Futures Fall Amid Rate Cut Uncertainty
Futures tied to Canada’s main stock index slid on Monday, tracking declines in U.S. markets, as a strong U.S. jobs report erased expectations of interest rate cuts in 2025.
It’s a tough morning across the board. The TSX is down 305.64 points or 1.22% to 24,767.72, the TSX Venture has shed 6.66 points or 1.08% making for a weekly loss of nearly 15 points, or 2.39%.
Headlines Making Waves
- Canadians anticipating progress on the high-frequency rail project between Toronto and Quebec City will face more delays due to the uncertainty of a federal election.
- The Liberal leadership race is heating up. Former Bank of Canada Governor Mark Carney is expected to run, while former B.C. Premier Christy Clark weighs her options. Labour Minister Steven MacKinnon and Transport Minister Anita Anand announced over the weekend they will not enter the race.
Down on Wallstreet, the Dow Jones slumps 696.75 point, 1.63% to $41,938.45 points, and the NASDAQ is down 317.25 points or 1.63% to $19,161.63
Currency Check
The Canadian dollar is down 0.05 cents, sitting at $0.6938 cents USD and holding steady at $0.6798 cents against the Euro. Bitcoin has taken a hit, losing 4.16%
Commodities at a Glance
Copper is on the rise by 0.49%, while gold has dipped 19.21 point, 0.71% to $2,670.55. WTI crude is climbing by 1.67%, trading at $77.85 USD per barrel, and natural gas has gained 2%.