MID-DAY: TSX dips on slow housing while Dow slides on disappointing job growth; All markets affected by poor Chinese trade data
Global stocks are being hit by poor economic signals coming from China. The TSX is down 105 points to 15,951 and across the border the Dow is down 141 points to 25,332. The dips come as trade data from China showed exports continuing to shrink month to month.
Bay Street was also hit by data on a shortage of housing starts in Canada, despite a growth in jobs last month. However, the 56,000 new jobs didn’t make a dent in the unemployment rate, which remained at 5.8 per cent.
A bit of a flip-side across the border as US data showed a dip in job growth, but strong movement in housing starts.
Meanwhile, the price of crude is tanking as US producers continue to work against OPEC by stockpiling oil reserves. US oil is down to 54.83 a barrel.
The Loonie is gaining traction on the positive jobs data, pushing to 74.46 cents US.