Canadian Financial Close: Recession fears push down markets

By MarketsFarm

WINNIPEG, August 12 (MarketsFarm) – The Canadian dollar was lower at market close on Monday, as fears of the United States/China trade war causing a global economic recession gripped the stock markets.

The loonie finished the day at US$0.7556 or US$1=C$1.3234, which compares with Friday’s close of US$0.7564 or C$1.3221.

The TSX/S&P Composite Index lost 103.57 to close at 16,237.77 points today, caught up in a sell-off in the U.S. markets. The Dow Jones dropped 390.73 at 25,896.71 points, The NASDAQ slid 95.73 at 7,863.41 and the S&P 500 was down 36.07 at 2,882.58 points.

Benchmark oil prices were steady on Monday, as reduced global supplies largely balanced off with global concerns surrounding the U.S./China trade war.

Brent crude oil was down two cents to close at US$58.51 per barrel. West Texas Intermediate (WTI) crude oil was up 28 cents to close at US$54.78 per barrel.

As of Friday, Western Canadian Select (WCS) crude oil up US$2.36 at US$42.14 per barrel. On August 9, the WCS/WTI price differential narrowed 40 cents at US$12.36 per barrel.

Gold gained US$14.40 on Monday to close at US$1,522.90 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.80
Linamar Corp. dn $ 0.11 at $ 37.81
Maple Leaf Foods dn $ 0.78 at $ 32.65
Nutrien Ltd. dn $ 2.83 at $ 66.74
Ritchie Bros Auctioneers Inc. up $ 1.46 at $ 50.70
Rocky Mountain Dealerships Inc. dn $ 0.01 at $ 7.04

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