MID-DAY: Canada trade hits record deficit at $4.14 billion; Elon Musk says don’t buy Tesla stock, shares drop
Canada has hit a new record for trade deficit, but exports are moving up as well. A Stats Can report on trade shows the national deficit grew to a record $4.14 billion in March, although exports are growing as well up 3.7 per cent. The TSX is dropping to 15,569 following the news.
Across the border the Dow is down to 23,541 as concerns over trade tensions between China and the US begin to grow once again. A US delegation is in Beijing today to meet with Chinese officials about trade.
Oil has slipped to 67.43 a barrel.
The Loonie is down slightly to 77.54 cents US.
Tesla first quarter earnings beat expectations, and the electric car maker is making progress on Model 3 production. But, Elon Musk criticized analyst questions and journalist coverage of a Tesla-related death in California and then warned investors not to buy volatile Tesla stocks. Shares have dropped 6.7 per cent following these comments.