European equities are lower across the board this morning while the EUR is modestly stronger on the day following Thursday’s decision by the ECB to keep the status quo as President Draghi touted the effectiveness of the current policy regime and unveiled the mildest of staff forecast tweaks for GDP and inflation, said BMO in its morning note. The modest upward movement in the euro comes despite softer German trade data for July, where both imports and exports unexpectedly declined in the month (-0.7% and -2.6%, respectively), narrowing the trade surplus to EUR 19.5 billion from a revised EUR 24.7 billion.
Then came France’s industrial production which unexpectedly declined for the second straight month in July, dropping 0.6% in the month (-0.1% y/y), following a like-sized drop in June. The GBP, however, is gaining a little ground on the greenback this morning, helped by some decent trade data for July. The U.K.’s trade deficit narrowed to GBP 11.8 billion from GBP 12.9 billion, while the non-EU deficit eased to GBP 4.2 billion from GBP 4.7 billion. While this is another post-Brexit marker, the real signals will come when the terms of separation with the EU are agreed upon, and we’re nowhere near that point yet.
About 953,405 shares traded hands. Bank of Montreal (TSE:BMO) has risen 15.18% since February 5, 2016 and is uptrending. It has underperformed by 1.31% the S&P500.
Bank of Montreal is a financial services company. The company has a market cap of $54.77 billion. The Bank provides a range of personal and commercial banking, wealth management and investment banking services and products. It has a 12.63 P/E ratio. The Bank’s operating groups include Personal and Commercial Banking, Wealth Management, BMO Capital Markets (BMO CM) and Corporate Services, including Technology and Operations.
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