Canadian Market Summary
GoCs remained on a corrective footing ahead of Friday's U.S. and Canadian employment data. Another sharp recovery in risk assets helped drive yields higher, given a platform in a stable crude oil price and rising expectations that low wage pressures will keep the U.S. Fed sidelined on interest rates.
In domestic data, the new home price index continued to edge higher. And catching attention, a report by Deutsche Bank suggested that home prices are overvalued by 63% when compared to historic multiples. USD-CAD rebounded, but never tested the new five-year high posted on Wednesday. And the S&P/TSX Composite rallied, led by healthcare and industrials, and strength in resource stocks.
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