Canada stocks muted as oil slide weighs on energy shares; Macklem speech eyed
Canada's main stock index was subdued on Monday as a more than 3% dip in oil prices pressured energy stocks, while investors awaited remarks from the Bank of Canada governor for cues on future policy path. The S&P/TSX Composite Index was flat at 35,815.62 points by 10:15 a.m. ET, with 6 of the TSX's 10 main sectors in the red. Energy stocks fell 2.1%, while financials gained 0.9% and information technology rose 1.1%.
By Darshan Kumar R and Avinash P Sept 21 — Canada's main stock index was subdued on Monday, as a more than 3% dip in oil prices pressured energy stocks, while investors awaited remarks from the Bank of Canada governor for cues on future policy path. m. ET, with 6 of the TSX's 10 main sectors in the red. Oil prices slid towards the psychological threshold of $100 a barrel and to their lowest in 11 days as investors hoped for diplomatic progress on the Iran war at this week's UN meeting, and eyed a partial recovery in shipments from Saudi Arabia.
O/R Iranian President Masoud Pezeshkian is expected to attend the United Nations General Assembly in New York this week, and US President Donald Trump has said he would be open to meeting him. 1%, their lowest in two weeks. 1%, helping limit losses on the TSX. 4% and 3%, respectively, tracking lower precious metal prices.
1%. Market participants now await Bank of Canada Governor Tiff Macklem's speech later in the day for clues on the central bank's future policy path. "The economy is reasonably fragile. We do not have a trade deal with the United States.
The Bank of Canada has to tread very carefully by raising rates. More than likely they're probably going to hold, not necessarily raise," said Shiraz Ahmed, founder and CEO of Sartorial Wealth. Investors will also be on the lookout for retail sales data due later this week for cues on consumer spending amid increasing inflationary fears. com)