BEFORE THE BELL: TSX faces a fifth day of losses weighted by oil; Wall Street back in business following three-day weekend
Canada’s economy is back in focus for investors this week with two reports coming out. Tomorrow the Bank of Canada will make its decision on the current interest rate, although experts say the 1.25 per cent rate is not expected to change. Later in the week, a report on Canada’s economic growth will be released.
The TSX and the Loonie have faced mounting pressure from sliding oil prices as world producers ramp up output to offset losses of crude from Venezuela and Iran. US crude is falling to 66.79 a barrel this morning. The TSX is expected to open lower for a fifth day and the Loonie is down to 76.68 cents US hitting a two and a half month low.
Scotiabank is releasing its Q2 report today with BMO and National Bank reports coming tomorrow.
Wall Street will open after a three-day weekend.