MID-DAY: Oil prices down, dragging TSX with them
Things are off to a rough start on Bay Street today.
Canada’s main stock is falling as the heavyweight energy sector sinks. Plunging oil prices are dragging things down. The TSX has lost 90 points, sitting at 15,621.
Down on Wall Street the reaction to the European Union cutting its growth forecasts and less than stellar quarterly reports has been expectedly negative.Euro zone growth is expected to drop to 1.3 per cent this year from 1.9 per cent last year with global trade tensions at least partly to blame. The Dow Jones is down 243 points to 25,146.
Oil is down $1.64 to $52.37 U.S. per barrel, gold is down 30 cents to $1,314.10 an ounce, and the loonie is down more than a third of a cent to 75.37 cents U.S.