BEFORE THE BELL: Commodity prices slip with Chinese currency; CP Rail earnings expected to boost Bay Street
Commodity prices are weighted by a suffering Chinese economy affected by trade war worries.
The price of industrial and precious metals, used heavily in China, are all sliding. This comes as China’s currency slides to a one-year low as a trade war with the US grows further.
Canada may be in US sights again as White House officials probe uranium trade as a national security threat, the same tactic used to put tariffs on Canadian steel and aluminum.
Bay Street may get a boost today though as CP Rail reported better than expected earnings with jumps in grain and oil shipments.
Meanwhile, US crude continues to slide to 66.99 a barrel as inventories reports send mixed messages to investors.
The Loonie is down to 75.49 cents US.