BEFORE THE BELL: Scotiabank boasts big earnings; Fed Reserve official providing more details on US inflation
Scotiabank is richer than analysts think as the big bank announced higher than expected earnings in its quarterly report. The company brought in over $2.2 billion in its first quarter from both national and international investments. Shares jumped up to 1.87, roughly 0.20 higher than expectations.
In the east a three-week high in world stocks was reflected in the Nikkei. In overnight trading, the Asian index grazed its January high of 22,500 closing 1.1 per cent higher at 22,389.
Gold is gaining this morning, up to 1,334 an ounce.
Oil is down slightly to 63.65 and the Loonie is still struggling to reach the 80 cent mark, down to 78.78 cents US.
Investors will be watching as the chair of the US Federal Reserve gives more details on the state of the economy and plans for interest rate hikes in the future. Some analysts believe policymakers may have plans to add a fourth rate hike to cool rising inflation in the US.