Survival of the fittest takes hold as OPEC’s decision to flood the market is continuing to wreak havoc in the oil sector. Cenovus says it’s lowering its 2016 budget as it prepares for more volatility. Meanwhile, Twin Butte is putting itself up for sale.
It’ll all be about the ECB this morning as the street wonders whether Mr. Draghi can be as dovish as expectations. The deposit rate right now is -0.2 per cent while some 12 per cent of European government bonds are already trading below that level. Whatever he does today, will he have more firepower for tomorrow?
Today there will be a focus on Canadian banks. RBC blew past fourth-quarter expectations, capping a year that saw its total profit top $10 billion. And, as expected, the National Bank raised its dividend.