The Bank of Canada kept borrowing costs on hold Wednesday and indicated it’s no rush to pursue aggressive interest rate hikes amid growing global trade tensions and softer housing data.
The statement, which left the benchmark rate at 1.25 percent, repeated dovish language about moving cautiously in an economy that will require continued stimulus. The broader trade comment was new, though policy makers made no explicit mention of U.S. President Donald Trump’s threats to impose tariffs on steel and aluminum.
While global growth is “solid and broad-based,” recent developments in trade policy have become “an important and growing source of uncertainty” for the Canadian economic outlook, the central bank said.
Investors have pared bets on rate hikes after a run of soft economic data, turmoil in global equity markets and growing geopolitical concerns. That may increase Bank of Canada Governor Stephen Poloz’s caution about any decision to tighten monetary policy further. While the Bank of Canada has been highlighting risks to the North American Free Trade Agreement for months, the latest language suggests those concerns have evolved.
Top Canadian Stocks To Invest In Right Now: Apollo Gold Corporation(BRD)
Advisors' Opinion:- [By Ethan Ryder]
Bread (CURRENCY:BRD) traded 10.1% lower against the U.S. dollar during the 24-hour period ending at 15:00 PM ET on May 6th. Bread has a market cap of $73.13 million and approximately $1.09 million worth of Bread was traded on exchanges in the last 24 hours. One Bread token can currently be purchased for about $0.82 or 0.00008683 BTC on popular exchanges including OKEx, Binance and Cobinhood. In the last seven days, Bread has traded 3.3% higher against the U.S. dollar.
Top Canadian Stocks To Invest In Right Now: PennyMac Mortgage Investment Trust(PMT)
Advisors' Opinion:- [By Stephan Byrd]
Pennymac Mortgage Investment (NYSE:PMT) shares reached a new 52-week high and low on Monday . The company traded as low as $18.60 and last traded at $18.62, with a volume of 19306 shares changing hands. The stock had previously closed at $18.50.
- [By Stephan Byrd]
Pennymac Mortgage Investment (NYSE:PMT) – Equities researchers at Wedbush lifted their Q1 2019 earnings per share estimates for shares of Pennymac Mortgage Investment in a research note issued to investors on Thursday, May 10th. Wedbush analyst J. Weaver now anticipates that the real estate investment trust will post earnings per share of $0.36 for the quarter, up from their previous estimate of $0.34. Wedbush also issued estimates for Pennymac Mortgage Investment’s Q2 2019 earnings at $0.43 EPS, Q3 2019 earnings at $0.43 EPS, Q4 2019 earnings at $0.52 EPS and FY2019 earnings at $1.74 EPS.
Top Canadian Stocks To Invest In Right Now: China Metro-Rural Holdings Limited(CNR)
Advisors' Opinion:- [By Shane Hupp]
Wall Street analysts expect that Canadian National Railway (NYSE:CNI) (TSE:CNR) will announce $1.02 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Canadian National Railway’s earnings, with the highest EPS estimate coming in at $1.06 and the lowest estimate coming in at $0.97. Canadian National Railway reported earnings per share of $1.00 in the same quarter last year, which would suggest a positive year over year growth rate of 2%. The company is expected to announce its next quarterly earnings results on Tuesday, July 24th.
- [By Max Byerly]
Canadian National Railway (NYSE:CNI) (TSE:CNR) – Cormark raised their Q3 2018 earnings per share (EPS) estimates for Canadian National Railway in a research report issued to clients and investors on Tuesday, April 10th. Cormark analyst D. Tyerman now expects that the transportation company will post earnings per share of $1.15 for the quarter, up from their previous estimate of $1.14.
Top Canadian Stocks To Invest In Right Now: Natural Gas(NG)
Advisors' Opinion:- [By Money Morning News Team]
Canadian gold mining company NovaGold Resources Inc. (NYSE: NG) shows an even starker change in sentiment. In the last six months, the volume of short bets on the stock declined 32.75%, from 19.05 million shares to 12.81 million.
- [By Shane Hupp]
JPMorgan Chase set a GBX 870 ($11.80) target price on National Grid (LON:NG) in a research note released on Monday. The brokerage currently has a buy rating on the stock.
- [By Money Morning Staff Reports]
Canadian gold mining company NovaGold Resources Inc. (NYSE: NG) shows an even starker change in sentiment. In the last 12 months, the volume of short bets on the stock declined 79%, to 522,400.
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