TSX Down 37 Points on Lower Tech, Commodities

The TSX is down 37 points at midday on Monday. The exchange was down more than 80 points in early minutes, amid nervousness ahead of US, UK and ECB rates updates this week. Canada GDP data is due out Tuesday.

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Healthcare (-2.6%) is the biggest decliner, info tech (-1.3%). Commodities are also lower — energy, (-1.25%) and miners (-0.5%) are both in the red, on the back of mixed commodity prices.

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Industrials is the biggest gainer, up 0.7%.

Desjardins in its preview said Canada real GDP by industry is expected to have advanced by 0.1% in November, in line with the flash estimate published by Statistics Canada. Looking ahead to December, Statistics Canada’s flash estimate is also expected to come in at +0.1%, as anticipated further weakness in the goods sector is likely to be more than offset by stronger services

BMO in its morning note noted the TSX ended last week up 1%, middle of the global pack. The Nasdaq (+4.3%) and Nikkei (+3.1%) were the leaders, while the FTSE (-0.1%) was among the few markets in the red. The TSX was led by tech (+9.0%), health care (+4.0%) and financials (+1.5%). Industrials (-1.3%) and utilities (-1%) saw the largest declines. With January almost in the rear-view mirror, the TSX is up 6.9%, with all 10 major sectors in the black.

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