Canada's July GDP Stalls, TSX Drops 311 Points; Shell Approves LNG Canada Phase 2

Markets and currency

Toronto's TSX Composite fell 311.03 points Monday to close at 35,489.86, while the TSX Venture Exchange slid 2.9% to 894.25. The Canadian dollar dipped 0.07 cents to 70.47 cents U.S. December futures were little changed Tuesday morning, pointing to a flat open.

July GDP stalls

Statistics Canada reported GDP was essentially unchanged in July, following three consecutive months of expansion. Investors remain cautious about the domestic outlook.

LNG Canada Phase 2 approved

Shell and its partners approved LNG Canada Phase 2, a major expansion that will double the facility's production capacity to 28 million tonnes per annum. The Canada Energy Regulator approved Trans Mountain's tolls settlement, allowing up to 90% of the pipeline's capacity to be contracted to shippers.

Tariffs hit jobs

Cleveland-Cliffs plans to lay off hundreds of workers at its Ontario plant, citing the impact of U.S. steel tariffs. The energy sector remains in focus as crude prices stay strong. (Source: Baystreet.ca)