By Commodity News Service Canada
June 27 (CNS Canada) – Oil prices gave strength to the Canadian dollar on early trading today. Oil has risen for the fourth straight session, leaving behind last week’s seven-month lows. Oversupply fears are limiting gains.
The Canadian dollar was trading at 75.74 cents U.S. at 9:04 a.m. CDT (C$1.3203 per US$1). The loonie closed Monday at 75.54 cents U.S. (C$1.3238 per US$1).
Crude oil prices were up in early trading this morning. Brent crude was at US$46.44, a rise of 61 cents. WTI crude was at US$43.88, an increase of 51 cents.
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The S&P/TSX was down 12.87 points to 15,303.15 at 9:04 a.m. CDT. The Dow Jones was down 12.16 points at 21,397.39, Nasdaq was down 22.93 at 6,224.22 and the S&P 500 was down 3.25 points at 2,435.82.
Many investors are waiting to hear from U.S. Federal Reserve chair Janet Yellen, who is expected to speak later today. Questions have arisen over whether the Fed would proceed with a planned rate hike later this year, or if recent weak economic reports have changed the positive outlook for the U.S. economy.
Bank of Canada governor Stephen Poloz is expected to participate in a panel discussion later today at the European Union’s Central Bank Forum.
A plan by Time Inc. to launch a new weighted stock index in July would include 450 publicly traded companies. Done in partnership with the England-based multi-national bank Barclays, companies listed on the new Fortune 500 index would have a combined revenue of about US$11 trillion.
