Canada’s main stock index sunk on Monday in a mostly broad decline led by the energy sector. Base metal and telecom stocks also dragged the TSX lower, though financial sector saw some gains. It is likely no coincidence that on this day, Finance Minister Chrystia Freeland resigned hours before she was due to present a fall economic update to parliament.
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The US Federal Reserve will commence its two-day policy meeting on Tuesday. It is anticipated that the central bank will reduce interest rates by 0.25 per cent when the meeting wraps up on Wednesday. Investors will be particularly focused on the forward guidance regarding future policy actions.
The Canadian dollar traded for 70.17 cents US compared to 70.23 cents US on Friday.
US crude futures traded $0.71 lower at US$71.58 a barrel, and the Brent contract lost $0.70 to US$73.79 a barrel.
The price of gold was up US$3.79 to US$2,652.74.
In world markets, the Nikkei was down 12.95 points to 39,457.49, the Hang Seng was down 175.75 points to 19,795.49, the FTSE was down 38.28 points to 8,262.05, and the DAX was down 92.11 points to 20,313.81.
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(Top image generated with AI.)