MID-DAY: Bay Street weighted by unexpected Canadian job loss; Tesla shares droop as fresh controversy stirs
Bay Street is feeling the weight of an unexpected increase in Canada’s unemployment rate.
The TSX is down 62 points to 16,038 after StatsCan reported the unemployment rate pushed to 6 per cent in August as the country shed over 50,000 jobs. Economists had predicted the rate would drop to 5.9 per cent on a job increase.
Across the border, the Dow is slipping 25 points to 25,970. Experts say a strong US jobs report is furthering the likelihood of more interest rate increases coming before the end of the year.
Investors are also waiting for Trump to drop a fresh set of tariffs on $200 billion worth of Chinese goods.
The price of US crude is falling to 67.27 a barrel.
The Loonie is slumping to 75.96 cents US.
Tesla shares are turning volatile as the company is hit with more controversy. Tesla’s CAO quit only a month into his position and CEO Elon Musk is taking harsh criticism for smoking pot and drinking whiskey during a live streamed video. Bloomberg is also reporting the company’s CPO is prepared to resign after a year on the job. Tesla shares are down 5 per cent.