The Big Three: TSX at all-time high, Oil jumps on the plan to end Iranian waivers, Canadians feel worse about debt
Investors will be watching closely to see if Canada's main stock index will continue its momentum higher. The TSX closed the shortened trading week at a record high on Thursday. It is currently up nearly 16 per cent year-to-date. A couple of key catalysts for the Canadian market include quarterly earnings kicking into high gear this week and an update from the Bank of Canada on its monetary outlook this Wednesday.
CRUDE PRICES CLIMB
Oil is trading higher today. West Texas Intermediate crude futures rose by as much as 2.9 per cent to US$65.87 per barrel, the most in almost six months. The jump in price follows reports the United States is expected to end waivers for buyers to import Iranian oil or they will face sanctions. Iran’s biggest oil customers are China and India. Both countries have been pushing for extensions to sanction waivers.
CANADIANS FEEL WORSE ABOUT THEIR DEBT LOADS
Just days before the next Bank of Canada interest rate decision, a new report reveals nearly half of Canadians are concerned with the impact of rising interest rates on their finances and feel worse about their consumer debt that just a few months ago. According to the MNP Consumer Debt Index, bankruptcy concerns rose the most among Atlantic Canadians, with 55 per cent saying they are $200 or less away from the financial brink. However, it is widely expected the Bank of Canada will hold its key overnight rate at 1.75 per cent on Wednesday and signal it will stay at that level for a sometime.
OTHER NOTABLE STORIES
-Ex-Nissan chairman Carlos Ghosn has been hit with an additional charge of aggravated breach of trust in Japan.
-Samsung is postponing its China launch event for its foldable phone just days after reports of screen issues.
-Huawei says Q1 revenue is up 39 per cent from a year ago despite pressure from the United States to persuade other countries to ban its equipment from their 5G networks.
-Notable earnings: PrairieSky Royalty, Halliburton, Kimberly-Clark
-Notable data: U.S. existing home sales
Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Today's note was written by Senior Producer Alicia Harvey. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.