MID-DAY: Canada takes another trade hit; ECB keeps interest rate the same
While the US is hiking, the ECB is keeping it status quo.
The European Central Bank announced it would not increase its interest rate and would likely keep the rate the same for another 12 months. This comes after the US Federal Reserve hiked its own interest rate to two per cent with another rate likely coming before the end of the year.
Europe is also in focus for Canadian investors as Italy is pulling out of a trade agreement with Canada claiming there’s little protection for local farmers against food product counterfeit.
Canada also had a significant drop in mortgage loans by about $2 billion dollars at the beginning of the year. A mortgage stress test is to blame for the fall. This has weighted the Loonie, which is moving down to 76.72 cents US.
The TSX is up 48 points to 16,314. Across the border, the Dow is down by 52 points to 25,148.
Fox, Comcast and Disney stocks are all up as Fox is being eyed for takeover by the other two companies.