S&P/TSX composite tumbles 2 per cent, U.S. markets also down on Mideast war fears
BNN Bloomberg
Canada’s main stock index dived, then pared back some of its losses to finish trading just over two per cent lower on Tuesday as investors worried about a widening of the war between Iran and the United States and Israel.
The cost of crude oil was up as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.
The April crude oil contract was up US$3.33 at US$74.56 per barrel, while the April gold contract was down US$187.90 at US$5,123.70 an ounce.
The S&P/TSX composite index was down 756.33 points at 33,784.94.
In New York, the Dow Jones industrial average was down 403.51 points at 48,501.27. The S&P 500 index was down 64.99 points at 6,816.63, while the Nasdaq composite was down 232.17 points at 22,516.69.
The Canadian dollar traded for 73.08 cents US compared with 73.06 cents US on Monday.
Iran’s Supreme Leader Ayatollah Mojtaba Khamenei says that the leverage of closing the Strait of Hormuz should be used and that Iran’s attacks on Gulf Arab neighbours will continue. His first statement since his appointment was read on state television Thursday by a news anchor.
Prime Minister Mark Carney is again heading overseas, this time to Norway to observe NATO Cold Response exercises as Canada deepens ties with Nordic countries.
The Canadian Security Intelligence Service says the threat level in Canada from Iran or its proxies has not changed since the war in Iran began nearly two weeks ago, while adding that threat-related activities are “likely to continue.”
Ottawa is letting an unnamed automaker import a higher quota of U.S.-made vehicles without tariffs because the company is selling and making more cars in Canada than first expected.
World shares tumbled on Monday, with Japan’s benchmark Nikkei 225 index plunging more than 5%, after oil prices spiked at nearly $120 a barrel, casting a shadow over economies heavily dependent on imports of oil and gas from the Middle East.
Prime Minister Mark Carney announced Sunday the date for three upcoming byelections.
The price of oil surged higher and showed no signs of halting its rapid climb a week after the U.S. and Israel launched major attacks on Iran that escalated into a war in the Middle East.
Scott Moe says Canada needs to separate its trade talks from its national security concerns when dealing with certain countries if it is serious about diversifying trading partners beyond the United States.
Prime Minister Mark Carney has landed in Japan on the final stop of a 10-day trip that also included Australia and India.
Prime Minister Mark Carney has landed in Japan on the final stop of a 10-day trip that also included Australia and India.
Prime Minister Mark Carney has landed in Japan on the final stop of a 10-day trip that also included Australia and India.
Prime Minister Mark Carney has landed in Japan on the final stop of a 10-day trip that also included Australia and India.
As Iran continued to exchange airstrikes with Israel and U.S. bases on Thursday, Canada’s top military commander said its Armed Forces are in talks to possibly help defend Persian Gulf states against bombing from Iran.