By Commodity News Service Canada
Winnipeg, December 9 – The Canadian dollar corrected higher Tuesday after oil tumbled US$3 in yesterday’s session.
At 8:40 CST Tuesday morning, the loonie was up 0.0027 of a cent to US$0.8737 or US$1 = C$1.1445. One question traders are hoping to see answered is whether US interest rates will rise sooner than expected as a result of plunging oil prices.
Weak Chinese trade data and a report that suggested crude prices could sink as low as US$43 a barrel continue to cause worry among investors. The third-quarter GDP ran at an annualized rate of 2.8 percent. That is much higher than the 2.1 percent analysts were expecting.
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Talisman Energy Inc. is apparently in the sights of several companies, according to statements from the Calgary-based business. An energy company from Spain has approached Talisman about a potential deal.
Hudson’s Bay Co. recorded a quarterly net loss of $13 million.
On the commodity markets the January crude contract in New York rose $0.55 to US$63.60 a barrel. March copper fell one cent to US$2.88 a pound while the December gold contract jumped $24.60 to US$1,219.30 an ounce.
At 8:40 CST Tuesday morning, the TSX was down 329.53 points to 14,144.17.
