Markets await President Trump... Billionaire investor Soros says “would be dictator” Trump will fail...
The Toronto Stock Exchange advanced on Tuesday morning as the Fed’s Janet Yellen spoke at Congress and said that when the bank stops using the word “patient” then rate rises will be more likely, but for now the US labour market is still a concern and therefore it is unlikely that any move in monetary policy will happen for at least two Fed meetings.
The governor of the Bank of Canada has spoken of the uncertainty of the economic climate and says that the bank is “managing” risks rather than “eliminating” them.
The Bank of Montreal announced its first quarter results today and revealed a net income of $1 billion, down 6 per cent from the same period last year.
Canada’s oilsands could lose around two-thirds of their income if oil prices remain low according to analysis from research firm Wood Mackenzie.
StatsCan has published data that shows a decline in operating profits for corporations of 2.8 per cent in the fourth quarter to $89.4 billion.
Alberta was expected to make a surplus but economic conditions cast doubt on the ability of finance minister Robin Campbell being able to end the fiscal year on a high.
Markets anticipate Yellen’s speech... Banks investigated for possible rigging of commodities prices... OPEC emergency meeting now unlikely... Obama calls for curbs on retirement fund brokers...
By now it’s an all-too-familiar scenario; the oil price declines, energy shares suffer and drag the Toronto Stock Exchange lower.
Investors are increasingly cautious of Canada’s big banks with financial stocks suffering as a result.
President Obama will carry through his threat to veto the construction of TransCanada’s Keystone XL Pipeline.