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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,209,654,411
Close 2015-04-14 C$ 64.66
Market Cap C$ 78,216,254,215
Recent Sedar Documents

FP says Big Five banks see BOC mull effect of cheap oil

2015-04-16 08:40 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Financial Post reports in its Thursday edition that the damage wrought by the oil-price collapse may have had a "faster" but not necessarily "bigger" effect on the economy than was first thought. The Post's Gordon Isfeld writes that the Bank of Canada acknowledged Wednesday the country's output was flat-lining for most of the first quarter, given that the fallout from the crash in crude appears to have been more "front loaded" than predicted just a few months. For the BOC's policy makers, this will mean staying the course for now at current low interest rates and assessing the impact of low oil prices. Governor Stephen Poloz says: "The key issue for us is whether the oil-price shock is having a bigger effect, or just a faster effect. That is the key thing that we have to assess." The BOC is keeping its lending rate on hold. Nomura Global economist Charles St-Arnaud says: "While we believe that the economy is likely to be weaker than the BOC expects, the fact that [it] remains confident that the economy will recover strongly from the oil shock suggests to us that the likelihood of a rate cut has diminished substantially. ... We now think the [BOC] is unlikely to cut rates over the coming months."

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