Bombardier Leads Stocks Higher After Delta Hug -- Canadian Commentary

(RTTNews) - Canadian stocks continued to trudge toward record highs Wednesday, as Delta said it would not abandon its Bombardier CSeries jet order, nor would it pay ridiculous duties ordered by U.S. authorities.

"We're not going to be forced to pay tariffs or anything of the ilk," Delta Chief Executive Ed Bastian said on the carrier's third-quarter earnings call. "There may be a delay in taking the order," he added.

The U.S. Commerce Department has proposed a 300% tariff duties after Boeing Co. (BA) complained that Bombardier benefited from unfair subsidies from the Canadian government. The proposed duties would not take effect unless affirmed by the U.S. International Trade Commission (ITC) early next year.

Bombardier rose 4.4 percent.

All told, the TSX Composite Index added 30.04 points to 15,800. That's about 140 points from a new record high.

Shopify (SHOP.TO) trimmed recent losses, rising 2 percent after Chief Exec Tobi snapped back at a short seller by calling him a troll.

Thomson Reuters (TRI.TO) has committed $100 million to expand its tech hub in Toronto Crude oil prices rose above $51 a barrel after the U.S. Energy Information Administration said it expects U.S. crude oil production in 2018 to rise by more than previously expected.

The EIA also raised its crude oil price outlook for both West Texas and Brent oil this year and next.

For 2018, it forecast WTI $50.57-up 2% from the previous outlook. The EIA also upped its 2017 forecast on Brent crude by 2.7% to $52.43 and its 2018 outlook by 4.8% to $54.07.