TSX Slides Ahead Of BoC Rate Call -- Canadian Commentary

(RTTNews) - Canadian stocks fell Tuesday, erasing gains from the previous session due to weakness among resource stocks.

Bay Street expressed some anxiety that the Bank of Canada will raise interest rates tomorrow and signal further rate hikes are imminent.

The TSX Composite Index was down 72.93 points to 16,298.88, but still within hailing distance of recent record highs.

WTI light sweet crue oil fell 57 cents, or 0.9%, to settle at $63.73/bbl, easing from the highest since 2014. U.S. stockpiles have dropped for eight weeks in a row, boosting oil prices of late, but traders took profits today.

Over the weekend, Iraqi oil minister Jabbar al-Luaibi said that production curbs had contributed to stability in the market and should remain, echoing comments from Qatar and the United Arab Emirates.

Nutrien, the merger of Agrium and Potash, will sell its Israel Chemicals holding for expected US$700M.

Goldcorp (G.TO) forecast lower production costs for 2018. Shares were up 0.6 percent

Automotive supplier Magna International Inc. (MG.TO, MGA) provided its financial outlook for fiscal 2018 and 2020. It expects to earn $2.3-$2.5 billion in sales this year. The company noted that its outlook reflects a realignment of its management structure along product lines.

Canadian National Railway Co (CNR.TO, CNI) and the Canadian National Railway Police Association (CNRPA) announced today that the parties have reached a tentative agreement for a new contract.