The Daily Chase: Why Canadian energy needs 'clear policy signals'; One-on-one with Jim Pattison
BNN Bloomberg
The S&P/TSX Composite’s dependence on financials and energy stocks is serving it well in the early days of 2022 as the world frets about inflation.
The S&P/TSX Composite’s dependence on financials and energy stocks is serving it well in the early days of 2022 as the world frets about inflation. Those are the only two subgroups trading meaningfully higher so far this year, with gains of four and almost 10 per cent, respectively.
We’ll see how those drivers fare today as investors hang on every word about the outlook for interest rates, which will surely be addressed when Lael Brainard attends a nomination hearing for her role as vice-chair of the U.S. Federal Reserve. Meanwhile, West Texas Intermediate crude is flat this morning after rising 5.6 per cent in the last two sessions thanks to shrinking U.S. stockpiles.
IN CONVERSATION WITH JIM PATTISON
The billionaire Canadian business magnate joins Jon this afternoon. We’ll get his assessment of the current bout of inflation compared to what he’s previously witnessed. Don’t miss the conversation shortly after 1 p.m. ET.
ENERGY WATCHDOG PRAISES AND WARNS CANADA
The International Energy Agency is out with a 261-page report on this country’s energy policies. If you’re a glass half-full type, you might appreciate the IEA’s praise for Canada’s clean electricity supply and its efforts on navigating the energy transition. However, the IEA also cautioned we need “clear policy signals to help attract energy sector investments that align supply capacity with demand trends” and said “the environmental profile of oil sands production, in particular, will become a greater focus for importing countries and warrants action.”