The bond market is grabbing the attention of investors, which is putting pressure on other markets. The weight can be seen on both Bay Street with the TSX dropping 80 points to 15,991 and Wall Street where the Dow is slipping 199 points to 26,628. An swelling US economy is the main cause as policymakers with the federal reserve commented on the remarkable growth. The remarks have pushed analysts to all but confirm an interest rate hike in December. Investors worrying about growing borrowing rates are moving to safer options.
The market is finally paying attention to news of crude production increases, after being fixated on the upcoming US sanctions against Iran cutting into supply. The price of US crude is slipping to 75.51 a barrel.
The energy-tied Loonie is also falling to 77.65 cents US.
CP stocks are up as the company reported a boost in oil and grain shipments. Grain shipments have boosted about 40 per cent per train.
Amazon and Apple shares are sliding after a Bloomberg report claimed the companies were being spied on by China through tiny microchips installed in their computers. Both companies have denied the claims.