MID-DAY: Energy stock lag pulls down TSX; Italy anti-Euro talk causes more global stress
Italy is making global waves with its anti-Euro talk. Global markets are feeling the weight after an Italian official said the country would be better off with its own currency. Investors see this as a sign of more turbulence in the euro-zone even after Italy attempted to backtrack on the comments, calling the Euro ‘unrenounceable’.
Despite what should have been a big boost from the newly approve LNG facility in BC, energy stocks in Canada are dipping and dragging the TSX along. Experts say the stark difference in the price between Canadian oil at 37.86 a barrel and the price for US oil at 75.05 could be a big reason for the drop.
On Bay Street the TSX is down 67 points to 16,036.
Across the border the Dow is pushing up 77 points to 26,728.
The Loonie is slipping to 77.98 cents US.