Interest rate rise hinted, TSX lower... BoC’s Wilkins positive on economy but interest rates could rise... No end in sight for lumber dispute...
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Interest rate rise hinted, TSX lower
Technology stocks have weakened on Wall Street recently and they were the largest drag on the main TSX index Monday, along with talk of an earlier-than-expected Canadian interest rate rise.
The drop of more than 2 per cent for tech stocks was joined by smaller declines for 6 other sectors while financials, telecoms and energy managed gains. The overall index closed lower.
Wall Street saw a further drop for tech too with the Nasdaq closing 0.5 per cent lower. European and Asian indexes were also weak ahead of meetings by the Fed, BoE and BoJ this week.
Oil gained while gold slipped.
The S&P/TSX Composite Index closed down 89.41 (0.58 per cent)
The Dow Jones closed down 36.16 (0.17 per cent)
Oil is trending higher (Brent $48.27, WTI $46.05 at 4.10pm)
Gold is trending lower (1267.90 at 4.10pm)
The loonie is valued at U$0.7497
BoC’s Wilkins positive on economy but interest rates could rise
The possibility that interest rates in Canada might rise before the expected forecasts suggest came a step closer Monday.
The Bank of Canada’s senior deputy governor Carolyn Wilkins spoke at the Asper School of Business and said that the economy was showing some encouraging signs but there was still slack in the economy leading to below-target inflation.
“What’s encouraging is that this growth is not being driven by just a few key industries,” Senior Deputy Governor Wilkins said. The data show that more than 70 per cent of industries have been expanding and the labour market continues to improve,” Ms. Wilkins said.
She said that any change in monetary policy needs to be gradual and anticipate the road ahead.
No end in sight for lumber dispute
The softwood lumber dispute between Canada and the US is not ending anytime soon, federal foreign affairs minister Chrystia Freeland said Monday.
Dispute regular contact with the US Commerce Dept. Ms. Freeland said that the positions of the two administrations are “still quite far apart” but added that the US needs Canadian lumber as it does not produce enough for its requirements.
Technology stocks have weakened on Wall Street recently and they were the largest drag on the main TSX index Monday, along with talk of an earlier-than-expected Canadian interest rate rise.
The drop of more than 2 per cent for tech stocks was joined by smaller declines for 6 other sectors while financials, telecoms and energy managed gains. The overall index closed lower.
Wall Street saw a further drop for tech too with the Nasdaq closing 0.5 per cent lower. European and Asian indexes were also weak ahead of meetings by the Fed, BoE and BoJ this week.
Oil gained while gold slipped.
The S&P/TSX Composite Index closed down 89.41 (0.58 per cent)
The Dow Jones closed down 36.16 (0.17 per cent)
Oil is trending higher (Brent $48.27, WTI $46.05 at 4.10pm)
Gold is trending lower (1267.90 at 4.10pm)
The loonie is valued at U$0.7497
BoC’s Wilkins positive on economy but interest rates could rise
The possibility that interest rates in Canada might rise before the expected forecasts suggest came a step closer Monday.
The Bank of Canada’s senior deputy governor Carolyn Wilkins spoke at the Asper School of Business and said that the economy was showing some encouraging signs but there was still slack in the economy leading to below-target inflation.
“What’s encouraging is that this growth is not being driven by just a few key industries,” Senior Deputy Governor Wilkins said. The data show that more than 70 per cent of industries have been expanding and the labour market continues to improve,” Ms. Wilkins said.
She said that any change in monetary policy needs to be gradual and anticipate the road ahead.
No end in sight for lumber dispute
The softwood lumber dispute between Canada and the US is not ending anytime soon, federal foreign affairs minister Chrystia Freeland said Monday.
Dispute regular contact with the US Commerce Dept. Ms. Freeland said that the positions of the two administrations are “still quite far apart” but added that the US needs Canadian lumber as it does not produce enough for its requirements.
