Canada stocks: TSX posts steepest decline in four months as bond yields climb
EWC•The S&P/TSX Composite fell 1.7%, or 607.65 points, to 35,041.86, its steepest decline since June 5 and lowest close in two and a half months. Financial and materials shares led losses as bond yields climbed and trade uncertainty weighed on investors.
1. TSX falls sharply
Canada’s benchmark stock index fell 1.7% to 35,041.86, marking its steepest decline in four months. Financials dropped 2.3%, materials fell 2.9%, and industrials and energy also ended lower.
2. Yields and trade concerns
The U.S. 10-year Treasury yield touched a 24-year high before giving back some gains after a strong auction. Gold fell to a two-month low, while U.S. President Donald Trump said Canada had been difficult to deal with as his administration seeks a new trade agreement with Ottawa.
3. Company and oil moves
Toronto-Dominion Bank shares fell 3.3%, and Teck Resources lost 2.2%. U.S. crude futures settled down 1.3% at $88.28 a barrel after the International Energy Agency agreed to speed up an oil-stock release and prioritize diesel.
