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The market had another quiet session. Again, all three major indices gave back less than 1%. Financials were particularly weak after an analyst downgrading several brokerages. Dow Utility hit another record high. Oil price was weak ahead of tomorrow’s OPEC meeting. Bank of Canada cut its key rate by 25bps and the Canadian dollar is now traded below par at around 1.01CAD/USD. The market is still waiting for the decisions from ECB and Bank of England, which will come out this Thursday. After that, the most important news is this Friday’s non-farm payroll report. One week from today, we are going to get the Fed’s decision on interest rate. Currently the market has already priced in a 50% chance of 50bps cut. |
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