Monday , November 30 2020
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Tag Archives: Canada

Investors Catch Breath, Markets Stabilize

(Back from three-week business trip to Asia and early post today as I make my way to Bloomberg where I will be a TV guest from 6:00 am to 7:00).   Markets are calmer today.  The significant movers yesterday have stabilized.  The dollar has been unable to resurface above JPY110, but after plumbing to new lows near JPY109.35 in Asia, the dollar has recovered back levels since in North America late yesterday.   The decline in the US 10-year yield was also initially...

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Trade Notes: China and Prospects for a New Executive Order

Last week's meeting between the US and China's Presidents did not produce much fireworks or headlines.  The missile strike on Syria and the North Korean missile launch tended to overshadow the first meeting between the leaders of the two largest economies.   We understood that both Japan and China have similar strategies for dealing with a mercurial and, perhaps, unpredictable US President.   Make small concessions, giving Trump a "victory," which buys some good will. ...

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Canadian Housing Starts Explode To 9 Year Highs As Renter Nation Spreads

Misleading signals from China's capital flight into Canadian homes appears to have sparked a panic-building spree among homebuilders. Canadian housing starts surged in March, to the highest annualized level since 2007, driven by higher multiple unit construction. "Probably nothing..." Housing starts soared to an annualized 253,720 units in March, from 214,253 units in February, the Canada Mortgage and Housing Corporation said in a statement. Multiple-unit starts in urban areas surged 30...

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A New Phase Begins

There were no celebrations; no horn or trumpets, nary a sound, but an important shift took place last week. The shift was signaled by two events.  The first was the US strike on Syria, and the second was investors' willingness to look past Q1 economic data.   The US missile strike on Syria was significant even if it fails to change the dynamics on the ground.  It undermines the Trump Administration's ability to "reset" the US relationship with Russia. What the new...

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US Jobs Growth Disappoints

The US jobs growth slowed considerably more than expected in March and the disappointment pushed the dollar and equities initially lower.  The US created 98k jobs in March, well below market expectations for around 175k jobs.  Adding insult to injury, revisions to the January and February data took off another 38k job.   Wage growth also failed to meet expectations as the year-over-year pace slowed to 2.7% from 2.8%.   However, there were a couple of bright...

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Yen, Peso Pop After Ross Targets NAFTA, Japan For Trade Deals

The yen and the peso jerked higher after President Trump's commerce secretary Wilbur Ross commented that he expecte to start renegotiating NAFTA within two weeks and that Japan will be high on the list for trade agreements. As Bloomberg reports, discussions are under way with the Finance, Ways and Means committees and the expectation is that “in the next couple weeks” the U.S. will issue the 90-day notice trigger legally required consultations with lawmakers, Commerce Secretary Wilbur Ross...

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Solid US Jobs Report in line with Expectations

The US jobs report was largely in line with expectations.  February was the second consecutive month that the US economy created more than 200k jobs.   It is the first time since last June and July.  The 235k is just below the revised January 238k gain (initially 227k).    The unemployment rate ticked down to 4.7% from 4.8%, which is notable as the participation rate increased to 63.0% from 62.9%.  The underemployment rate slipped to 9.2% from 9.4% and matched the...

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Peso, Loonie Drop After NAFTA Renegotiation Executive Order Headlines

Confirming his campaign rhetoric and inaugural address tone, President Donald Trump is expected to sign an executive order as early as Monday to renegotiate the North American Free Trade Agreement (NAFTA) with Canada and Mexico, according to NBC News' Kristen Welker. President Donald Trump is expected to sign an executive order as early as Monday stating his intention to renegotiate the free trade agreement between the United States, Canada and Mexico, a White House official told NBC...

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Canada’s liberal government does an about-face on oil pipelines: Fuel for Thought

Leave it to a liberal government backed by environmentalists to approve the first Canadian pipelines in several years, to help rejuvenate an oil industry thirsty to find more outlets for its crude oil. Without mincing words, the federal natural resources minister James Carr had said repeatedly that the new government in Ottawa was not elected to be a cheerleader for the oil sands industry by approving new export pipelines. But within a little more than a year of taking office, two new...

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A Preview Of Trump’s Seven Imminent Executive Orders

Having already signed a (mostly symbolic) executive order on Obamacare on Friday night, urging US agencies to "waive, defer, grant exemptions from, or delay the implementation" of provisions deemed to impose fiscal burdens on states, companies or individuals, Trump is preparing to unload a volley of many more executive orders. Courtesy of Axios, which quotes "one of the best-wired Republican lobbyists in town", here is a preview of the initial round of Trump executive actions, some of which...

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