Canada stocks-TSX muted as oil slide weighs on energy shares; Macklem speech eyed
EWC•Oil weakness weighs on energy and miners
Oil prices slid towards the psychological threshold of $100 a barrel and to their lowest in 11 days as investors hoped for diplomatic progress on the Iran war at this week's UN meeting, and eyed a partial recovery in shipments from Saudi Arabia.
Heavyweight energy stocks fell 2.1%, their lowest in two weeks.
Meanwhile, miners First Majestic Silver and Equinox Gold dropped 3.4% and 3%, respectively, tracking lower precious metal prices. The broader mining index fell 1.1%.
Financials and technology help limit losses
Financials gained 0.9%, while the information-technology index rose 1.1%, helping limit losses on the TSX.
Bank of Canada speech and retail sales data in focus
Market participants now await Bank of Canada Governor Tiff Macklem's speech later in the day for clues on the central bank's future policy path.
"The economy is reasonably fragile. We do not have a trade deal with the United States. The Bank of Canada has to tread very carefully by raising rates. More than likely they're probably going to hold, not necessarily raise," said Shiraz Ahmed, founder and CEO of Sartorial Wealth.
Investors will also be on the lookout for retail sales data due later this week for cues on consumer spending amid increasing inflationary fears.
TSX little changed as oil prices pressure energy shares
Canada's main stock index was subdued on Monday, as a more than 3% dip in oil prices pressured energy stocks, while investors awaited remarks from the Bank of Canada governor for cues on the future policy path.
