MID-DAY: BoC hikes interest rate to 1.5 per cent; Tim Hortons eyes more global expansion
Canada’s interest rate is going up and the trade war could hit very hard.
The Bank of Canada announced the rate hike this morning to 1.5 per cent. Governor Stephen Poloz also warned the trade war hit against Canada will likely be much more significant than was originally thought.
Following the announcement the TSX has plummeted 121 points to 16,427. Across the border the Dow, weighted by trade war worries, is sliding 112 points to 24,807.
Traders are watching Tim Hortons after Restaurant Brands International announced a partnership with Cartesian Capital group to break in to China with 1,500 stores planned across the eastern country.
The Loonie has gained to 76.46 cents US.
US crude is down to 73.39 a barrel.