12:12 PM EDT, 10/24/2024 (MT Newswires) -- The Toronto Stock Exchange is down 185 points at midday. Info tech up 0.7%, is the sole gainer.

Miners and telecoms are the biggest decliners, both down 1.4%.

Oil rose early on Thursday following yesterday's decline, settling into a tight range as rising U.S. inventories and robust supply are offset by violence in the Middle East and an uncertain outcome for the U.S. presidential election.

Gold traded higher as the dollar weakened after U.S initial jobless claims came in under expectations.

Natural Gas traded sharply higher ahead of fresh storage data as long-term forecasts see colder weather on the way.

BMO Economics in its morning note, noted there were no Canadian data slated for release today, but that the G20 finance ministers and central bank governors are meeting in Washington, D.C.

Meanwhile, Scotiabank said Canada will announce changes to immigration plans today that were leaked yesterday. Canada's population growth will grind lower to about 0.5% year over year or less in each of the next three years with the Trudeau government's pending announcements on immigration policy changes.

Scotia said for the Bank of Canada, this curtailment of population will have competing effects. "Slower population growth will eventually impact housing and consumption growth, but not for a long while as Canada has a backlog of immigration to work through, deep structural housing shortages to clear out that will take many years, and pent-up domestic demand for housing and consumption. The slower population growth will also lower potential GDP growth -- or the supply side's growth limits -- which is likely to mean capacity constraints and a tight labour market, unless productivity growth accelerates which seems unlikely."

Elsewhere, TD Economics said in relation to US Presidential candidate Trump's proposed 10% across the board tariff, and expected broad based retaliation from Canada on U.S. imports, the Canadian economy would be "hit hard". Real GDP would fall around 2.4 ppts over two years relative to baseline projections, it added.

In summary TD said: "That would likely be a worse case scenario as models often underestimate the mitigating impacts in the wake of a shock. For example, Canada's retaliation approach would likely be targeted and strategic, while behavioural adjustments on the part of producers and consumers would help cushion the blow." It added: "We are optimistic that Canada will ultimately avoid blanket tariffs. The likelihood that tariffs drag down the U.S. economy, disrupt supply chains, and stoke inflation are enough of a reason to forgo tariffs on Canada." Ultimately, TD noted, Trump's best and most likely use of tariffs are as a bargaining chip to force Canada into concessions come the USMCA renegotiations in 2026.