Mid-day: TSX struggling after IMF cuts global growth forecasts
Things on Bay Street are off to a sluggish start today as the TSX is following world market leads.
Canada’s main stock market is down 69 points to 15,876 on news that the International Monetary Fund doesn’t see the global economy growing as much in 2018 and 2019.
The IMF cut the growth forecast it made in the summer from 3.9 per cent to 3.7 per cent today. The main reason for the cut is the ongoing trade dispute between China and the United States.
Similar story on Wall Street as the IMF announcement coupled with rising Treasury yields is pushing the Dow Jones lower. It’s sitting at 26,410, down 76 points.
Oil is up 65 cents to $74.94 U.S. per barrel, gold is up $2.80 to $1,191.40 an ounce, and the loonie is down less than a tenth of a cent to 77.08 cents U.S.