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TSX Poised for Losses on Slew of Global Economic Concerns

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Canada's benchmark index looked set to open lower on Friday, weighed down by concerns over the global economy, which has been taking a beating from the US-China trade war, news of partial US government shutdown, slowing growth, and worries about Fed over-tightening.

At home, Canada GDP rebounded 0.3% in October after the 0.1% decline (m/m) in September. The increase in October overshot expectations of +0.2%.

Commodities may put energy and materials under pressure. Action Economics said WTI futures were lower, and risk aversion has gripped crude markets, just as it has in global equity markets as investors anticipate slowing global growth. Gold also edged lower early on Friday as investors turned to the US dollar.

Investors will keep an eye on Aphria Inc. (APHA.TO, APHA), which has completed its second shipment of approximately 80 L (equivalent to approximately 20 kg of dried bud) of medical cannabis to its Australian-based partner Althea Company Pty.

Focus will also be on Canopy Growth Corporation (WEED.TO, CGC) after Bruce Linton, Chairman & Co-CEO, commented on the passage of the Farm Bill, containing the language of the Hemp Farming Act of 2018. Linton said, "Canopy Growth commends the United States government for passing the Farm Bill, a transformative piece of legislation that will create jobs and meaningful economic impact across the United States."

The TSX lost 122 points on Thursday.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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