MID-DAY: North American markets start the week seeing red; crude drops on concerns over China demand
The TSX is feeling weight from the mining sector at the start of the week. The Bay Street Index is down 56 points to 15,309 as SNC Lavalin Group dropped its revenue forecast from 2018 citing issues with projects in the Middle East.
Across the border the Dow is plummeting 308 points to 24,429 after heavy-hitters Caterpillar and Nvidia posted disappointing earnings reports.
Investors are also concerned as China’s industrial firms are also posting poor profits, setting off a fresh round of worries about trade and the global economy. New trade negotiations between China and the US are expected to kick off this week.
The price of US crude is continuing to fall to 51.89 a barrel with investors concerned China’s demand for the product will heavily drop this year.
The energy-tied Loonie is down to 75.39 cents US.