Source: business.financialpost.com --- Tuesday, January 26, 2016
North American markets look set for a higher open today as oil prices recover and ahead of the start of the Federal Reserve’s policy meeting and Apple’s earnings report later in the day. Crude prices were hovering slightly above $30 a barrel on hopes that OPEC and non-OPEC producers would agree to tackle a massive supply glut. Shares of Chevron were up 0.9 per cent premarket. Chinese shares tumbled, dragging down global stocks, after a steep fall in rail freight in the world’s second largest economy raised concerns about a China-led global slowdown. The Federal Reserve’s Federal Open Market Committee begins a two-day meeting on interest rates later on Tuesday, its first since raising rates in December, with a statement due on Wednesday. While the Fed is not expected to move on rates this week, rattled investors will parse the commentary to gauge the impact of the recent global turmoil on the central bank’s outlook. Based on trading in short-term interest-rate futures, investors are expecting the Fed to raise rates only once this year, and not until June, instead of four expected earlier. Corporate earnings reports are likely to offer little cheer, with S&P 500 companies expected to report a 4.5 per cent drop in quarterly profit. Moody’s has downgraded its ratings for the Bank of Nova Scotia (TSX:BNS) by one notch, noting Scotiabank’s increased reliance on generating profits from credit card and auto loans. Apple is scheduled to r ...
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