BEFORE THE BELL: Apple stock growth giving life to TSX; Trump NAFTA shot tanks Loonie
The tech sector is giving life to Bay Street once again. Apple is likely to boost the TSX this morning as reports pointed to high profit returns on the sale of its latest generation of iPhones. JP Morgan is suggesting Apple shares should be worth $272.
As Donald Trump takes another shot at NAFTA negotiations, the Loonie is feeling the burn as it slides to 76.58 cents US. Trump claimed he turned down Trudeau’s request for a private NAFTA meeting.
European markets are taking a hit after a report suggested Italy’s budget release would be held up. Italian officials were too late attempting to soothe tensions claiming the release was on schedule. Experts say investors are nervous the budget may push Italy’s deficit higher causing stress with the EU.
Oil is climbing higher again after US officials said there was no plan to offset a loss of crude from Iran. The price of US crude is up to 72.34 a barrel.