Global stocks are slowly making up ground today after hitting eight-week lows.
However concerns over the outlook for global economic growth are keeping gains in checks. Investors are still reacting to the IMF’s announcement yesterday it was slashing its projected global growth from 3.9 per cent to 3.7 per cent for this and next year.
The ongoing trade spat between the United States and China played a big role in the IMF making that cut, with the organization saying both countries will be feeling the worst of the dispute next year.
North American markets could be in for another down day if investors in Toronto and New York City follow the international trends today. The TSX finished Tuesday’s session down 92 points at 15,854, while the Dow Jones was down 56 points to 26,430.
Ahead of the bell this morning oil is down 12 cents to $74.84 U.S. per barrel, gold is up 70 cents to $1,192.20 an ounce, and the loonie is down close to a tenth of a cent to 77.15 cents U.S.