By Commodity News Service Canada
WINNIPEG, Oct. 4 (CNS Canada) – The Canadian dollar was up slightly compared to the U.S. currency early today. The U.S. dollar was dragged down by speculation that U.S. President Donald Trump may choose a less hawkish person to take over at the Federal Reserve. The Canadian dollar was trading at 80.05 cents U.S. at 8:15 a.m. CDT or C$1.2492 per US$1. The loonie closed yesterday at 80 cents U.S. or C$1.250 per US$1.
– Puerto Rico’s main issue bond fell to 34 cents on the dollar, a new record low, after U.S. President Trump said its debt load will have to be wiped out.
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Sears Canada is said to be preparing for complete liquidation if an offer to take over the troubled retailer proves insufficient. The current offer, by a management group led by Sears executive chair Brandon Stranzl, is short of covering what creditors could make by selling off assets. Sears is being monitored by a court-appointed company, which is overseeing insolvency proceedings.
The S&P/TSX was down 9.8 points (0.06%) to 15,718.71 at 9:10 a.m. CDT.
