The Daily Chase: Markets skeptical on Ukraine talks; Home prices 'in the crosshairs'

Optimism has swung to skepticism as market participants take stock of Russia’s negotiations with Ukraine.

Optimism has swung to skepticism as market participants take stock of Russia’s negotiations with Ukraine. European markets are broadly lower this morning, and U.S. futures are suggesting it will be a weak open at 9:30am. West Texas Intermediate crude, however, is back in positive territory after shedding as much as seven per cent yesterday amid the fleeting prospect/hope for a de-escalation. We’ll point out that despite oil’s weakness yesterday, the S&P/TSX Composite Index closed at a new record as every subgroup other than materials and energy rallied.

‘FULL-SCALE ATTACK ON CANADIAN HOME PRICES’

Those are the words of BMO Capital Markets Senior Economic Robert Kavcic in a note to clients. He pointed to the Ontario government, which made good late yesterday on an earlier threat to hike and expand its non-resident speculation tax (and, based on this tweet last night from a BNN Bloomberg regular, it looks like there was a race to beat the higher tax before it took effect today). Kavcic also noted Nova Scotia’s new tax on foreign buyers, as well the recent spike in mortgage rates, and uncertainty about what Finance Minister Chrystia Freeland could have up her sleeve for the budget next week.

IN CONVERSATION WITH IAN ANDERSON

This one promotes itself. Tara has an exit interview this afternoon with Ian Anderson as he prepares to leave his post as president and chief executive of Trans Mountain Corporation on Thursday. So much to talk about, from the project’s ballooning costs and uncertainty about future ownership, to the broader issue of how politics, activism, and the green transition have shaken the industry. Watch for that interview late this afternoon and online.

TRACKING THE MORE ACT