Morning Briefing: BoC interest rate decision awaited

BoC interest rate decision awaited... Yellen to appear before Congress but days may be numbered...

Morning Briefing: BoC interest rate decision awaited
Steve Randall
BoC interest rate decision awaited
The Bank of Canada will announce its latest interest rate decision Wednesday and many analysts are expecting an increase based on the recent run of positive economic data. Just a few months ago a rate rise in July, or in 2017 at all, was a long bet.

Elsewhere the markets are waiting for Fed chair Janet Yellen’s testimony to Congress, the latest development in allegations of Russian involvement in the Trump campaign, and rising commodity prices.

Asian markets closed mostly lower with Hong Kong the outperformer. Under-pressure banking stocks saw Sydney’s ASX drop almost 1 per cent.

European indexes are trending higher with corporate earnings a key focus. Stronger-than-expected UK jobs data and Eurozone industrial figures have added to the sentiment.

Wall Street and Toronto are expected to open higher. BoC interest rates and the Teranet/National Home Prices Index are due.
 

 

Latest

1 month ago

1 year ago

 

North America (previous session)

 

US Dow Jones

21,409.07 (+0.00 per cent)

+0.82 per cent

+16.69 per cent

TSX Composite

15,149.14 (+0.29 per cent)

-1.53 per cent

+4.64 per cent

 

Europe (at 5.00am ET)

 

UK FTSE

7,386.16 (+0.77 per cent)

-1.67 per cent

+10.56 per cent

German DAX

12,488.66 (+0.42 per cent)

-1.59 per cent

+25.34 per cent

 

Asia (at close)

 

China CSI 300

3,658.82 (-0.33 per cent)

+2.36 per cent

+11.78 per cent

Japan Nikkei

20,098.38 (-0.48 per cent)

+0.95 per cent

+24.87 per cent

 

Other Data (at 5.00am ET)

 

Oil (Brent)

Oil (WTI)

Gold

Can. Dollar

48.27

(+1.58 per cent)

45.83

(+1.75 per cent)

1218.30

(+0.30 per cent)

U$0.7740

 

Aus. Dollar

U$0.7647


Yellen to appear before Congress but days may be numbered
Fed chair Janet Yellen will give her testimony to a US House Panel today but it’s looking more likely that she will not get the backing of President Trump to remain in her job next year.

A report from Politico says that Gary Cohn, the director of the National Economic Council will get the president’s nomination according to four unnamed sources. He is a former Goldman Sachs president.
One Republican quoted by Politico said: "It's Gary's if he wants it, and I think he wants it.”
 

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