Equities advanced on signs that China may be planning further measures to stimulate its economy as it reels from a virus-induced slowdown and after U.S. data pointed to solid growth. Investors appear relatively confident in the ability of policy makers to contain fallout from the deadly coronavirus, even after Apple Inc. scared markets earlier this week by warning of a slowdown in sales. Data released Wednesday showed the housing market remains a bright spot for the U.S. economy amid sluggish business investment.
The Canadian dollar gained against the USD as oil prices have moved higher, West Texas Intermediate rose over 2% this morning, trading over $53 USD a barrel. Prices rose not just expected increased Chinese demand but also on Rosneft Trading and escalating tensions in Libya threatened global crude supply. The U.S.sanctioned a unit of Russia’s Rosneft PJSC for maintaining ties with Venezuela’s Nicolas Maduro and the state-run oil company, putting Venezuela’s ability to export crude in jeopardy. Meanwhile, cease-fire talks were postponed in Libya after the capital’s port was shelled by forces loyal to military commander Khalifa Haftar, who has forced a blockade of the country’s exports.
Expect a narrow range the rest of today.