Morning Briefing: Canadian GDP data today, Markets await US jobs

Morning Briefing: Canadian GDP data today, Markets await US jobs

Morning Briefing: Canadian GDP data today, Markets await US jobs Canadian GDP data today, Markets await US jobs
We’ll get the latest update on Canada’s growth this lunchtime as StatsCan releases GDP data. Quarterly figures are forecast to show a contraction for the second quarter with June’s data reversing the decline. Figures are released at 1.30pm ET.

Elsewhere, markets are focused on jobs data south of the border, due Friday. Another strong release will ramp up calls for an interest rate increase when the Fed meets next month.
Asian markets closed their session generally lower Wednesday with mining and energy stocks under pressure from falling prices. Shanghai and Tokyo were the outliers. Japan’s Nikkei closed up almost 1 per cent on expectation of greater stimulus and a weaker yen boosting exporters’ stocks.

European indexes are also focused on US jobs data but regional data today is also being considered. Eurozone consumer price figures are due along with the bloc’s unemployment data. German data has already been released this morning showing a drop of 7,000 jobs; the forecast was 4,000. The overall unemployment rate for the country held at 6.1 per cent.

Wall Street and Toronto are expected to open higher.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 18,454.30 (-0.26 per cent) +0.12 per cent +11.65 per cent
TSX Composite 14,684.85 (+0.02 per cent) +0.70 per cent +5.96 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,823.70 (+0.04 per cent) +1.48 per cent +9.22 per cent
German DAX 10,650.13 (-0.07 per cent) +3.02 per cent +3.81 per cent
 
Asia (at close)
China CSI 300 3,327.79 (+0.48 per cent) +3.87 per cent -1.15 per cent
Japan Nikkei 16,887.40 (+0.97 per cent) +1.92 per cent -10.60 per cent
 
Other Data (at 2.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
48.01
(-0.74 per cent)
46.14
(-0.45 per cent)
1317.20
(+0.05 per cent)
U$0.7636
 
Aus. Dollar
U$0.7525

 
Fed’s Evans says low interest rates will remain
Not everyone believes that the Fed could be about to increase interest rates. Chicago Fed president Charles Evans said Wednesday that he expects interest rates to remain low in the long-term citing a permanent slowdown in growth. Evans was speaking at the Shanghai Advanced Institute of Finance. He does not have a vote at this year’s FOMC.
 
Apple’s Irish tax bill could top $20 billion
The EU’s ruling that Apple must pay back-tax at a higher rate could cost the company $20 billion. That’s the view of economist Sean Coffey who told CNBC that if Apple cannot overturn the ruling the additional interest on the $13 billion that Ireland has been told to claim could add an additional 50 per cent to the total.