BEFORE THE BELL: US economic outlook boosts global markets; Alphabet stock in focus as EU fines Google $5 billion
Global markets are getting a confidence boost as US policymakers give a positive economic outlook.
Setting aside fears about a trade war, the US Federal Reserve Chair told congress business is looking up in America. This will likely lead to two more interest rate hikes in the near future according to analysts. It’s also helping the global markets as the Nikkei gained .4 per cent in overnight trading, closing at 22,794, with similar gains expected on Wall Street and Bay Street.
Alphabet’s stock will be in focus this morning as the EU prepares to hit Google with a $5 billion fine. This comes after European officials investigated Google’s alleged monopoly of app businesses with its android phones.
US crude is down to 66.73 a barrel as global reserves continue to grow.
The Loonie continues to fall this morning, down to 75.48 cents US.