Wednesday , October 16 2019
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Tag Archives: Canada

The US Jobs Data to Close a Sobering Week

Overview: The recovery of US shares yesterday signaled today's fragile stability. Gains in Japan, Australia, and Taiwan blunted the losses elsewhere in the region, including a 1% slide in Hong Kong.  The MSCI Asia Pacific Index fell for the third week. China's markets have been closed since Monday and will re-open Monday and may play some catch-up. Europe's Dow Jones Stoxx 600 is extending yesterday's recovery. Although the week's losses have been pared, the 3.3% drop would still be...

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Focus Shifts to North American Jobs Before Turning Back to Europe next Week

Overview:  Investors hope that the world took a step away from the abyss in recent days.  Developments in Hong Kong, US-China talking, a political and economic crisis in Italy appears to have been averted, and a risk of a no-deal Brexit has lessened.  Asia Pacific equities closed the week on a firm note and extended the rally the third week.  European shares are mixed today, but the Dow Jones Stoxx 600 is also posting its third consecutive weekly gain.  Back-to-back gaps higher have...

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Talking and Fighting in the Week Ahead

Equity markets and the US dollar closed last week and August on a firm note.  Ahead of the weekend, the dollar rose to new highs for the year against the euro, Swedish krona, Norwegian krone, and the New Zealand dollar.  While the next set of US and Chinese tariffs start September 1, the market is making the most of the lull. At the same time, US and Chinese officials probe each other to see if sufficient disruption has been felt to force concessions.  Talking and fighting are not...

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Existing North American oil pipelines boost capacity as new projects drag on

Canada’s three major options for new oil pipeline capacity continue to face delays and court challenges, but existing North American pipelines are finding ways to move more barrels to refiners and export docks on the US Gulf Coast. Midstream companies’ second-quarter earnings cycle revealed a wave of compressor-based pipeline expansions across the US Rockies and Midwest to increase throughputs at low costs and without major regulatory and construction risks. TC Energy and Enbridge are also...

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IMO 2020 hit to Canadian crude softened by changing market: Fuel for Thought

A surging differential for Western Canada’s benchmark heavy crude has traders and analysts wondering if predictions that tighter sulfur requirements for marine fuel next year will devalue the country’s oil assets are overblown. “Nobody is talking about IMO 2020 anymore,” one trading director at an investment bank in Calgary said. Market participants say a lot has changed since early forecasts suggested the International Maritime Organization’s rule limiting...

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Dollar is Bid Ahead of Jobs Report

Overview:  The dovish response to news that Lagarde was nominated to replace Draghi was extended by the dismal German factory order report that has pushed the euro to new two-week lows and kept bond yields near record lows.  The focus ahead of the weekend is squarely on the US employment data, where a second consecutive poor report will fan expectations for a large Fed cut to initiate an easing cycle.  The large markets in Asia Pacific, including, China, Japan, Korea, Taiwan, and...

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The World may Look Different Come Monday

Overview:  Quarter-end positioning seems to dominate today's activity.  The outcome of bilateral talks at the G20 gathering partly reflects the influence of the US President who eschews multilateral efforts as a hindrance to its sovereignty.  Equities in Asia Pacific slipped today but held on to modest gains for the week.  The MSCI Asia Pacific Index rose every week this month for the first time since January 2018.  The Dow Jones Stoxx 600 is little changed and is off a little more than...

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Biggest Drop in the S&P 500 in June Weighs on Global Equities

Overview:  The S&P 500 fell nearly one percent yesterday, its steepest fall this month and this was a weight on Asia Pacific and European activity.  Most markets have eased, though not as much as the US did.  Hong Kong, India, and Singapore were notable exceptions in Asia, where the MSCI benchmark slipped for a second day.  Led by health care and real estate, Europe's Dow Jones Stoxx 600 is off for the fourth consecutive session.  US shares have stabilized, but the gap created by...

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Jobs Data and Tariffs Dominate

Overview:  Global equities continue to recover from the recent slide.  Chinese and Hong Kong markets were on holiday today, but the MSCI Asia Pacific Index eked out a minor gain and ensured that its four-week slide ended.  Europe's Dow Jones Stoxx 600 is up about 0.7% through the European morning.  It is the fourth advancing session this week, and ahead of the US employment data, it is up 2% for the week, which is the best in two months.  US shares are also trading firmer, and the...

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The Global Squeeze; US, Canada, China

Ever since the first major outbreaks of Euro$ #4 last year, the balance of data has tipped further and further toward the minuses. Yesterday was a big one. US income growth in 2019 is no longer growth. Not huge declines, but minus signs where, if the prior boom narrative had been valid, large plus signs should rule unchallenged. The business cycle used to be relatively easy and intuitive. A recession shows up, the economy quickly, violently plunges, and then just as fast back to normal. The...

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