WTI oil falls below $50 a barrel!
Bearish pressure on energy markets yesterday drove WTI oil down more than 2% despite the release of Crude Oil Inventories that fell well short of analysts’ expectations. As soon as the inventory numbers were released, oil prices briefly rallied above $50 a barrel, but then gave back all of the ground they had gained. The impact on the Canadian dollar was similar, and it remains under pressure this morning.
Earnings season is well underway in the United States with close to 47% of S&P500 companies already announcing their third quarter results. Growth in sales and profits are 2.1% and 2.3% respectively and analysts anticipate growth in profits above 10% for 2017. This would clearly bode well for North American stock exchanges.
Across the Atlantic, an agreement has been reached in Belgium concerning the free trade deal between the European Union and Canada. The main economic indicators to watch today are U.S. Durable Goods Orders and Initial Jobless Claims scheduled for 8:30 this morning.
