MID-DAY: Auto industry pleads with US to stand down on tariffs; Bay Street boosted by CP and Rogers earnings
Despite a heavy drop in the resource sector, Bay Street is still getting a boost.
The TSX is up 63 points to 16,541 thanks to big earnings from both Rogers Communications and CP Rail. CP reported growth in both oil and grain shipments in its latest quarter, and Rogers wireless subscribership jumped beyond analyst expectations.
On Wall Street, the Dow hasn’t been able to avoid the decline in commodities with falls in metal and crude prices. The index is down 102 points falling to 25,097.
Auto industry officials from across the globe are in the US today appealing to officials to stand down on proposed tariffs on the billion dollar trade industry. Trump reportedly is ready to claim a national security issue with auto trade.
US crude is starting to gain once again, after dropping further this morning, now up to 68.32 a barrel.
The Loonie is flat at 75.54 cents US.