The resource-heavy Toronto stock market could be headed for another week of losses as commodity prices adjust to much lower expectations for economic growth.
And while economic data this week is expected to show that the Canadian economy continued to grow in early summer, investors aren’t expected to find encouragement in the numbers as the economic outlook likely worsened in August.
“Buckle up” for a rough ride, advised John Stephenson, portfolio manager at First Asset Funds Inc. after the TSX plunged 925 points or 7.46 per cent last week, landing squarely in bear market territory with the main index down 20 per cent from its highs of March.
There isn’t a great deal of economic data out this week to distract investors. The key Canadian report is the gross domestic product report for July, which comes out at the end of the week. Read More…