This morning, markets are expecting the Bank of Canada to keep rates steady in this morning’s announcement, although strong economic data recently has fuelled speculation that the bank could again hike rates in coming months if not at today’s meeting.
In the early premarket period, Dow, S&P and Nasdaq futures were hovering around break even. On Tuesday, all three managed modest gains with the S&P 500 posting its best closing level since last summer. Canada’sInterest rate speculation continues to set the tone. The Federal Reserve makes its next policy decision on June 14.
In Canada, markets are expecting the central bank to keep rates steady in this morning’s announcement, although strong economic data recently has fuelled speculation that the bank could again hike rates in coming months if not at today’s meeting. Mr. Cole said the main reason the bank could raise hawkishness without hiking today would be to put the onus on data to soften in the inter-meeting period in order for them not to hike in the future.
Overseas, the pan-European STOXX 600 was down 0.17 per cent. Britain’s FTSE 100 was flat. Germany’s DAX and France’s CAC 40 slid 0.34 per cent and 0.28 per cent, respectively. “Crude is now trading below the level it ended at Friday which suggests that, despite the knee-jerk reaction on Monday, traders were hedging against broader action from OPEC+ and got a light version of the deal they feared,” OANDA senior analyst Craig Erlam said.
Meanwhile, new figures from the American Petroleum Institute showed U.S. gasoline inventories rose by about 2.4 million barrels and distillates inventories were up by about 4.5 million barrels in the week ended June 2, according to Reuters.In other commodities, spot gold ticked lower 0.2 per cent to US$1,959.19 per ounce by early Wednesday morning. U.S. gold futures fell 0.3 per cent to US$1,975.00.The Canadian dollar was firmer ahead of the Bank of Canada rate decision while its U.S.
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