Morning Briefing: BoC interest rate decision awaited, oil jumps on OPEC outlook

Morning Briefing: BoC interest rate decision awaited, oil jumps on OPEC outlook

Morning Briefing: BoC interest rate decision awaited, oil jumps on OPEC outlook BoC interest rate decision awaited, oil jumps on OPEC outlook
The Bank of Canada will announce its latest interest rate decision Wednesday but is not expected to move from the current 0.5 per cent. The bank’s monetary policy report may provide some talking points.

Elsewhere, oil is in focus with rising hopes of a robust OPEC deal to support the market. Saudi Arabia’s oil minister said Wednesday that producers are ready to set the cap at a “healthy” level. Oil prices have gained more than 1.5 per cent overnight.

Asian equity markets closed mostly higher as data showed that China’s GDP grew by 6.7 per cent year-over-year and 1.8 per cent in the third quarter compared to the second; in line with expectations.

European indexes are trending slightly lower.

Wall Street and Toronto are expected to open higher ahead of the BoC and US crude inventories data.
 
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North America (previous session)
US Dow Jones 18,161.94 (+0.42 per cent) +0.23 per cent +5.41 per cent
TSX Composite 14,752.25 (+1.07 per cent) +1.77 per cent +7.22 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,986.84 (-0.19 per cent) +2.54 per cent +9.99 per cent
German DAX 10,610.66 (-0.20 per cent) +2.28 per cent +4.39 per cent
 
Asia (at close)
China CSI 300 3,316.24 (-0.15 per cent) +1.63 per cent -6.17 per cent
Japan Nikkei 16,998.91 (+0.21 per cent) +2.90 per cent -6.25 per cent
 
Other Data (at 2.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
52.46
(+1.51 per cent)
51.08
(+1.57 per cent)
1265.00
(+0.17 per cent)
U$0.7640
 
Aus. Dollar
U$0.7684

 
Commodity markets set for recovery says BHP
Iron ore miner BHP Billiton says it sees signs of recovery for the commodities sector with oil and natural gas set for improvement over the coming 12 to 18 months and metals prices improving. However, CEO Andrew Mackenzie told investors that there is likely to be a short-term supply glut.