The Daily Chase: BofA says market 'screams capitulation'; Scotia warns of recession ahead
BNN Bloomberg
A new survey of fund managers conducted by Bank of America says the current macro environment sentiment “screams capitulation”, setting up equity markets for a trough and a subsequent rally in the first half of next year.
SCOTIA RINGS RECESSION BELL
Scotiabank Economics is warning that a global recession is now assured, and that Canada will not be spared from its effects. In a note to clients, Scotia’s Chief Economist Jean-François Perrault said that a series of policy missteps including central banks waiting too long to begin raising rates from the pandemic lows will put a chokehold on economic output. Perrault says Canada is in line for a technical recession – two consecutive quarters of negative growth – in 2023. Scotia also raised its view of the Bank of Canada’s terminal rate – essentially where it ends its hiking cycle – to 4.25 per cent from 3.75 per cent by the end of this year. We’re looking forward to hearing from Jean-François at about 1 p.m. EDT.
IAMGOLD SELLS SURINAME MINE STAKE
