BEFORE THE BELL: Bombardier announces massive layoffs and asset sale; US Feds meet to talk interest rates
Investors are feeling confident as good economic news continues to push global markets ahead. China recently announced an unexpected gain in trade numbers despite an ongoing dispute with the US. This is helping continue yesterday’s boost caused by a Democrat takeover of the House of Representatives in the US midterm elections.
Traders are still watching carefully as the US Federal Reserve meets to discuss the US economy and the possibility of another interest rate hike before the end of the year.
The price of crude isn’t seeing a lot of action, as US oil gains only slightly to 61.78 a barrel.
The Loonie is growing to 76.33 cents US.
Bombardier is cutting 5,000 jobs over 18 months and selling company assets to save hundreds of millions of dollars. The so-called restructuring plan to get out of a massive debt hole comes despite the company reporting a near $150 million profit in its last quarter.