The Daily Chase: Markets point to a positive open; Bank of Canada reiterates banking system support
BNN Bloomberg
North American equity markets are pointing to further gains at the open, looking to build on yesterday’s strong showing across the board.
BANK OF CANADA READY TO ACT IF BANKING TURMOIL SPREADS
Sticking with that central bank theme, the Bank of Canada is reiterating that it’s prepared to step in to support the financial system if the banking woes south of the border spill into Canada. Speaking in Montreal yesterday, deputy governor Toni Gravelle said the domestic banking sector remains strong and that financial markets continue to function normally, but that the central bank is ready to act if those conditions change. Canada’s banking sector is structurally different from that of the U.S., with the more diversified oligopoly better insulated from sector-specific shocks than the U.S. regional banking system.
YELLEN POISED TO CALL FOR TIGHTER BANK RULES
