BEFORE THE BELL: Amazon and Netflix helping boost markets; Cannabis producers push back against Health Canada annual fee
Investors are continuing to look to corporate earnings and ignoring trade war worries.
Experts say the European markets looked to more earnings reports being released this week, which helped with moderate growth. This comes as Asian markets were hassled by a report showing Chinese factory growth dropped ahead of the growing trade war with the US.
Netflix is one of the corporate bodies expected to produce a positive report, with analysts suggesting the company added another 1 million subscribers to its streaming service in the latest quarter. And Amazon will likely help boost North American markets today ahead of its major Amazon Prime Day sale kicking off later this afternoon. The annual sale is being extended to 36 hours, and ahead of the start, Amazon shares are growing to 1,820 in pre-market trading.
Oil is falling below $70 as crude exports from Libya are moving into the market again, offsetting global demand. The price for US crude is sliding to 69.85 a barrel.
The Loonie, which has struggled on trade war worries and a drop in oil prices is steady at 76.02 cents US.
Cannabis stocks may be facing turbulence in the next few months as producers struggle with Health Canada’s latest fee. The federal agency announced a 2.3 per cent annual fee on gross revenue, which producers say will make it very difficult to undercut the black market prices.