BEFORE THE BELL: TSX back to business following early close Friday; Sprint T-Mobile merger aims to beat China to 5G network
It’s back to business in Toronto following an unexpected early close in the TSX on Friday. The TMX Group says the early closure was a result of hardware failure and not due to a cyber attack. Trading came to a grinding halt after the stock exchange on Bay Street shut down just after 1:30 in the afternoon.
Traders in Canada will be watching later this week as a GDP update is expected to be released.
Across the border, a consumer spending report is coming today, followed by a federal policy update on Wednesday and details on the US unemployment rate on Friday. Experts say investors have started to worry once again about an interest rate increase in the US, and these reports could intensify those concerns.
A $26 billion merger between Sprint and T-Mobile in the states is keeping the tech sector riding high as the American companies attempt to beat China’s 2020 goal to offer the first 5G network in the world.
The price of crude is down this morning to 67.46 a barrel following a rally last week.
The Loonie is steady at 77.77 cents US.