TSX May Open Higher with Oil Prices; Bank Earnings, BoC Rate Announcement In Focus
Canada's benchmark index looked set to open higher on Wednesday, helped by rising oil prices , while investors keep an eye out on Bank of Montreal (BMO.TO) and National Bank of Canada (NA.TO), which both reported earnings.
Action Economics said no change is expected to Bank of Canada's 1.25% policy setting in the announcement at 10 am ET Wednesday. In April, a gradualist tone was maintained as they reiterated that they "will remain cautious with respect to future policy adjustments, guided by incoming data."
Meanwhile, Bank of Montreal and National Bank of Canada are both looking at a positive trading day after the two Big-6 constituents reported better-than-expected quarterly earnings.
The TSX has shed 93 points on Tuesday, led lower by financials.