GDP reaction: Economist says slowdown suggests Bank of Canada can step back
BNN Bloomberg
A second-quarter slowdown of the Canadian economy is proof that the Bank of Canada’s interest rate hikes are effectively working their way through the system, an economist said Friday.
Canada’s gross domestic product (GDP) shrank at a 0.2 per cent annualized pace in the second quarter of 2023, according to the latest data from Statistics Canada.
The data released Friday was weaker than what economists had forecasted and pointed to an overall cooling of the country’s economy.
“We are seeing the Bank of Canada getting some traction here with those rate hikes,” Dawn Desjardins, chief economist at Deloitte Canada, told BNN Bloomberg in a television interview.
Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.
FedEx shares surged about 10 per cent before the bell on Friday, after the package-delivery giant raised its full-year profit forecast and signaled steady shipping demand despite geopolitical tensions and surging fuel costs.
Wall Street is stumbling toward the finish line of a fourth straight losing week, but an ease in oil prices is taking some of the pressure off stock markets worldwide.
In the latest episode of Ticker Take on YouTube, I spoke with Madden, chief investment officer at First Avenue Investment Counsel, about how his team searches for companies that score well across multiple investment disciplines.
Oil prices steadied on Friday on the intensifying Iran war to around US$110 a barrel, while global shares were mixed following Wall Street losses.
With energy markets reeling due to the U.S.-Israel war on Iran, there are calls for British Columbia to ramp up its production of liquefied natural gas.
Iran intensified its attacks on oil and natural gas facilities around the Gulf on Thursday, raising the stakes in a war that is sending shock waves through the global economy.
Canadian and U.S. stock markets fell on Thursday as higher oil prices stoked inflationary fears.
Canadian securities regulators on Thursday announced a pilot project to allow smaller issuers to voluntarily adopt a semi-annual financial reporting framework, in a bid to ease the regulatory burden for public companies.
ETF strategies shift to defensive sectors while targeting growth opportunities as volatility and geopolitical risks reshape investor sentiment.
When U.S. President Donald Trump returned to office last year, he launched a crusade to shift the country away from renewable energy, drastically undoing the climate-friendly policies of his Democratic predecessor to focus instead on oil and other fossil fuels as the answer to his goal of American energy dominance.
Markets remain resilient despite oil surge from Middle East conflict, as investors watch inflation risks and potential supply disruptions.
The federal government is buying 30,000 new modular assault rifles for the Canadian Army from Colt Canada in a $307 million procurement deal.