Canadian exchange extends trading hours as part of market modernization

The CIX is extending trading hours for investors, allowing stocks to be traded on Canadian exchanges from 8 a.m. to 5 p.m. beginning today.

Hours will move to 7 a.m. to 8 p.m. later this year, and eventually trading will be available 23 hours a day, Monday to Friday.

The change is part of the CIX’s plans to modernize capital markets in Canada, on par with other global markets such as the U.S.

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“What we are really trying to do is get to a level playing field from an access perspective,” said Jeff Foster, a two-decade veteran of TSX parent TMX Group Ltd. who is now the founder and chief executive of CIX.

The CIX is licensed as an alternative trading system and is not a full-fledged trading market like the Toronto Stock Exchange.

Canada is set to release its GDP numbers for the month of July on Tuesday, along with a preliminary estimate for August.

According to analyst reports, a slight decline in gross domestic product is expected for July, with manufacturing, wholesale trade and retail all seeing dips at the beginning of the third quarter.

However, with most of the Canadian games for the FIFA World Cup taking place in July, spending in entertainment and culture should help offset some of the losses from other sectors.

The Canadian economy bounced back strongly in the second quarter, but the escalation of the U.S.-driven trade war is expected to weigh on growth in the months to come.

Ottawa will decide this week whether a new pipeline from Alberta to the West Coast will be designated as a project of national interest.

The federal government was set to make a decision on the 1,250-kilometre pipeline submitted by Alberta to the Major Projects Office this past summer.

The timing coincides with a current push by Canada to diversify exports away from the U.S., looking particularly at Asian markets, as well as attempts to ease tensions with the province as its Oct. 19 referendum on separation approaches.

The proposed pipeline has the potential to produce billions of dollars in royalties, but remains a contentious issue among environmentalists and affected First Nations.

The United States is set to release job numbers for September this Friday.

Analysts are predicting a gain of 100,000 positions, adding to the 162,000 from August.

The unemployment rate is expected to remain at 4.1 per cent.

Investors will be closely watching the report for signs of economic strength that could prompt the Federal Reserve to raise interest rates for a second consecutive time at its next decision on Oct. 28.

Nike Inc. will release its latest earnings report on Thursday.

The company’s shares have shed about 50 per cent of their value over the past year, and investors will be looking for signs that its turnaround strategy shows promise.

Reuters reported earlier this month that Nike’s dramatic decline in market value will likely lead to its removal from the Dow Jones Industrial Average, which it joined in 2013.

With files from The Globe and Mail