MID-DAY: NAFTA, China and retail sales weighting Dow; Gold drops weighting TSX
NAFTA concerns, China trouble and moderate consumer reports are weighting the North American markets.
The TSX opened lower this morning and has only slightly gained to 16,116.
Across the border the Dow has dropped on Wall Street by 188 points to 24,711. This comes as a US official has referred to China and US trade talks as very far apart still.
NAFTA has also been put in doubt as Mexico’s economy official said he doesn’t see the three sides reaching a deal by the unofficial Thursday deadline. This means NAFTA negotiations could be put on hold as elections kick off in the US and Mexico.
Gas prices continued gains this morning, however US crude has slipped slightly to 70.90 a barrel.
Gold has dropped significantly by 24 dollars to 1,293 an ounce, which is also weighting the TSX.
The Loonie is down to 77.59 following a report was released showing home sales plunging by 14 per cent in April.