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[sludgehound]

raise rates, destroy Canada

Freaken oil market. CS UWTI heading for RS like its TVIX did.

04:08 PM EDT, 08/19/2015 (MT Newswires) -- Canada's main stock market, the Toronto Stock Exchange, took its losses this week already to near 240 points with the resources heavy index losing around 160 points today alone on lower oil prices amid concerns about a supply glut and on concerns about a slowdown in China economic growth. The TSX did recover close to 50 points this afternoon after the FOMC minutes showed the Fed is leaning towards a rate rise, but the market lost all of those gains and more as market watchers soon realised the Fed also made it clear economic conditions weren't ripe for such a move yet.
As prices settled, most sectors were lower, bar modest gains for Telecom stocks. According to BNN TV, the Energy sector accounted for near 90 points of the losses today, and Financials another 30-plus points.
Among commodities, oil futures were down more than 4% to near US$40 a barrel on a surprise gain last week in weekly crude supply. The September contract expires tomorrow. Gold futures gained 1% to near US$1,129 on the FOMC minutes and on safe haven buying amid concerns about the pace of economic growth in many parts of the world, not least in China. COMEX Copper, December 15 Contract was down 0.35% at US$2.2780/lb amid fears of a slowdown in demand given the aforementioned China economic concerns.
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