BEFORE THE BELL: TSX to be boosted by positive earnings reports from CBIC and Cineplex; Wall Street deals with interest rate hike fears
CIBC is starting the morning off right for Bay Street with higher than expected quarterly earnings reported. The big bank reported a 0.03 gain in shares to a payout of 1.33, 0.25 above analyst estimates. Cineplex earnings are coming in above estimates as well and experts say this will lead to a great start for the TSX.
On Wall Street it could be a different story as the Wall Street index was weighted on Wednesday with concerns over a third interest rate hike. Minutes from January’s US Federal Reserve meeting show policymakers are very likely to introduce another rate hike to bring down inflation. This carried over into the Asian market overnight as the Nikkei fell 1 per cent closing near a one week low at 21,736.
The price of oil is down this morning 0.33 to 61.35 a barrel.
Gold is sliding as well down 7 to 1,325.
After losses on Wednesday, the Loonie is pushing back up to 78.97 cents US.