MID-DAY: TSX dips on poor earnings and slowing inflation; Dow pulls back as investors stay cautious
Bay Street is feeling some weight from earnings and inflation. The TSX is down 50 points to 16,017 after StatsCan reported a dip in inflation growth, only up 1.4 per cent for January thanks to a drop in gas prices.
Analysts suggest this does mean the Bank of Canada will likely stay away from interest rate increases for now as this falls well below its 2 per cent target.
Laurentian Bank is also weighing heavily on Bay Street after announcing it would be cutting 10 per cent or 350 jobs from its workforce.
Across the border the Dow is feeling pressure from cautious investors as a few geopolitical risks play out. There’s also a lack of new details on the US China trade negotiations leaving investors starving for more.
The Dow is down 127 points to 25,930. US crude continues to gain to 57.05 a barrel.
The Loonie is staying afloat, up slightly to 76.09 cents US.