Another sign that current oil prices could weigh down the Canadian economy came yesterday when Alberta oil sands giant Suncor Energy (TO:SU) announced that it would eliminate 1,000 jobs in 2015. Company president Steve Williams said that he needed to accelerate a cost reduction process already well underway. The company also announced that projects at the planning stage would be put on hold. In international news, the World Bank cut its global growth forecast from 3.5% to 3% for 2015. In its report, it notes that the improving U.S. economy and low gas prices will not be sufficient to make up for disappointing data from Europe and China. This morning, negative earnings data from JPMorgan Chase & Co. (XETRA:JPM) and weak crude prices should result in an opening in the red on Wall Street. In Canada, the Teranet National Bank Composite House Price Index will be announced this morning, while south of the border, Retail Sales and the Import Price Index are on tap.Have a great day!Philippe Shebib
- Range of the day: 1.1930 - 1.2040