail sales fell the most in nine months and consumer sentiment unexpectedly declined.
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Canadian stocks tumbled, giving the benchmark index its second-biggest decline of the year, after energy and raw-material shares dropped as commodity prices plunged amid an unexpected slump in U.S. retail sales.
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Toronto-Dominion Bank Chief Executive Officer Edmund Clark, who led Canada’s second-biggest lender in a $25 billion U.S. expansion, will retire in November 2014 after a dozen years in the post.
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Royal Bank of Canada isn’t giving up on U.S. consumer banking even after Canada’s largest lender took a C$1.57 billion ($1.57 billion) writedown on the sale of its money-losing U.S. bank.
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Shareholder losses are transforming Canadian Pacific Railway Ltd., the least efficient railroad in North America, into a takeover candidate with the promise of a 37 percent payoff.
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Canada’s banks, recognized as the world’s strongest after a year of record profits and rising share prices, will begin to show the effects of a slackening in domestic consumer lending when they report first-quarter results next week.
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Canadian stocks rose, sending the benchmark index to a 19-month high and its third straight weekly gain, as gold and energy shares advanced after better-than- forecast jobs data.
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Speculators raised bullish commodity wagers for the first time since early October as signs of improving economic growth in the U.S. and China pushed prices higher for three straight weeks.
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