TSX in for further tepid performance following mildly positive first quarter AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by Malcolm Morrison, The Canadian Press Posted Mar 31, 2013 11:40 am MDT TORONTO – The Toronto stock market goes into the second quarter of 2013 trading down from its best levels of the year and not a great deal of hope that global economic conditions will improve to a point where the resource-based market can gain traction.But during the coming week, traders will look to assurance that job growth remains strong while keeping a wary eye on countries most impacted by the eurozone debt crisis.The TSX ended the January-March period up a slight per cent year to date, down from highs of mid-March when the market was ahead about 3.5 per cent.In contrast, a stream of positive economic indicators, including a resurgent housing sector, and continued stimulus measures from the U.S. Federal Reserve helped power the Dow Jones industrials to a series of record-high closes, leaving the blue chip index up almost 12 per cent year to date.But looking ahead, the resource-heavy TSX will continue to be hobbled by a stubbornly slow global economic recovery.“I think it really is a function of commodity prices not really going anywhere because it’s a tepid global recovery and most of the revisions in terms of growth expectations that occurred over the quarter have been downwards,” said Norman Raschkowan, North American strategist at Mackenzie Investments.“People initially had some positive adjustments to the view on China and now those have sort of reversed and for the U.S., things have been probably OK and data particularly on the housing side has been positive. I think that’s been overwhelmed in the global context by the estimates for Europe being revised downwards pretty materially.”Miners led TSX losers by a long shot, with the Global Gold Index losing while the Metals and Mining group fell per cent.However, it wasn’t all bad news as the financial sector gained per cent while the energy component rose per cent.At the same time, Raschkowan says that it’s hard to see what can drive the U.S. market up from here.“It wouldn’t surprise me if the U.S. market pauses here,” he said.“It’s hard to see anything definitive so maybe you have a drift higher or sideways until there is another new development that is positive.”The eurozone debt crisis will likely weigh on markets in the wake of a controversial bailout secured by the tiny Mediterranean nation of Cyprus at the beginning of last week.Early relief gave way to concern that the Cyprus bailout agreement may be a model for the future since for the first time, many large depositors will lose a big chunk of their money as part of the pricetag for securing the money.“The people for whom this is really a game changer is corporate treasurers and companies that hold large amounts of cash in transit let’s say in banks, and they’re not going to be prepared to leave that money in a bank that they consider to be in a risky locale,” said Raschkowan.“And whether it’s Spain, or Greece or Portugal or Italy, I think that’s where you’re going to see a meaningful impact from its decision.”The major economic reports of the week come out Friday.In the U.S., traders hope to see another month of job gains around the 200,000 mark. Economists expect the government report will show that the economy created about 190,000 jobs during March after cranking out 236,000 during February, with the jobless rate staying unchanged at 7.7 per cent.In Canada, Statistics Canada was expected to report that about 10,000 jobs were created during March. However, CIBC said in a note that it expects only about 5,000 new positions following a blowout performance in February when 50,700 jobs were created.“While resource-sector hiring could fare better, public sector headcounts were likely trimmed with the ongoing drive to restrain public sector costs,” said CIBC World Markets economist Emanuella Enenajor.“A slowing residential construction market likely also saw hiring there falter.”
“Our old neighbours in London actually stopped a burglary at our house mid-way through by shouting at the burglar.”It’s probably more about who we would not accept. I wouldn’t want a Premier League footballer with no kids, someone we thought would be a party animal.”And we might try to check on them to see how they got on with their previous neighbours. We wouldn’t want someone who would be renting the house out, then we’d have no control over who was there.”It’s a unique opportunity to set who our neighbours are going to be and it’s a mutual thing as they will get to see us too.” Both properties, which are about 2ft apart, are on the narrow strip of land on Sandbanks and will have views of the beach and Poole Bay on one side and Poole Harbour on the other.Adrian Dunford, from estate agents Tailor Made which is handling the sale, said: “Although it will be for sale for £4m they will have to pass an informal interview. Mr Faull wants to know his neighbours are people he can get on with.”Mr Faull said: “We’re not being too prescriptive, really we’re just looking for someone fairly normal who would like to live a relatively relaxed life in Sandbanks.”It would be nice if they had kids, of any age, and a dog – mainly because I find dog owners are generally fairly unselfish people.”I guess we’re looking for someone as close to us as possible so we have things in common. A self-made entrepreneur rather than having inherited wealth as we’re likely to have more in common.”Those things would be preferable but it’s not necessary. For us it’s important that we get neighbours that will become friends over time, do neighbourly things like take in packages from Amazon. Mr and Mrs Faull want to ensure the couple will get along with their new neighbours and are even prepared to sell the new three-bedroom property, called Sunshine, for less than the asking price if it means selling to the right buyer.Mr Faull, a former ITV executive and founding director of a TV shopping group, said: “Having good neighbours is very important to my wife and me.”We are still good friends with our previous neighbours from Primrose Hill in London over ten years ago and are also very friendly with the neighbours we have in Dorset where we have lived since. A millionaire couple selling a house next to theirs on Sandbanks are holding interviews to find the perfect neighbours.Businessman Ashley Faull is building two seafront homes on a large plot of the exclusive Dorset peninsula – one for him and his wife, Heather, and the other that he intends to sell for £4million.But the 51-year-old has made it a condition of the sale that he will hold an informal interview with the prospective buyers.Mr Faull ruled out selling the house to a “party animal” Premier League footballer and suggested he would even seek references from the new owner’s former neighbours.He said that he and his wife were looking for “fairly normal” new neighbours, who would preferably have an entrepreneurial background and be a dog owner. The smaller house next door will be 45ft x 20ft and have three bedrooms, a study, open plan kitchen/living/dining area, a snug and either a cinema room or a gymnasium. Ashley Faull is a former ITV executive and founding director of a TV shopping groupCredit:Bournemouth Echo/BNPS Mr and Mrs Faull moved to Dorset when he sold his stake in his previous business for £194m in 2006. He then set up a successful jewellery and pawnbroker business.He bought a pair of semi-detached houses on the “pan handle” of Sandbanks for £4m and secured planning permission to demolish them and build one large home a decade ago.The plot sat empty for years until Mr Faull changed his mind and decided to split the land in two and build two four-storey properties side-by-side.The Faulls will have a 45ft x 38ft home that will have four bedrooms, two studies, a large open plan kitchen/living/dining area, a snug, cinema room, gymnasium and garage for two cars. Sandbanks in Dorset is home to many celebrities and retired business ownersCredit:Christopher Jones It’s a unique opportunity to set who our neighbours are going to bebusinessman Ashley Faull “We would rather sell this stunning new house for a bit less money to people we think we will get along with and would refuse to sell it to anyone where we thought the opposite, frankly regardless of the amount offered.”We are insisting on meeting anyone who wants to purchase ‘Sunshine’ so we can have a mutual informal interview over a coffee with them. Sometimes just having money is not enough.”There is no set criteria for the new owners to meet, but the Faulls said they do not intend to sell the property to anyone who will use it for holiday lettings. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily Front Page newsletter and new audio briefings.