By Commodity News Service Canada
Aug. 29 (CNS Canada) – The Canadian dollar
sagged in early morning trading. Apparently,
investors were concerned with concessions Canada
might make in an effort to salvage the North American
Free Trade Agreement. Canada and U.S. negotiators
are in Washington and a deal must be reached by
Friday. The loonie received a lift from news that
the U.S.-China trade rift was nowhere near to a
resolution, which pulled the U.S. dollar down. As
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recovering early losses.
The Canadian/U.S. exchange was at US$0.7734, or
C$1.2929 at 8:49 CDT this morning. The loonie closed
yesterday at US$0.7742, or C$1.2917.
West Texas Intermediate crude oil was US$69.08
this morning, an increase of 0.83 per cent.
BMO Financial Group exceeded expectations for
its third-quarter results, boosted by its U.S.
operations. The bank announced it earned C$1.54
billion for the quarter ended July 31, up from C$1.39
billion in the third quarter of 2017. Canadian
personal and commercial banking earned C$642
million for the quarter, C$29 million more than last
year. U.S. personal and commercial banking reached
C$291 million, C$22 million more than 2016. BMO’s
adjusted earnings were C$1.57 billion, or C$2.36 per
share. Analysts were projecting C$2.26 per share.
In Toronto, the S&P/TSX index is up 0.08 per
cent, or 12.67 points, at 16,368.21 at 8:50 a.m. CDT.
The index has gained 58.57 points, or 0.36 per cent,
over the last five days.
In the U.S., the Dow Jones Industrial Average
is down 0.037 per cent to 26,054.34, the S&P 500 is
up 0.11 per cent to 2,900.80 and the Nasdaq is up
0.31 per cent to 8,055.13.
