MID-DAY: Energy sector pulling TSX down
North American markets have stumbled out of the gate so far today.
On Bay Street Canada’s main stock market is lower a day after the Trudeau Liberals unveiled their election year budget. The budget includes a plan to tax stock options more heavily. Right now they’re taxed at just half the rate of normal personal income. The energy sector is lower today which is bringing down the TSX. It’s down 23 points, sitting at 16,164.
On Wall Street investors are waiting to see what the Federal Reserve will do on interest rates today. A decision is expected this afternoon.
Unrest over the trade situation between China and the U.S. continues as well. Talks get back underway next week but Bloomberg is reporting U.S. officials are concerned about Chinese pushback on American demands. The Dow Jones is down 67 points to 25,819.
At press time oil is up 61 cents to $59.90 U.S. per barrel, gold is down $2.70 to $1,303.80 an ounce, and the loonie is a shade below even at 75.02 cents U.S.