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…
I am still amazed the stocks recovered so well since the all time lows of 2009. I will be honest, i have sold my entire portfolio and dont expect to buy in until early 2012. I’ve been spooked!
The financial sector has not been fixed and so we can expect another disaster on the horizon. The consumer is still not confident and so this holiday season will not be as rosey as we might want to think.
Wasn’t Harper and the Conservatives suppose to set things right and bring rainbows across all of Canada by now? And we are stuck for another 4 years of this nonsense.
If Statistics Canada is going to report a growth of 0.2% shortly then i am wondering why so many people are crying wolf. It may not be large but it is still a growth. So calm down.
This says it all “The TSX is heavily based on the resource sector and plunging commodity prices have taken an especially heavy toll on the market”. The planned pipeline through the US will help improve things in the long term.
As the US economy goes so does the rest of the world. The US is on the verge of a 2nd recession and i don’t expect Canada to weather it as well as it did back in 2008.
Time to buy more gold!
And there was Harper on US tv bragging about our economy and that is still on the grow compared to the rest of the other industrialized countries. What a crock of poo!
The same thing happened last year, and the year before. This is all cyclical and nothing to worry about.