MID-DAY: US Rate hike fears and Facebook data breach weighing markets; G20 summit underway in Buenos Aires
Investor nerves are being put to the test again ahead of a US Federal Reserve meeting this week. Analysts say it’s very likely US policymakers will be increasing the interest rate by 0.25 per cent to 1.75.
Trade war fears could be reignited as well as economic officials from the 20 wealthiest countries meet in South America for the G20 summit. Traders will be watching to see if Trump’s trade tariff threats against China are brought up once again.
On Wall Street, the Tech Sector is taking a big hit as Facebook shares drop 4.7 per cent following news the company leaked profiles for over 50 million members to Cambridge Analytica. CEO Mark Zuckerberg has yet to respond to the reports.
The Dow is down 238 points to 24,708. On Bay Street, the TSX is dropping 106 points to 15,604.
Oil is down to 61.50.
Gold is sliding to 1,312.
The Loonie is falling from its morning gains to 76.32 cents US.