Canada Market Outlook
GoCs were slightly firmer. The 10-year yield had dipped to 1.432% from an overnight high of 1.4456%, closing in on the bottom of the 1.48% to 1.43% range seen Wednesday. Equities were higher, as stability in China's manufacturing PMIs (although at still weak levels) and a firmer than expected read on Japan's Tankan sentiment survey provided support. Crude oil is firmer, with NYMEX crude holding just above US$46 per barrel after gyrating around $45 yesterday. Canada's stock market looks to open in the green following Wednesday's 0.25% rise that sharply underperformed U.S. indexes, which could weigh on GoCs. Vehicle sales will trickle out today, but otherwise the calendar is devoid of economic data or Bank of Canada events/speakers.
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