Everything You Need to Know on Friday: Canada's New Finance Minister Asserted Fiscal Capacity to Weather Tariff Conflicts
Good morning mooers! Here are things you need to know about today's market:
● S&P/TSX 60 Index Standard Futures are trading at1,457.20, down 0.82% from previous close
● Canada's New Finance Minister Asserted Fiscal Capacity to Weather Tariff Conflicts
● Trudeau Plans Cabinet Reshuffle Before Trump Presidency and Election Year
● BlackBerry's Q3 loss narrows to US$11 Million
● Hydro One acquired additional transmission assets in Northern Ontario for $257 Million
● Panamanian President asserted no environmental risks from copper at First Quantum's shuttered mine
Currency Snapshot
Today, the Canadian dollar is trading at 69.54 US cents, an increase from the previous close.
Macro
Canada's New Finance Minister Asserted Fiscal Capacity to Weather Tariff Conflicts
Canada's new finance minister Dominic LeBlanc has emphasized the importance of maintaining the government's fiscal capacity to support households and businesses in the face of potential economic shocks stemming from Donald Trump's tariff threats. Speaking on the political podcast "The Herle Burly," LeBlanc expressed confidence in the government's ability to take significant action if needed, stating, "I'm reassured that the government has the fiscal room if there's a decision that has to be made to intervene significantly." He also underscored the government's responsibility to protect the nation's economy from being permanently affected by external decisions.
The fall fiscal update in Canada has unveiled a larger deficit, partly due to the government's plan to offer billions in tax relief to companies investing domestically. This has resulted in a C$62 billion ($43.2 billion) shortfall for the previous year, which deviates from the previous promise to keep the deficit near C$40 billion, highlighting the challenges the government faces in balancing fiscal responsibility with economic support.
Trudeau Plans Cabinet Reshuffle Before Trump Presidency and Election Year
Trudeau Plans Cabinet Reshuffle Before Trump Presidency and Election Year
Prime Minister Justin Trudeau is set to reshuffle his cabinet at Rideau Hall this morning in an effort to strengthen his government. The reshuffle will involve replacing outgoing ministers and addressing the current situation where some ministers are holding multiple portfolios due to sudden departures. This is anticipated to be Trudeau's final significant cabinet overhaul before the next election, which is expected to be held by fall 2025 at the latest.
Commodities
Falling Crude Oil Prices Due to 2025 Demand Worries and a Stronger US Dollar
Crude oil prices dropped on Friday due to worries over demand growth in 2025 and the U.S. dollar reaching a two-year peak. Brent crude dipped by 0.8% to $72.29 per barrel, while West Texas Intermediate crude slid to $68.80 per barrel. Emril Jamil, a senior research specialist at LSEG, noted in a Reuters-quoted Friday report that benchmark crude prices are in an extended consolidation phase as the market approaches year-end, burdened by uncertainty in oil demand growth. Concurrently, the U.S. dollar's ascent to a two-year high, following the Federal Reserve's indication of caution regarding interest rate cuts in 2025, has made oil more costly for those holding foreign currencies.
Stocks to watch
BlackBerry's Q3 Loss Narrows to US$11 Million
$BlackBerry Ltd (BB.CA)$ reported a reduced loss of US$11 million in the third quarter, an improvement from the $21 million loss in the same period the previous year. Quarterly revenue decreased slightly to $143 million from $152 million a year ago. The diluted loss per share was two cents, down from five cents in the prior year. CEO John Giamatteo highlighted a "significant inflection" in the third-quarter results, attributing the better-than-expected profitability to robust revenue in the cybersecurity and Internet of Things sectors, along with ongoing efforts to reduce costs and enhance operational efficiency.
Hydro One Acquired Additional Transmission Assets in Northern Ontario for $257 Million
$Hydro One Ltd (H.CA)$ has announced that it has reached an agreement to acquire a 48% stake in the East-West Tie Limited Partnership for $257 million. The partnership owns and operates the East-West Tie Line, a 450-kilometer, 230 kV double-circuit transmission line that runs from Wawa to Thunder Bay along the north shore of Lake Superior and is regulated by the Ontario Energy Board (OEB). This transaction establishes a partnership between Hydro One and the remaining stakeholders of the East-West Tie Line: the Bamkushwada Limited Partnership, a consortium of six First Nations, and NextEra Energy Canada, LP, which hold approximately 3.5% and 48% respectively.
Panamanian President Asserted No Environmental Risks from Copper at First Quantum's Shuttered Mine
Panamanian President Jose Raul Mulino stated that the over 100,000 metric tons of copper concentrate at the now-closed $First Quantum Minerals Ltd (FM.CA)$ mine in Panama is not an immediate environmental threat, as reported by Reuters. The mine, a significant global copper source, ceased operations in November after the country's Supreme Court deemed First Quantum's contract unconstitutional, a decision that came amidst environmental protests. The commodities market is closely monitoring the Panamanian government's decision on the potential export of the 130,000 tons of copper concentrate remaining after the mine's shutdown. Mulino mentioned that environmental authorities inspected the site a month prior and determined that the stored copper is currently safe from an environmental standpoint, alleviating concerns raised by both environmentalists and mining companies regarding the risks of leaving the copper at the site.
Source: BNN Bloomberg, MT Newswires
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Canada
Moomoo news official account
Follow the top news of Canadian market!
1654Followers
5Following
3964Visitors
Follow