Canadian Financial Close: Canadian dollar weakens aside stocks, oil

By MarketsFarm

WINNIPEG, May 7 (MarketsFarm) – The Canadian dollar lost slightly at Tuesday’s close, as global stocks and crude oil futures took a nosedive.

The Canadian dollar closed at US$.7421 or US$1=C$1.3476, down from Monday’s close of US$.7432 or US$1=C$1.3456.

The S&P/TSX Composite Index lost 135.71 points to close at 16,357.75.

The NASDAQ lost 159.53 at 7,963.76 points. Similarly, the Dow Jones lost 473.39 points to close at 25,965.09. The S&P 500 Index was down by 48.42 points, closing at 2,884.05 points.

Wall Street is in a tailspin as fears mount of no trade deal between the United States and China. Deep losses were observed across the board as investors backed away from riskier assets, according to Reuters. Negotiations will resume on Thursday in Washington, and the U.S. has said higher tariffs on Chinese imports will come into effect on Friday.

Oil futures weren’t immune to the global turmoil, as futures fell below $70 per barrel for the first time in weeks. West Texas Intermediate lost US$1.02 cents to hit US$61.23 per barrel, and Brent Crude oil dropped US$1.63 cents to hit US$69.61 per barrel.

Canada’s agricultural sector fared as follows:

AGT Food and Ingredients——-up $ 0.04 at $ 17.99
Buhler Industries————–unch at $ 3.61
Linamar Corp ——————dn $ 1.40 at $ 46.70
Maple Leaf Foods—————up $ 0.27 at $ 34.03
Nutrien Ltd. ——————dn $ 2.47 at $ 69.17

(All figures are in Canadian dollars.)
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