BEFORE THE BELL: Investors looking to unemployment report for hints at BoC interest rate decision; Oil slide continues
An ease in tension between China and the US is helping push markets higher this morning. China’s president said his phone conversation with Donald Trump was productive as the two sides attempt to de-escalate the trade war they’ve built. Bloomberg also reported Trump is open to making a good deal with his Chinese counterpart.
Labour will be in the limelight this morning as StatsCan releases its unemployment report from October this morning. Analysts will be looking to the report for an indication of any more interest rate hikes coming from the Bank of Canada before the year ends. Ahead of that report, the Loonie is gaining to 76.59 cents US.
Just days ahead of new US-led sanctions on Iran, oil continues to slide as other producers are reportedly more than making up for the expected export loss. The price of US crude is down to 63.65 a barrel.