National Business

TORONTO — North American stock markets dropped after an initial flurry despite the U.S. Federal Reserve making a surprise cut to its benchmark interest rate to offset the impact of the novel coronavirus.

MONTREAL — The deep slump in Chinese production due to the novel coronavirus is narrowing the flow of consumer goods into Canada, hurting business at the country's largest railway. "In the last 20 days we saw a steady decline.

TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange: Toronto Stock Exchange (16,423.62, down 129.64 points.) Suncor Energy Inc. (TSX:SU). Energy. Down $1.58, or 4.29 per cent, to $35.22 on 16.7 million shares.

TORONTO — GFL Environmental Inc.'s first day of trading saw its shares drop 17 per cent below its target price. The Vaughan, Ont.-based waste management company's shares were $4.60 lower at $22.40 in Tuesday trading on the Toronto Stock Exchange.

TORONTO — DesRosiers Automotive Consultants Inc. says auto sales rose in February from a year earlier to mark a second month of gains this year. The consultancy says it estimates there were 123,375 light vehicles sold in the month, a 2.

WASHINGTON — In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus.

NEW YORK — For the second straight week, politics was the dominant force in prime-time television. CBS News' coverage of the Democratic presidential debate from South Carolina last week was easily the most-watched event on television, with 15.

OTTAWA — Mounting cases of the novel coronavirus and ensuing unrest through the economy has upped the odds the Bank of Canada will cut rates this week and maybe more drastically than originally forecasted, economists say.

TORONTO — Ontario's economic development minister has announced he is leading a mining mission to Peru and Ecuador. Vic Fedeli says the trip will focus on mining manufacturing and equipment and will expose Ontario businesses to new markets.

NEW YORK — Target Corp. says there could be periodic shipping delays in merchandise from China while the discounter scrambles to stock up on more household essentials in its U.S. stores as it confronts the repercussions of a spreading new virus.