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Stocks Saddled With Trump Anxiety, Home Capital Crisis -- Canadian Commentary

Early signs are pointing to another rough session Thursday morning, following yesterday's drubbing sparked by political turmoil surrounding the Trump Administration.

Allegations that Trump improperly asked former FBI Director James Comey to drop his investigation of Michael Flynn, as well as Trump's passing classified information to Russia, has rattled equity markets just about everywhere.

The TSX Composite plunged 269.65 points, or 1.73 percent, to 15,273.68, stung by continued weakness among financial stocks.

Beleagured lender Home Capital Group (HCG.TO) has announced another departure from its board. Longtime investor John Marsh is being replaced in the boardroom by governance lawyer James Lisson.

US regulators will investigate Boeing's unfair trade claims against Canadian rival Bombardier (BBD.B.TO), which it accuses of dumping products thanks to unfair subsidies from Ottawa.

Energy stocks may struggle today, extending yesterday's declines. WTI light sweet crude oil was down 66 cents at $48.42 a barrel, easing from multi-week highs. OPEC ministers meet in Vienna on May 25 and are expected to prolong their agreement to limit production by up to nine months.

The loonie has slipped to its lowest in weeks, down to 80 cents on the U.S. dollar.

In economic news, foreign investment in Canadian securities amounted to $15.1 billion in March, largely in Canadian corporate instruments. At the same time, Canadian investors added $15.4 billion of foreign securities to their holdings.

by RTTNews Staff Writer

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