BEFORE THE BELL: Markets recover as investors shrug off trade war fears again; Hydro One shares in limelight today
Global markets are on the rebound, although analysts aren’t exactly sure why.
After a major market selloff yesterday, fueled by growing concerns over a large-scale trade war, investors seem to be shrugging it off and barreling ahead.
The Nikkei gained in overnight trading by 1.2 per cent before closing at 21,187. Analysts predict this will spill over to Wall Street later this morning.
Across the border investors are watching Hydro One shares after political pressure led to the CEO and board stepping down.
The Loonie is gaining ground up to 75.77 cents US following a BoC decision to raise the interest rate to 1.5 per cent. This has led banks to raise primary lending rates to 3.7 per cent and experts say will likely put more pressure on the already struggling housing market.
Oil prices are still recovering after Libya announced it would re-enter the production market exporting crude once again. The US price of crude is steady at 70.83 a barrel.