By Ketki Saxena
Investing.com -- The TSX tracked the S&P500 lower this afternoon, as challenges surrounding the debt ceiling resolution remain. The U.S., Congress will now need to push the tentative resolution through, though some Republican lawmakers are voicing opposition towards the agreed-upon measures. This could lead to a tense week of voting, with the outcome remaining uncertain.
The commodity-heavy Canadian index was also pressured by crude prices as an OPEC+ cut seems unlikely, and as worries of economic slowdown remain at the forefront.
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Canadian Western Bank (TSX:CWB) received an upgrade from RBC (TSX:RY) brokerage analysts who turned optimistic about its prospects.
Fortuna Silver Miners Inc meanwhile saw a drop, as Scotiabank (TSX:BNS) resumed coverage with only a "sector perform" rating for this mining company.
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In Canadian Economics
Canada's current account deficit (on a seasonally adjusted basis) narrowed by $1.9 billion to $6.2 billion in the first quarter, mainly reflecting a smaller investment income deficit, partially offset by a higher trade in goods and services deficit.
In Alberta, United Conservative Party leader Danielle Smith emerged victorious in Alberta's provincial election - Canada's primary oil-producing province. Smith opposes Liberal plans for capping oil and gas emissions which she argues could lead to reduced production levels. The stage now seems set for a showdown between the Federal Government and Canada's oil and gas-rich province.