By Ketki Saxena
Investing.com -- At 11:20 a.m in Toronto, the S&P/TSX composite was at 19,905.73 points, down 1.02% in the day’s trading deeply, tracking U.S. equities and global mood lower.
Worries of economic slowdown dominated ahead of the U.S. Federal Reserve’s Jackson Hole symposium this week, from which investors expect a hawkish tone, and as China’s central bank cut interest rates again earlier today to buoy its economy, which has been battered by COVID-19 lockdowns and a deteriorating real estate market.
The global mood was also weighed by warnings from the Bundesbank of a recession in Germany, and as Gazprom (MCX:GAZP), Russia’s energy giant announced it was planning to shut a major pipeline for maintenance works later this month.
The commodity-heavy Canadian index was further pressured by losses in crude as concerns of economic slowdown exacerbated worries of demand destruction for the commodity. Meanwhile indications that the nuclear agreement between Iran and the Western powers is close to being signed off eased concerns on the supply side.
Today’s Biggest Stories on Bay Street
Australia's Link Administration Holdings said that its shareholders voted in favour of the Dye & Durham (TSX:DND) Ltd revised offer of A$4.81 per share, valuing the company at A$2.47 billion. 98.71% of Link shareholders were reported to be in favour of the proposed buyout.
Bausch Health (TSX:BHC) Companies announced it will continue the process of separating its spinoff Bausch + Lomb eye-care business. The company has also hired financial and legal advisors to help it evaluate strategic alternatives.
TFI International announced it will sell its U.S.-based CFI truckload and temperature-controlled fleets, as well as its Mexican logistics business, to Heartland Express for US$525 million. The deal is expected to have no impact on its full-year per-share profit forecast.
Canadian Stocks Moving Markets This Morning
Biggest Losers:
Top Gainers:
- Sandstorm Gold (TSX:SSL) (+1.86%)
- Barrick Gold (NYSE:GOLD) (+1.63%)
- Agnico Eagle Mines (TSX:AEM) (+1.21%)
In Canadian Economics
Statistics Canada announced today that New home prices for Canada increased 0.1% in July compared with June—the smallest increase since June 2020. Nationally, new home prices rose 7.5% year over year in July—decelerating for the fourth month in a row.
An Angus Reid Institute survey suggests 80% of Canadians have scaled back or delayed spending, driving, saving, or charitable donations as they cope with the soaring cost of living. Only 48% of respondents said they are in a position to manage an unexpected $1,000+ expense this month.
Germany’s chancellor addresses reporters alongside Prime Minister Justin Trudeau today in Montreal. The chancellor and Trudeau are expected to sign a deal for Canada to supply clean hydrogen to Germany.