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Stocks in Store for Losses

Futures on Canada's main stock index fell on Tuesday, as trade tensions between the United States and China heightened after Washington blacklisted more Chinese companies ahead of high-level talks in Washington this week.

The TSX Composite Index moved lower 27.53 points to end Monday at 16,421.82

The Canadian dollar sank 0.05 cents to 75.09 cents U.S. early Tuesday

December futures subsided 0.4% early Tuesday.

On the economic calendar, Canada Mortgage and Housing Corporation reported September housing starts trended toward 223,507 units, compared to 218,782 units in August,

Meantime, Statistics Canada says the value of building permits issued by Canadian municipalities rose 6.1% to $9.0 billion in August, largely because of increases in multi-family and industrial permits.

ON BAYSTREET

The TSX Venture Exchange drifted 2.69 points Monday to 556.07

ON WALLSTREET

U.S. stock index futures fell sharply on Tuesday morning as investor optimism around the upcoming U.S.-China trade talks faded.

Futures for the Dow Jones Industrials plunged 177 points, or 0.7%, early Tuesday to 26,262

Futures for the S&P 500 faded 18 points, or 0.6%, at 2,919.50

NASDAQ Composite plummeted 43.5 points, or 0.6%, to 7,696.50

On the data front, producer price index figures for September will be released at 8:30 a.m. ET.

AZZ Inc. and Helen of Troy Limited are among the firms reporting earnings Tuesday.

The South China Morning Post reported China is toning down its expectations ahead of trade negotiations with the United States. The report said Chinese Vice Premier Liu He — who will lead the country's trade delegation — will not carry the title of “special envoy,” signaling he has not received any specific instructions by President Xi Jinping. U.S.-China trade talks are set to start Thursday.

The U.S. also expanded its trade blacklist to include some of China's top artificial intelligence firms on Monday, punishing Beijing for its treatment of predominantly Muslim ethnic minorities. The decision appeared likely to draw a sharp response from China, with investors worried it might harm the chances of a breakthrough later this week.

Overseas, in Japan, the Nikkei 225 gained 1% Tuesday, while in Hong Kong, the Hang Seng went back to trading with a gain of 0.3%.

Oil prices reversed 76 cents to $51.99 U.S. a barrel.

Gold prices gained $6.40 to $1,510.80 U.S. an ounce.

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