BEFORE THE BELL: Asian markets gain, oil prices drop; Wall Street quiet during Memorial Day holiday
The Asian markets are gaining on signs of a revived historic meeting between the US and North Korea. Following praise and possibility tweeted by Donald Trump about North Korea’s economy and a likely revival of the summit with Kim Jong Un, the Nikkei gained .13 per cent in overnight trading to close at 22,481.
Traders will have to wait to find out how this will impact Wall Street as US markets are closed today for Memorial Day.
On Bay Street, the TSX will run as usual, but could be weighted by a continued slide in crude prices on a jump in output by world producers. This is to offset losses expected from Venezuela and Iran. The price of US crude this morning is falling to 66.71 a barrel.
Traders will be watching the Bombardier stock this morning as the Canadian jet-maker has unveiled two new business planes to compete in the global market.
This week Scotiabank, BMO and National Bank will all release their Q2 earnings reports. Investor focus will likely be on mortgage rates after CIBC reported a drop in mortgage applications. Experts say the likely culprit is the new mortgage stress test unveiled nationwide this year.