Ski-Doo maker BRP feels impact of slow consumer spending as profits plunge
BNN Bloomberg
BRP Inc. saw its third-quarter profits tumble by half from a year earlier, as the recreational vehicle maker felt the squeeze of sluggish consumer spending.
The financial drop marked a sharp U-turn from the previous quarter, when earnings jumped 42 per cent year-over-year and optimism rode high atop near-record sales for the period.
“Consumer confidence declined since July," CEO José Boisjoli told analysts on a conference call Thursday, citing weaker demand for the Ski-Doo maker's products.
"In October, the decline happened in almost all markets, but especially international. And the trend is continuing in November."
Canada’s population decline is easing rental demand and weighing on housing as interest rates remain elevated and activity stays subdued.
Israel killed another top Iranian official -- the intelligence minister -- in its campaign against the Islamic Republic’s leadership, and an Iranian offshore natural gas field was struck Wednesday amid the war’s escalating pressure on the region’s economic lifeblood: energy.
Canadian and U.S. stock markets fell on Wednesday amid interest rate decisions from the Bank of Canada and the U.S. Federal Reserve, with both central banks acknowledging inflationary risks from the war in the Middle East.
Israel killed another top Iranian official -- the intelligence minister -- in its campaign against the Islamic Republic’s leadership, and an Iranian offshore natural gas field was struck Wednesday amid the war’s escalating pressure on the region’s economic lifeblood: energy.
Bank of Canada holds rate at 2.25 per cent as growth weakens and oil-driven inflation risks rise amid geopolitical uncertainty.
U.S. stocks are sinking Wednesday after a discouraging report said inflation was primed to worsen, even before the war with Iran sent oil prices spiking.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
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Two Canadian cargo ships are stuck in the Persian Gulf and unable to pass through the blocked Strait of Hormuz as the war in Iran continues.
U.S. stocks are sinking Wednesday after another climb for oil prices raised worries about inflation, which may have been primed to worsen even before the war with Iran began.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?