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Canadian Stocks May Slide On Low Crude Oil Prices -- Canadian Commentary

Canadian stocks may slide Monday morning along with crude oil futures, as markets react to the UK's insistence on getting out of the EU.

Also, the G20 struck a protectionists tone in its statement concluding last weekend's meeting.

Echoing recent remarks from U.S. President Donald Trump, U.S. Treasury Secretary Steven Mnuchin said the nation wanted certain conditions met.

"This is my first G20, so what was in the past communiqué is not necessarily relevant from my standpoint, Mnuchin said. "We believe in balanced trade".

"I understand what the president's desire is and his policies, and I negotiated them from here," Mnuchin said. "I couldn't be happier with the outcome."

In economic news, Canada's wholesale sales rose 3.3% to a record high $59.1 billion in January. This was the largest monthly percentage gain since November 2009, when wholesale sales rose 3.8%.

Energy stocks may struggle to cope as crude oil futures tumbled near $48 a barrel.

Pengrowth Energy (PGF.TO) has reached an agreement to sell north central Alberta properties for $180 million.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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