By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Global markets continued to fall hard on Monday as United States President Donald Trump stated over the weekend that he won’t abandon nor amend his worldwide reciprocal tariffs. As well, China remained on course with its retaliatory levies against the U.S. Reports said, the markets in Asia incurred their worst day since 2008 and the Stoxx 600 in Europe already dropped five per cent. On Friday, the S&P 500 retreated 5.97 per cent, the Nasdaq fell 5.82 per cent, the Dow Jones pulled back 5.50 per cent, and the TSX lost 4.69 per cent.
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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally. – Canadian…
- On that note, financial firm Goldman Sachs upped its call on the likelihood of a U.S. recession within the next 12 months by 10 points to 45 per cent. Last week, Goldman Sachs placed it at 20 per cent and then raised it to 35 per cent. Reports said the firm is now inline with others predicting a significant economic downturn.
- Statistics Canada reported on Monday that retail sales in January were up 6.4 per cent compared to a year ago at C$59.80 billion, with gains in all 18 commodity classes. Motor vehicle sales led the increase with sales of used vehicles up 14.1 per cent, while used minivans, sport utility vehicles and light trucks rose 13.8 per cent, and new vehicle sales were 7.5 per cent higher. In a preliminary estimate, StatCan forecast February retail sales to bump up 0.7 per cent.
- The Canadian Canola Council said late last week that it’s pleased the Trump administration didn’t impose any new tariffs on Canada, especially canola. President Trump stated last week that he won’t apply any levies on Canadian good that are covered by the Canada-U.S.-Mexico Agreement. However, the council and the Canadian Canola Growers Association noted farmers are not in the clear yet with China’s 100 per cent duties on its imports of Canadian canola meal and oil.
