Canadian Stocks Sharply Lower As Trade Tensions Weigh On Sentiment

(RTTNews) - Canadian stocks are down sharply in negative territory a little past noon on Monday, extending losses after a weak start. Rising trade tensions, and U.S. President's threat that the Federal Reserve Chairman Jerome Powell might be removed from his post are weighing on sentiment.

White House economic adviser Kevin Hassett said on Friday that the president and his team are examining the legal feasibility of removing Powell and claimed that he had acted politically to benefit Democrats.

On Thursday, Trump blasted Powell for not lowering interest rates, calling him "always TOO LATE AND WRONG."

Meanwhile, on the trade front, China's Commerce Ministry said it would retaliate against nations cooperating with the U.S.'s tariff wars. This follows Beijing's accusation that Washington is abusing tariffs and pressing trading partners to limit commerce with China,

Healthcare, technology, industrials, real estate, energy and financial stocks are among the major losers.

The benchmark S&P/TSX Composite Index was down 287.84 points or 1.19% at 23,904.97 a little while ago.

Among the major losers, Telesat Corporation is down 8%. Cameco Corporation, ATS Corporation, Celestica Inc., goeasy, Precision Drilling Corporation, Dayforce, Colliers International, Shopify, AtkinsRealis, Docebo Inc., EQB, Tecsys, GFL Environmental and Linamar Corporation are down 2.5 to 5%.

Constellation Software, Canadian Pacific Railway, Stantec, Onex Corporation, iA Financial Corporation and TFI International are also sharply lower.

Cogeco Inc., Imperial Oil, Dundee Precious Metals, Quebecor, Empire Comparny and Wheaton Precious Metals are notably higher.