North American markets are off to a rough start today with big losses on both Bay and Wall Street.
Investors are in sell mode in the wake of reports of a slowing world economy. The TSX has shed 255 points and is sitting at 15,598, while the Dow Jones has dropped 370 points to 26,059. World stocks are down as well.
The International Monetary Fund cut its forecast for global economic growth yesterday on the fallout of the ongoing China-US trade dispute. The IMF is predicting the countries will feel the full brunt of those tariffs next year.
Oil prices are retreating today as well on that IMF projection cut, but the losses are being kept in check as Hurricane Michael has closed down close to 40 per cent of the U.S.’s Gulf of Mexico oil supply and American sanctions on Iranian-exports remain in place.
Oil is down $1.75 to $73.21 U.S. per barrel, gold is down 70 cents to $1,190.80 an ounce, and the loonie is down a third of a cent to 76.98 cents U.S.