· TSX -471.71pts The main reason the market has washed out so quickly this morning is because when Gustav hit and passed, it was during a holiday weekend so we didn't have the markets to kind of ease into this situation," said Bob Tebbutt, vice-president of risk management at Peregrine Financial Group Canada.
· Dow -26.63pts
· Dollar -.58c to $93.58US dropping briefly to its lowest level in more than a year given the sharp drop in oil prices after Hurricane Gustav faded and spared major U.S. Gulf oil facilities.
· Oil -$5.75 to $109.71US per barrel We've had a near collapse in oil prices since Friday as the initial reports seem to indicate that damage from Gustav was a lot less than expected
· Gold -$24.30to $805.00US per ounce even dipping below the $800 mark mid day
Bank of Canada is scheduled to meet at 9am to discuss possible interest rate cuts
Wednesday, September 3, 2008
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