A bit of relief is coming to the TSX. The Bay Street Index is up 167 points to 15,231 as many stocks are on the rebound in North America including banking and energy. A selloff rolled across the globe yesterday and this morning after Donald Trump threatened to hit China with major tariffs if a trade deal isn’t reached, causing fear of a recession in 2019.
Wall Street isn’t seeing any movement as the index is closed in recognition of the death of former President George Bush.
Back across the border, the Bank of Canada has decided to keep the interest rate at 1.75 per cent this morning. Governor Stephen Poloz will likely give more details on the decision tomorrow, but experts suggest decision was likely pushed by a drop in oil prices and future economic uncertainty.
Oil prices are gaining once again after dipping this morning, as US crude pushes to 53.84 a barrel.
The Loonie is falling to 74.68 cents US.