MID-DAY: Trump mixed messages causing investor confusion; oil drop weights TSX
A drag in the Energy Sector is weighting the TSX. The Toronto Stock Exchange is in the red for a second day in a row down to 16,122.
World oil producers are again planning to increase output to combat the expected dry up in exports from Venezuela and Iran. This is pulling oil prices back as US crude is down to 71.60.
The Loonie, is also weighted by the drop, down to 77.57 cents US.
Across the border Trump’s mixed messages on trade are causing confusion for investors and holding back Wall Street. The Dow is down 140 points to 24,694. Trump said this morning that the US China trade talks are too hard to get done and there needs to be a different structure. Although he also said talks were still moving along nicely.
CIBC has come in above expectations with its Q2 report, but mortgage growth is slowing according to analysts. Experts say this might be more signs of push back from the new mortgage stress test rolled out across the country.