MID-DAY: Bank stocks push TSX higher; Trump takes aim at GM again with tariff proposal
The banking sector is giving life to the TSX. The Bay Street index is up 96 points to 15,040 after RBC came in with better than expected earnings in its latest quarter. A solid report from Scotiabank yesterday is also helping.
Across the border the Dow is up 175 points to 24,924 thanks some GDP growth in the US. The American economy grew 3.5 per cent in October. US Federal Reserve boss Jerome Powell will make comments on the economy, with investors listening for indications of a rate hike coming in December.
Donald Trump is taking more shots at GM as he indicates he’s considering tariffs against the carmaker on vehicles coming from other countries after it announced the shutdown of plants across the US and Canada. Trump also asked for a repayment of a US bailout to GM. The President will be watched closely this week when he heads to Argentina for the G20 summit and may strike a trade agreement with China. He’s also expected to sign off on the USMCA agreement with Trudeau and Mexico’s outgoing President.
The price for crude on the decline again as US oil drops to $51 a barrel.