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Market Update: TSX Starts Week Lower as Trudeau Calls Early Election
The Toronto Stock Exchange S&P/TSX composite index closed 0.3% lower at 20,461 on Monday, after Prime Minister Justin Trudeau announced an early election in Canada saying the governments pandemic recovery plan needed the support of Canadian voters. The election, scheduled for Sept. 20, will come less than two years after the previous vote and at a time when coronavirus cases are rising in many parts of the country, leading health officials to declare that a fourth wave is underway. Energy stocks tracked a decline in oil prices on the back of dour economic data from China. On the data front, wholesale trade in Canada fell 0.8% in June over the previous month, reflecting sharp declines in the building materials & supplies and the machinery, equipment & supplies sub-sectors. [/s2If]
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