MID-DAY: Bank stocks slump despite positive BMO report; investors impatiently waiting for more on trade truce
Bank stocks are pulling down the TSX despite BMO dropping a positive earnings report. The bank came in with better than expected earnings, but experts say investors are hyper focused on 2019 and the problems it may bring for the banking sector. The Bay Street index is down 52 points to 15,222.
The Loonie is also feeling the weight as it falls to 75.69 cents US.
Across the border, the Dow is down 159 points to 25,667 as investors shrug off optimism over relations between the US and China. Experts say investors are getting impatient waiting for more proof the truce agreed on between Trump and his Chinese counterpart will actually move forward.
The price of crude continues to grow, with US oil pushing to 53.46 a barrel, as investors are expecting OPEC to announce a cut in production. Alberta’s oil cut is also helping the market and Canadian crude is up to 18.95 a barrel.