A drop in the Canadian economy is coming as a surprise to analysts. Experts were expecting a 0.1 per cent increase after the GDP dropped by 0.2 per cent in December. However, the economy went the other way with a 0.1 per cent drop, led by a sharp decline in oil production and real estate. Economists are now waiting to see how the Bank of Canada will respond to this with future interest rate plans.
On Bay Street the TSX is higher up to 15,297 thanks to the financial and energy sectors. Across the border the Dow is coming back from Wednesday losses, up to 24,020, as FAANG stocks come back to life. But, Amazon has dropped 1.5 per cent following Trumps call to impose stronger regulations on the online retailer.
The Loonie is climbing, up to 77.63 cents US.
The price of oil is slightly higher at 64.83 a barrel.
Dollarama is enjoying a healthy boost in business as it reported over 162 million in profits during its fourth quarter. Shares are up five per cent following news the retailer has plans to expand in Montreal.
