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Canada Stocks Fall as Oil Shares Slide Amid U.S. Shutdown

Air Canada (AC/A) rose 4.3 percent to C$3.90 at the close in Toronto today, the highest since Nov. 7, 2008, according to data compiled by Bloomberg. The Montreal-based carriers rally since August has pushed it to the top of the Standard & Poors/TSX Composite Index, ahead of second place Valeant Pharmaceuticals International Inc., which has gained 91 percent this year. August numbers were very, very strong and theres an expectation that September will also be strong, Cameron Doerksen , an analyst with National Bank Financial, said today in an interview. The airline usually reports traffic data in the first week of the month. Recent financings by Air Canada have lowered interest expenses and strong second-quarter financial results may be repeated in the third quarter, Doerksen said. Air Canada shares have also gained since being added to the benchmark index on Sept. 20. A message left with Peter Fitzpatrick , spokesman for the airline, wasnt immediately returned. Air Canada has had a great move, Chris Damas, an analyst at BCMI Research in Barrie, Ontario, said in a note. However, Id be selling into the strength today because we havent seen the September traffic numbers. To contact the reporters on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net ; Caroline Chen in New York at cchen509@bloomberg.net To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net ; David Scanlan at dscanlan@bloomberg.net More News:

Western Canada Select heavy blend for November delivery last traded at $32.90 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy brokers. That compares with a settlement price of $31.90 per barrel below the benchmark on Tuesday. Market players said increasing production volumes at Imperial Oil’s Kearl oil sands project were pushing the differentials wider. In addition, a planned overhaul of a crude distillation unit at Whiting has been moved back from October to November, sources said. The refinery is undergoing a $4 billion revamp to enable it to run cheaper heavy crude from Canada’s oil sands but the project, due to finish by the end of 2013, has been beset with delays. “There will be some further delays with the start-up of Whiting. People were looking at late October or November and now we have got supply coming that we thought would be taken up,” said Martin King, analyst at FirstEnergy Capital in Calgary. Light synthetic crude from the oil sands for November delivery also fell, trading $11.75 per barrel below WTI, compared with a settlement price on Tuesday of $10.60 per barrel below the benchmark. It was the widest differential for synthetic crude since the first quarter of 2012, according to Reuters data. Synthetic prices have dropped steadily since the summer, when they were trading at a premium to WTI, as production has risen at Syncrude’s northern Alberta oil sands project. Canadian Oil Sands Ltd, the largest-interest owner in Syncrude said oil sands operations produced an average of 291,000 barrels per day (bpd) in September, 38.6 percent higher than in August.

Canada has a long way to go before Asian trading partners take us seriously

Air Canada gained 4 percent after winning a pair of slots for flights to a Tokyo airport. BlackBerry Ltd. reversed losses after a report that the company has drawn the interest of Cerberus Capital Management LP. The Standard & Poors/TSX Composite Index (SPTSX) fell 8.44 points, or 0.1 percent, to 12,839 at 4 p.m. in Toronto. The index has gained 3.3 percent this year for the third-worst performance among developed markets, ahead of only Hong Kong and Singapore . Trading volume was in line with the 30-day average today. There was a lot of buying yesterday that was jumping the gun, Bob Decker , a fund manager with Aurion Capital Management, said in a phone interview from Toronto. His firm manages about C$6 billion ($5.81 billion). The obvious linkage is whats happening in Washington isnt friendly to the economic outlook. U.S. President Barack Obama summoned the top four leaders of Congress to the White House today for talks on re-opening the government and raising the debt ceiling. The U.S.

Canada has virtually disappeared from screens of policy makers from northeast Asia to southeast Asia. They used to ask where Canada is. Now they donat ask at all. aYet this is not just a place to do business. It is the place that defines business. Singapore, Kuala Lumpur and Hong Kong are on the cutting edge of business practices. This is the 21st century on steroids.a Evans said Foreign Affairs Minister John Baird aand some of the cabinet are beginning to hum the melody, are coming more often and say Asia-Pacific matters. The problem is that they have the music but they donat have the words. They donat have a plan. There is not a coherent strategy that covers trade, investment, security, the environment and social and cultural issues.a aI would be the last person to discourage the government from doing what it is doing, but there is a lot of catching up to do,a said Len Edwards, who has been Canadaas ambassador to South Korea and Japan as well as a deputy minister of foreign affairs before becoming a fellow at the Centre for International Governance Innovation in Waterloo, Ont. aEverything in Asia takes time, effort and persistence and we have been inconstant partners. It was not just this government but during the latter years of Liberal government (that) Canada backed away from Asia. Our companies left the region, too. It takes a long time to rebuild ties.a Fen Hampson, who with Edwards has briefed the Harper cabinet about the importance of trade with Asia, decried a Canadian amindset that is still oriented towards the Atlantic and the United States. aAside from a few major Canadian firms which are in the region, there is complacency in the business community and risk aversion and too high a comfort level with doing business in traditional markets such as the U.S.,a said the Carleton University international affairs professor and director of CIGIas global security program.