MID-DAY: Poor GDP report tanks the Loonie; Trade optimism boosts TSX and Dow
A major slowdown in GDP growth is putting weight on the Loonie. StatsCan reports the economy nearly stalled in December, slowing to just .1 per cent growth to end 2018 and capping off a year that only saw .4 per cent in annual growth. This is pulling down Canada’s currency to 75.52 cents US.
Meanwhile, Bay Street is moving higher as the TSX pushes 112 points to 16,111.
Across the border the Dow is growing 88 points to 26,004. The move comes as reports suggest the US and China could reach a historic deal in trade negotiations.
The price of crude is reversing course after seeing gains this morning on OPEC cuts and Venezuela sanctions. US crude is now sliding to 56.59 a barrel.