"Canada posted a near-record trade deficit in May, as volumes of both exports and imports slumped. “On the year, imports are down by roughly 2 per cent, highlighting in part the difficulties the Canadian economy has faced in generating firmer internal demand,” said economist Nick Exarhos of Canadian Imperial Bank of Commerce in a research [...]
"Stock markets in North America tumbled, crude oil prices took a drubbing and the Canadian dollar fell nearly a full cent Tuesday, signs that uncertainty about global economic growth and the United Kingdom's decision to leave the European Union continue to confront investors. The August contract for oil slid US$2.39 at US$46.60 per barrel. That [...]
"Construction spending declined 0.8 percent in May following a 2 percent tumble in April, the Commerce Department reported Friday. The April figure had been the biggest monthly setback in five years. The back-to-back declines in overall construction caught analysts by surprise. They had been expecting a rebound following the big drop in April. Economists, however, [...]
"“If Brexit is used as an excuse, the central banks will print more money, QE4 in the U.S. is on the way and the depreciation in the purchasing power of currencies will continue,” Faber said in the interview from Hong Kong. “In that situation, you want to own some gold.” Bullion for immediate delivery rose [...]
"But as far as Brexit is concerned, if the global financial system were healthy, I don’t think Brexit would be that big a deal. I mean, does it really matter whether the U.K. is part of the EU in the scheme of things? Think of all the countries that are not part of the EU; [...]
"In order for the job market to hit bottom and then stabilize, the U.S. Federal Reserve estimated it would take oil prices holding steady at $50 US a barrel for two or three months. In Canada, it's expected that it will take more time than that for hiring to start." Source: cbc.ca
"Oil prices jumped 3 percent or more on Tuesday with investors buying back into the market after a two-day rout triggered by Britain's vote to leave the European Union. Potential oil supply outages and crude inventory drawdowns also returned investors' attention to market fundamentals." Source: reuters.com
"The Fed's willingness to begin pulling back on crisis era policy was already in doubt. "Now, Janet Yellen can blame her failure to raise rates on Brexit," said Peter Schiff, CEO of Euro Pacific Capital on CNBC's "Trading Nation" this week. "She could even use this as an excuse to cut rates back to zero [...]
"The successful Brexit vote, and the uncertainty and volatility it has introduced into the global markets, will provide the Federal Reserve with all the cover it could possibly want to hold off on rate increases in the United States without having to make the painful admission that domestic economic weakness remains the primary reason that [...]
"Oil prices settled 5 percent lower on Friday after Britain's vote to leave the European Union spurred massive risk aversion and a rally in safe havens like the U.S. dollar that threatened to cut short a three-month-long recovery in global oil markets." Source: cnbc.com