The first trading day in August for both sides of the border put the month off to a rough start.
Canada’s main stock index was down in Tuesday trading with the energy and base metals sectors driving it lower. Tech led the gainers, followed by the health care and utilities sectors.
Concerns that a planned visit by US House of Representatives Speaker Nancy Pelosi to Taiwan could worsen tensions between the United States and China, US stock indexes spent most of the day trading in the red. Shares of chipmakers, which have a large exposure to China, struggled.
Weak economic data ignited concerns over demand in the commodity markets, oil prices took a dip, but recovered by midday trading, while copper and gold lost ground.
Bond yields fell further as the odds for a Fed pivot continues to grow in favour of raising rates by even more than currently projected.
Today in the Markets
The Canadian dollar traded for 77.72 cents US compared to 78.03 cents US on Friday.
US crude futures traded 0.32 per cent higher at $94.19 a barrel, while the Brent contract gained 0.14 per cent to $100.02 a barrel.
The price of gold was down US$8.70 to US$1,763.88.
In world markets, the Nikkei was down 398.62 points to 27,594.73, the Hang Seng was down 476.63 points to 19,689.21, the FTSE was down 4.31 points to 7,409.11, and the DAX was down 30.43 points to 13,449.20.
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