Canadian equities open higher with the US on holiday
Dip in oil prices outweighed by gold bump
Canada's benchmark TSX Composite index is trading 0.22% higher in early trading. Gold stocks and some of the reopening trades are among the leaders while energy is the laggard with crude down 1% today.
Johnson spokesman: We want to resume face-to-face talks but it's a matter for EU
Comments from Johnson's spokesman
The headline on whether or not Barnier is going to travel to the UK on Friday is a big one. The caveat is that it might not be a signal if he can't travel for covid-related reasons.
Canada Sept average weekly earnings +6.9% vs +7.91% y/y prior
Sept payroll employment, earnings and hours report from Canada
This is old data as Statistics Canada already released the October jobs report, which showed 83.6K jobs versus 75.0K expected. Unemployment fell to 8.9% from 9.0%.
The US is on holiday but there is some Canadian news to come
It's not a holiday in Canada
Thanksgiving will make for a quiet market but there will be a few headlines to keep things moving.
I'll be watching out for signs that Barnier is going to travel to London. That will be a tell that the EU thinks a deal can be done on the weekend.
ECB minutes: It was cautioned that governing council should not pre-commit to specific policy actions
The minutes from the ECB October policy meeting
- Policymakers see possibility that pandemic might have longer-lasting effects
- That will take a toll on demand side, supply side, reducing growth potential
ECB's Kazimir: ECB to focus recalibration on tools that have worked
Comments by ECB policymaker, Peter Kazimir
Tools that have "worked". Clearly more hints that rate cuts are off the table for December. This just reaffirms that extending PEPP and enhancing TLTROs are the likeliest options that the governing council will stick with.
Major currencies mostly little changed on the session
A quiet one amid the Thanksgiving holiday period
There are also large expiries seen rolling off later today at 104.00 so that is likely to keep price action anchored around the region above for the time being.
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