OPEC+ announced a production cut yesterday, and the rally lasted all of a few hours.
West Texas Intermediate crude turned south this morning, and Brent crude gave up some of the gains that saw it jump as much as 4.3 percent yesterday after the cartel of oil-producing nations and its allies announced they would cut their official oil output target by 100,000 barrels per day in October.
The symbolic move by OPEC+ might be getting overshadowed by China’s ongoing COVID Zero policy, which is now locking down part of Guiyang, which has about 6.1 million residents. We’ll see how this will play out for energy stocks on the TSX today, which snapped a five-session losing streak Friday.
On the eve of a rate decision by the Bank of Canada, we’ve got more evidence today that Canadians are piling on debt as the cost of living soars.
Equifax says total consumer debt rose eight percent year-over-year to $2.32 trillion in the second quarter.
Notably, credit card balances (with their notoriously high-interest rates) rose to the highest since 2019. The cost of living is expected to be an agenda item at the federal cabinet retreat that starts today in Vancouver, and will no doubt be part of our conversation with pollster Nik Nanos around 1:10 p.m. EDT.