MID-DAY: North American markets gain on energy and mining; OCED predicts trade war-related downturn in 2020
A boost in energy and mining shares is helping bring the markets back to life. After plunging on Tuesday, the TSX is gaining 249 points to 15,126 and across the border the Dow is up 90 points to 24,566.
The price of US crude is up to 54.18 a barrel. The Loonie is gaining some strength on the energy boost, to 75.24 cents US.
Tech stocks are also seeing some relief as the FAANG group gained upwards of 3 per cent.
A recent report by OCED suggests the Bank of Canada will likely raise its interest rate five times over two years, pushing the rate to 2.75 per cent. The organization predicts Canada’s economy will boost to 2.2 per cent as well thanks to cannabis sales. However, it also predicts a downturn in the global economy by 2020 if the trade war between China and the US continues.