By James Langton
(June 30 -09:00 ET) – Canada’s GDP for April was reported by Statistics Canada this morning. The number was flat, showing no growth between March and April.
Manufacturing output turned down, led by motor vehicles, and transportation firms were impeded by lower goods production. Retailers and wholesalers had a poor month and the Ontario cement truck drivers strike weighed on the construction industry. A buoyant oil and gas sector, helped the mining sector, partially offset these declines, as did a boost in electrical and gas distribution utilities. Industries associated with the “new economy” also fared well in April, as output of equipment and services relating to both telecommunications and computers raised output significantly.
In the U.S. personal income for May was reported up 0.4%. Spending grew 0.2%. April’s figures were revised downward.
In Europe stocks are rebounding today, led by telecoms and chips. London’s FTSE is up 54 points to 6292. France’s CAC 40 has gained 61 points to 6462. Germany’s DAX is up 36 points to 6911.
Europe is being buoyed by strong signals of growth. France is reporting strong employment growth and low inflation. The M&A front is quiet for a change.
Asia stocks followed North American slides. Japan closed the week down 65 points to 17411. The Hang Seng slid 131 points to 16155.
In other news, O&Y Properties Corp. has announced a strategic relationship with U.S.-based Allied Riser Communications Corp. Telexis Corp. has picked up Terry Matthews, former CEO of Newbridge Networks Corp., as its new CEO. The firm is involved with video networking.