MID-DAY: Oil continues growth; ADP reports Canada job growth of over 32,000 in April
Oil prices continue to grow as investors await sanctions against Iran from the US. Experts suggest a cut in Iranian oil cut drop the crude output by about 1 million barrels a day.
In Europe, the crude price hit a four-year high at $80 and in the US its pushed to 71.81 a barrel. This is causing more inflation concerns and the US 10-Year Treasury Yield is growing to 3.1 per cent. Experts say this could lead to higher borrowing costs globally.
A report from ADP shows Canada added about 32,000 new jobs in April down from about 50,000 in March. The biggest job growth sectors were business, trade and manufacturing.
Retail giant Walmart is reporting better than expected profit as e-commerce sales rebounded. The revenue came in at about $122 billion in the last quarter.
The Loonie has slipped to 78.14 cents US.