Canada’s stock exchange drifted into the red ahead of today’s federal budget announcement.
The Liberals were set to deliver their final budget before the fall election. Expected measures include assistance for first time home buyers, financial help for seniors, and help for adults looking for more post-secondary skills training.
But it was a down day on Bay Street as the TSX fell by 63 points.
Six of 11 sectors were lower with energy, financials, tech, and industrials among the laggards.
Results were mixed among energy stocks as oil edged down 19 cents to $58.90 US a barrel.
Shares in Canada’s banking and financial stocks were mixed. While Manulife Financial rose 1.1 percent, TD Bank Royal Bank, and Scotiabank dipped into the red.
In New York, it was a mixed picture on Wall Street as investors digest mixed signals from U.S./China negotiations as the two economic superpowers look out to hash out a trade deal.
According to Bloomberg, talks are running into roadblocks with regards to U.S. demands for concessions.
However, the Wall Street Journal has reported that Washington and Beijing have a fresh set of talks in the works next week.
The Dow retreated from triple digit gains before losing 26 points, while the Nasdaq went in the opposite direction by adding nine points.
Meanwhile, the US Federal Reserve is making its monetary policy announcement tomorrow with interest rates expected to remain unchanged in the face of a slowing world economy.
Gold moved up $5.00 to $1,306 an ounce while the loonie strengthened by 11/100ths of a cent to $.07510 US.