MID-DAY: TSX weighted by surprise inflation report; Trump pushes to cut US corporate earnings reports in half
A bigger than expected inflation rate in Canada is weighting the TSX.
Stats Can reported the country’s inflation jumped to 3 per cent in July. Which is higher than the 2.5 per cent prediction and way above the preferred 2 per cent rate by the Bank of Canada. Experts say the BoC is likely to raise the interest rate again in September to pull back inflation. The TSX is up 54 points to 16,280.
Across the border, the Dow is up 18 points to 25,577.
Donald Trump wants to allow public traded companies based in the US to cut down the number of times they have to file earnings reports. The US President reportedly asked the US Securities and Exchange Commission to cut the reports from four to two per year. Trump says this would save corporations money and time.
US oil is gaining to 65.88 a barrel. Crude prices have been on a volatile ride this week as supply jumped in the US again and reports showed demands are dropping for the commodity in China and Singapore.