Bay Street Fixated On Trump Press Conference -- Canadian Commentary
(RTTNews) - Canadian stocks are poised for a subdued open Wednesday as markets brace for the first press conference with US president-elect Donald Trump.
Trump may shed light on some of his bold campaign promises including a wall with Mexico, trade tariffs, massive tax cuts, fiscal stimulus and an end to ObamaCare.
The U.S. relationship with Russia is also going to be asked about.
Meanwhile, markets on both sides of the border are showing signs of fatigue after racing higher over the holidays. The S&P/TSX Composite Index recently touched its highest since 2015, but pulled up short of record highs.
Bay Street financials yesterday withstood a series of downgrades from ratings agencies on mortgage lenders with too much exposure to the potential housing bubble.
In corporate news today, Corus (CJR.B.TO) reported a disappointing quarterly profit, but revenues were sharply higher due in part to its Shaw acquisition.
Most commodities were flat this morning, including crude oil, which is hovering near a monthly low of $51 ahead of the weekly U.S. EIA's inventories report.
Yesterday, industry group API reported oil inventories were up 1.53M barrels, with gasoline stocks up 1.69M barrels, and distillates up 5.48M barrels.