By James Langton
(February 15 – 09:00 ET) – Manufacturers’ shipments were up 1.3% in December to $43.2 billion. That’s ahead of analyst expectations of 1.0%. For the year shipments increased 9.3% in 1999 to $490.4 billion. Motor vehicles, energy and chemicals led the way, with 17 of 22 groups unchanged.
Statistics Canada also reported the results of January’s Business Conditions Survey. Nine out of 10 manufacturers say they plan to increase or maintain production in the coming three months.
This data won’t have much affect on markets with U.S. Consumer and Producer Price Indexes coming out later this week.
The big business news today is that Thomson Corp. will sell all of its newspapers except for it’s flagship, The Globe and Mail. It will focus on its trade and educational publications instead.
In Europe markets are mixed again today. London’s FTSE is up 40 points to 6,108. France’s CAC 40 is down 71 points to 6,196. Germany’s DAX is off just four points to 7,641. Oil companies are driving the upside after oil broke the US$30 per barrel level. Media stocks are heading the decliners.
In Asia stocks were down despite enthusiasm for a possible deal between Pacific Century CyberWorks Ltd. and Cable & Wireless HKT Ltd. PCCW was up on the speculation although C&W was down. In Japan increased business failures sparked some negativity. The Nikkei dropped 188 points to 19,367. The Hang Seng shed 500 points to close at 16,688.
In other business news Monarch Development is reporting fourth quarter earnings of 23¢ per share, in line with last year.