BEFORE THE BELL: Markets rally on positive earnings reports; BoC not expected to raise Canadian interest rate today
Global markets are rallying this morning as good news rolls in during earnings season. The MSCI or world index gauge is up .2 per cent this morning reaching a one-month high. The trend started on Wall Street yesterday afternoon following positive quarterly reports from companies like Netflix and Amazon. It continued overnight as the Nikkei jumped 1.5 per cent to close at a seven week high of 22,158. And analysts expect it will come back to the North American markets at the open this morning.
Meanwhile oil continues its own rally as the price of crude grows to 67.40 a barrel.
The Loonie is steady at 79.50 cents US ahead of the Bank of Canada announcement on the interest rate this morning. Economists predict Governor Stephen Poloz will not increase the rate from one and a quarter, but will likely indicate if an increase can be expected in the summer.