Morning Briefing: BoC interest rate decision awaited

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.”