Greenback, oil in focus for mixed markets... Big week for Canada’s Big 6...
Greenback, oil in focus for mixed markets
Investors are considering the increasing possibility that a formal meeting of OPEC members will fail to reach agreement on an output cap this week.
Following informal talks last week, which started positive but soured as the week progressed, tension between members – and Russia which is not in OPEC but is part of the talks – has increased. Members are not convinced that Russia will cut output while Iran and Iraq have also given mixed signals.
With oil prices subdued and the US dollar gaining strength, stock markets have opened the final week of November mixed.
Asian indexes closed mostly higher with Tokyo and Sydney the notable exceptions.
In Europe, markets are anticipating a speech from ECB president Mario Draghi in Brussels. Italian banks are also in focus with a forthcoming referendum potentially sending the country into turmoil with the fall of the government and an unwinding of the country’s banking system.
Wall Street and Toronto are expected to open lower.
Big week for Canada’s Big 6
Canada’s largest banks will begin reporting their quarterly and year-end financial results Tuesday with expectation for only a narrow year-over-year gain.
While profits may not delight shareholders, the financial reports are expected to give some comfort to those that were expecting large loan defaults from the energy sector; and those who have called for a housing market
correction.
Neither of the two issues have shown any real impact but with oil prices remaining under pressure and the housing market in Vancouver showing signs of cooling, there will be keen interest in the banks’ forecasts for the year ahead.
Investors are considering the increasing possibility that a formal meeting of OPEC members will fail to reach agreement on an output cap this week.
Following informal talks last week, which started positive but soured as the week progressed, tension between members – and Russia which is not in OPEC but is part of the talks – has increased. Members are not convinced that Russia will cut output while Iran and Iraq have also given mixed signals.
With oil prices subdued and the US dollar gaining strength, stock markets have opened the final week of November mixed.
Asian indexes closed mostly higher with Tokyo and Sydney the notable exceptions.
In Europe, markets are anticipating a speech from ECB president Mario Draghi in Brussels. Italian banks are also in focus with a forthcoming referendum potentially sending the country into turmoil with the fall of the government and an unwinding of the country’s banking system.
Wall Street and Toronto are expected to open lower.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 19,152.14 (+0.36 per cent) | +5.46 per cent | +7.61 per cent |
| TSX Composite | 15,075.44 (+0.00 per cent) | +1.96 per cent | +12.77 per cent |
| Europe (at 4.30am ET) |
|||
| UK FTSE | 6,797.68 (-0.63 per cent) | -2.84 per cent | +6.63 per cent |
| German DAX | 10,607.69 (-0.86 per cent) | -0.83 per cent | - 6.07 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,535.08 (+0.39 per cent) | +5.84 per cent | -0.62 per cent |
| Japan Nikkei | 18,356.89 (-0.13 per cent) | +5.22 per cent | -7.68 per cent |
| Other Data (at 2.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 47.39 (+0.32 per cent) |
46.24 (+0.39 per cent) |
1190.70 (+1.09 per cent) |
U$0.7422 |
| Aus. Dollar |
|||
| U$0.7473 | |||
Big week for Canada’s Big 6
Canada’s largest banks will begin reporting their quarterly and year-end financial results Tuesday with expectation for only a narrow year-over-year gain.
While profits may not delight shareholders, the financial reports are expected to give some comfort to those that were expecting large loan defaults from the energy sector; and those who have called for a housing market
correction.
Neither of the two issues have shown any real impact but with oil prices remaining under pressure and the housing market in Vancouver showing signs of cooling, there will be keen interest in the banks’ forecasts for the year ahead.
