TSX May Open Lower After Canada GDP Data

The TSX looks set to open lower on Wednesday after a disappointing reading on the Canadian GDP for October. Energy prices, however, may help curb losses following OPEC's world oil report.

Stock futures for the March quarter on the S&P TSX index slipped 0.18% recently.

Data showed that Canada October GDP was flat in October compared to September following the 0.5% m/m plunge in September. The lack of growth in October contrasts with expectations for at least some rebound (median +0.3%).

Meanwhile, prices for both Brent crude and the WTI were rising after OPEC released its world oil report. The oil cartel said: "Current medium-term supply projections represent a downward revision of 1 mb/d compared to last year's Outlook, primarily due to the lower oil price environment and resulting investment cuts."

The TSX closed up by 48 points on Tuesday, led higher by materials and healthcare.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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