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Birthday : 08/11/1957
Place of birth : Tosu - Japan
Biography : Mr. Masayoshi Son is Chairman at ARM Holdings Plc, Chairman at Supercell Oy, Chairman at Sprint Corp
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TSX dips, pressured by financials and auto stocks

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01/16/2017 | 10:51pm CET
A sign board displaying Toronto Stock Exchange stock information is seen in Toronto

Canada's main stock index fell on Monday, with financials down and several auto parts makers losing ground as U.S. President-elect Donald Trump upped pressure on carmakers to build in the United States.

The most influential weights on the Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> included Magna International Inc (>> Magna International Inc.), which fell 3.1 percent at C$56.98, and Linamar Corp (>> Linamar Corporation), which lost 3.5 percent to C$55.65.

Trump warned German carmaker BMW he would impose a border tax of 35 percent on vehicles they build in Mexico and export to the U.S. market, according to excerpts of a German newspaper interview released on Sunday.

While most of Trump's attention has been focused on the use of Mexican plants, it is not clear that Ontario's auto industry, closely intertwined with that of Detroit, will escape unharmed.

The Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> closed down 17.99 points, or 0.12 percent, at 15,479.29. Six of the index's 10 main groups ended lower.

The market is pulling back ahead of Trump's inauguration as president on Friday, said Harrison Newlands, research associate at Macnicol & Associates.

The index has rallied more than 5 percent since Trump's election victory on Nov. 8, helped by optimism he will cut corporate taxes, spend on infrastructure and deregulate banks.

Gold <XAU=> climbed to its highest in more than seven weeks on Monday on buying fueled by political uncertainty after comments by Trump on NATO and China. [GOL/]

Recent large swings in gold point to a pickup in stock market volatility amid global political and economic uncertainty, said Newlands, who expects bond yields to resume their recent push higher after the inauguration.

He sees a positive outlook for the TSX due to its large concentration of gold stocks and as Canadian companies benefit from a stronger U.S. dollar and robust U.S. consumption.

Barrick Gold Corp (>> Barrick Gold Corp.) rose 1.5 percent to C$22.50 and Pan Am Silver Corp (>> Pan American Silver Corp.) gained 2.2 percent to C$23.44.

But the materials group, which includes precious and base metals miners and fertilizer companies, slipped 0.1 percent, while the heavyweight financials group declined 0.3 percent.

Stella-Jones Inc (>> Stella-Jones Inc) slumped 7.5 percent to C$39.50 after several banks cuts their price targets and recommendations on the lumber company after it said lower demand for railway ties would hurt its quarterly profit and revenue.

The energy group retreated 0.2 percent even as oil gained. U.S. crude <CLc1> prices rose 0.5 percent to $52.64 a barrel. [O/R]

(Additional reporting by Alastair Sharp; Editing by Chizu Nomiyama and Chris Reese)

By Fergal Smith

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Latest news about Masayoshi Son 
2016 MASAYOSHI SON : SoftBank's Son pledges $50 billion, Foxconn eyes U.S. expansion as Trump woos Asian firms
2016DJMASAYOSHI SON : SoftBank's Son Shifts Gears on Funding for Investments
2016DJMASAYOSHI SON : SoftBank's Son Lays Out Future of Smart Robots, Emotional Cars
2016 MASAYOSHI SON : Japan's Son chased $32 billion ARM deal by the sea in Turkey
2015 MASAYOSHI SON : Son says vice chairman Arora a strong future candidate to lead SoftBank
2014 MASAYOSHI SON : SoftBank's first Sony smartphone deal takes aim at U.S. market
2014 MASAYOSHI SON : SoftBank's Son says new Sprint CEO a 'streetfighter', hints at price war
2014 MASAYOSHI SON : SoftBank to start selling personal robots next year
2013 MASAYOSHI SON : Third point has made no management proposals to SoftBank
2013 MASAYOSHI SON : SoftBank's Son buys Tokyo Tiffany building for $326 million -sources
2013 MASAYOSHI SON : Softbank CEO Son says 'very supportive' of Alibaba's partnership
2013 MASAYOSHI SON : Softbank on track to complete Sprint acquisition by July
2013 MASAYOSHI SON : SoftBank to meet Sprint investors, many eye higher bid
2013 MASAYOSHI SON : Ergen puts chips on Sprint in latest wireless bet
2012 MASAYOSHI SON : Raine Group arrives in big way as Softbank's adviser
1  2  3  4  5  6  7  8  9  10Next

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