Hap Sneddon's Top Picks: August 8, 2023
BNN Bloomberg
Top Picks from Hap Sneddon, chief portfolio manager and founder, CastleMoore Inc.
FOCUS: Technical analysis
MARKET OUTLOOK:
Inflation in Canada has slowed recently to 2.8 per cent, and in the U.S., to three per cent. The highs in inflation crested in the spring of last year and markets, particularly the tech sector, troughed just a few months later. When we break down the components, energy (-3.4 per cent) and transportation costs (-3.5 per cent) fell the most. On the other hand, food (+8.3 per cent) and grocery (+9.1 per cent) saw continuing strength as did shelter (+4.8 per cent) and mortgage costs (+30.1 per cent).
Conservative Leader Pierre Poilievre is promising to release a new auto pact that he says will remove the GST on all Canadian-made automobiles and eliminate tariffs for the sale of Canadian vehicles to the United States.
Iran’s Supreme Leader Ayatollah Mojtaba Khamenei issued his first statement on the war on Thursday, saying Iran should close the Strait of Hormuz and keep attacking its Gulf Arab neighbors as leverage. Khamenei also called on people in Gulf countries to “shut down” U.S. bases, saying promised U.S. protection is “nothing more than a lie.”
Iran’s Supreme Leader Ayatollah Mojtaba Khamenei issued his first statement on the war on Thursday, saying Iran should close the Strait of Hormuz and keep attacking its Gulf Arab neighbors as leverage. Khamenei also called on people in Gulf countries to “shut down” U.S. bases, saying promised U.S. protection is “nothing more than a lie.”
Iran’s Supreme Leader Ayatollah Mojtaba Khamenei issued his first statement on the war on Thursday, saying that the leverage of closing the Strait of Hormuz should be used and that Iran will keep attacking its Gulf Arab neighbors. Khamenei also called on Gulf countries to “shut down” U.S. bases, saying promised U.S. protection is “nothing more than a lie.”
Iran’s Supreme Leader Ayatollah Mojtaba Khamenei says that the leverage of closing the Strait of Hormuz should be used and that Iran’s attacks on Gulf Arab neighbours will continue. His first statement since his appointment was read on state television Thursday by a news anchor.
Prime Minister Mark Carney is again heading overseas, this time to Norway to observe NATO Cold Response exercises as Canada deepens ties with Nordic countries.
The Canadian Security Intelligence Service says the threat level in Canada from Iran or its proxies has not changed since the war in Iran began nearly two weeks ago, while adding that threat-related activities are “likely to continue.”
Ottawa is letting an unnamed automaker import a higher quota of U.S.-made vehicles without tariffs because the company is selling and making more cars in Canada than first expected.
World shares tumbled on Monday, with Japan’s benchmark Nikkei 225 index plunging more than 5%, after oil prices spiked at nearly $120 a barrel, casting a shadow over economies heavily dependent on imports of oil and gas from the Middle East.
Prime Minister Mark Carney announced Sunday the date for three upcoming byelections.
The price of oil surged higher and showed no signs of halting its rapid climb a week after the U.S. and Israel launched major attacks on Iran that escalated into a war in the Middle East.
Scott Moe says Canada needs to separate its trade talks from its national security concerns when dealing with certain countries if it is serious about diversifying trading partners beyond the United States.
Prime Minister Mark Carney has landed in Japan on the final stop of a 10-day trip that also included Australia and India.