MIDDAY: GM Cuts Earnings Forecast; Trade War Talk Weighs Markets
Trade war talk and disappointing earnings from Boeing and General Motors are weighing down the markets today.
Donald Trump and the European Commission Chief are set to meet to discuss the growing trade dispute. Auto tariffs will reportedly be the main talking point between the two leaders.
Air Canada is teaming up with TD, CIBC and Visa in an aggressive bid to buy back the Aeroplane program for $2.25 billion dollars. Shares of Aeroplane owner Aimia jumped 44-per cent on the news.
The TSX is off 20 points to 16,369.
The Loonie is slowly gaining ground to $0.7615 cents US. Crude is up $0.07 after losing this morning to $68.59 a barrel.
On Wall Street quarterly earnings reports are not helping the situation. GM cut its earning forecast because of rising steel and aluminum costs because of U.S. tariffs. GM stocks are off 6-percent.
The Dow is off 81 points.