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Trump Comments Sink Stocks

Dec 03, 2019 (Baystreet.ca via COMTEX) --

Futures on Canadian equity markets fell sharply on Tuesday, after U.S. President Donald Trump said he had no deadline for reaching a trade agreement with China, adding it could come after the U.S. presidential election in November 2020.

The TSX Composite Index dropped 58.73 points Monday to 16,981.47

The Canadian dollar slid 0.06 cents to 75.09 cents U.S. early Tuesday

December futures plunged 0.4% Tuesday.

Bank of Montreal beat Wall Street estimates for quarterly profit on Tuesday, helped by strength in its domestic personal and commercial banking unit.

British gold miner Centamin Plc on Tuesday rejected a 1.47-billion-pound ($1.89-billion U.S.) all-stock takeover proposal from Canada's Endeavour Mining Corp, saying it did not offer enough value to Centamin shareholders.

Private equity firm Catalyst Capital Group's unsolicited bid for Hudson's Bay Co is not "superior" to an agreed-upon deal with a consortium led by its executive chairman.

BMO cut the target price on Continental Gold to $5.50 from $8.50

BMO cut the target price on Roots Corp. to $3.00 from $4.00

Scotiabank cuts target price on Semafo to $5 from $6.50

ON BAYSTREET

The TSX Venture Exchange gained 1.5 points Monday to 533.31

ON WALLSTREET

U.S. stock index futures tumbled on Tuesday after President Donald Trump suggested he may want to delay a trade deal with China until after the 2020 presidential election.

Futures for the Dow Jones Industrials plummeted 238 points, or 0.9%, Tuesday to 27,551

Futures for the S&P 500 skidded 21.5 points, or 0.7%, at 3,092.75.

The NASDAQ Composite backtracked 74 points, or 0.9%, to 8,242.

Caterpillar slid 1.6%, Intel dropped 1% and Apple lost 1.5% in pre-market trading.

On the data front, the latest quarterly financial report will be released at 10 a.m. ET, with light vehicle sales figures for November set to follow slightly later in the session.

"In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now and we will see whether or not the deal is going to be right," Trump told reporters Tuesday.

When asked if he had a deal deadline, he added: "I have no deadline, no ... In some ways, I think it is better to wait until after the election if you want to know the truth."

Overseas, in Japan, the Nikkei 225 fell 0.6%, Tuesday, while in Hong Kong, the Hang Seng Index dipped 0.2%.

Oil prices demurred 57 cents at $55.13 U.S. a barrel.

Gold prices jumped $8.30 to $1,477.50 U.S. an ounce.

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