The article provides an overview of market news and trends for the day, including:
- The TSX rising almost 300 points and U.S. stock markets also rallying
- Canadian credit card balances hitting an all-time high of $107.4 billion in the second quarter of 2023
- Equifax Canada reporting that total consumer debt reached $2.4 trillion during the same period
- European stocks being mixed and U.S. futures steady as investors wait for the European Central Bank’s interest rate decision
- Oil prices rising, with West Texas Intermediate trading near US$89 a barrel and Brent above US$92 this morning
- Several companies releasing earnings reports, including Empire Co, Transat AT, Reitmans Canada, and Adobe
Some of the key takeaways from the article include:
- Canadian credit card balances are at an all-time high, with average non-mortgage debt per credit-active consumer edging up to $21,131.
- Despite this, credit card delinquencies aren’t rising as fast as expected, in part due to an influx of new credit card users.
- The European Central Bank’s interest rate decision is being closely watched by investors, with markets pricing in a two-thirds chance of a 25-basis-point hike.
- Oil prices are driving inflationary fears, with West Texas Intermediate trading near US$89 a barrel and Brent above US$92 this morning.
Overall, the article suggests that financial markets are experiencing mixed trends and uncertainties, with investors waiting for key decisions from central banks and monitoring economic indicators such as credit card debt and oil prices.
