Canadian stocks resumed their slide, tumbling for the fourth time in five sessions, as crude prices traded near a six-year low and financial shares slumped.
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With the U.S. earnings season winding down and no major economic data due, investors will turn to Wednesday’s minutes of the most recent Federal Reserve meeting for indications on how the U.S. central bank will react to the recent yuan devaluation and the further decline in oil prices. Bank of Nova Scotia lost 1 per cent to $60.85, and the overall financials group retreated 1.0 per cent. The nation’s largest lenders are scheduled to report third-quarter earnings beginning August. 25.
The S&P/TSX composite index was down 76.07 factors at 14,201.eight, including to final week’s 227-point decline. The benchmark Canadian equity gauge has fallen 3 percent this year. Energy and raw-materials account for about 30 percent of the benchmark equity gauge. The recently signed deal on Iran’s nuclear program loosened sanctions on that country’s oil shipments, which will help keep prices low, Orengo said.
Meanwhile the Nasdaq shot up 37.66 points to 5,085.89 and the S&P 500 advanced 9.14 points to 2,100.68.
On commodity markets, energy prices continued to drift lower, with the September crude contract down three cents at US$42.47 a barrel and September natural gas down seven cents at US$2.73 per thousand cubic feet.
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Gold futures rose 0.5 percent to $1,118.3 an ounce.
