Markets take positive tones, Brexit talks looking good, China-U.S. trade talks still viable

By MoneyWay | Oct 15, 2019

Wall Street gained 1% on Tuesday as strong earnings from JPMorgan, UnitedHealth and Johnson & Johnson allayed concerns about the fallout from a prolonged U.S.-China trade war on corporate America. Meanwhile, European shares climbed to a two-week high on Tuesday, as markets cheered comments from the European Union’s chief Brexit negotiator that a deal with Britain over the terms of their divorce was still possible this week. Michel Barnier’s remarks on Brexit gave investors fresh hopes that Britain would be able to clinch a deal to ensure a smooth exit from the bloc on Oct. 31.

The Canadian dollar is a little stronger to the USD, however, oil prices have not responded positively to over all market conditions, the IMF announced its reduction of its 2019 growth forecast for the fifth straight time. The IMF used its half-yearly World Economic Outlook (WEO) to cut its forecast for growth in both 2019 and 2020, adding that stimulua provided by central banks would mitigate the damage caused by protectionism. The Washington-based IMF said it expected global growth to be 3% in 2019 – down from 3.6% last year and a 0.3 percentage point cut from its April forecast.

Currently             Close                     Range

USDCAD               1.3206                   1.3234                   1.3201-1.3240

EURCAD               1.4574                   1.4594                   1.4533-1.4611

GBPCAD               1.6800                   1.6688                   1.6671-1.6912

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