The Canadian economy saw a modest 0.1% growth in October, following a similar increase in September. This comes after a weaker-than-expected third quarter, which recorded an annualized growth of just 1%, prompting the Bank of Canada to consider further rate cuts.
The Bank of Korea has cut its benchmark interest rate by a quarter percentage point to 3% to support a slowing economy, revising its growth forecasts down to 2.2% for 2024 and 1.9% for 2025. This marks the second consecutive month of rate cuts amid high inflation and rising household debt, as global economic uncertainties persist. The bank's actions follow a previous cut in October, the first since May 2020, as concerns grow over the impact of new U.S. tariffs and geopolitical tensions.
President-elect Donald Trump's proposed tariffs on imports from China, Mexico, and Canada could disrupt inflation and investment, potentially reversing progress made by the Federal Reserve. Economists predict an 8% increase in import prices, pushing headline PCE above 3%, while also widening the trade deficit as companies may front-load imports in anticipation of the tariffs.
UBS analysts report that Commodity Trading Advisors (CTAs) are adopting a "risk-on" approach, favoring U.S. equities over European and Latin American stocks. This positioning reflects a divergence in market sentiment, with CTAs also selling U.S. and Japanese bonds while anticipating inflows into European bonds. Additionally, CTAs are bullish on energy and agricultural commodities, maintaining a strong preference for the U.S. dollar amidst global economic uncertainties.
Croesus has appointed Vincent Lévesque as Vice President and Chief Product Officer, tasked with managing the company's product strategy and overseeing innovation projects. With a background in product design at the National Bank of Canada and experience at FLO, Lévesque aims to enhance Croesus' offerings to meet market demands and support growth in North America and Europe. His appointment is expected to accelerate the company's growth strategy and improve its competitive edge.
President-elect Donald Trump's proposed 25% tariffs on Canadian and Mexican imports could significantly impact U.S. refiners, consumers, and Canadian producers, potentially leading to higher fuel prices and revenue losses. Experts express skepticism about the implementation of these tariffs, citing inflation concerns and the need to maintain energy costs ahead of the midterm elections. Canadian officials are urging immediate resolution of border issues to prevent unnecessary tariffs on exports.
Trading is expected to start sluggishly, influenced by Donald Trump's tariff announcements on Mexico, Canada, and China, which have dampened market sentiment. Major industrial stocks like Schindler and UBS faced losses, while car manufacturers like Ford and GM also struggled due to potential impacts from the tariffs. Despite these challenges, the US stock market showed unexpected strength, buoyed by a ceasefire between Israel and Hezbollah.
U.S. markets are responding positively to President-elect Donald Trump's policies, with the S&P 500 and Dow Jones hitting record highs despite his tariff threats. The Federal Reserve plans to gradually lower interest rates if inflation stabilizes at 2% and employment remains strong. Meanwhile, Softbank invests $1.5 billion in OpenAI, reflecting ongoing interest in tech advancements.
Goldman Sachs warns that President-elect Donald Trump's proposed 25% tariffs on Canadian products could significantly impact US consumers, refiners, and Canadian producers. The tariffs may raise fuel prices in the US, although their implementation is uncertain, as they contradict Trump's goal of lowering energy costs. With the US importing nearly 4 million barrels of Canadian crude daily, the tariffs could lead to higher gasoline and energy costs for American consumers.
Trump's recent trade threats have prompted Mexico to deploy 6,000 troops to its southern border and revive the "remain in Mexico" policy. Canada, seeking to mitigate tensions, has engaged in talks emphasizing the economic risks of disrupted relations, while Prime Minister Trudeau hinted at a potential separate trade deal with the U.S. Economists warn that universal tariffs could lead to increased domestic prices and economic stagnation, although Trump's economic advisers suggest a more measured approach to tariffs, viewing them as tools for negotiation rather than immediate action.
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