Trump touts progress with China
The S&P/TSX Composite Index is heading into the final trading session of a year that can’t end soon enough for most investors, with Canada’s benchmark stock exchange sporting a negative-12.3 per cent return so far this year. That’s bad enough to leave it ranked No. 62 among all major equity markets tracked by Bloomberg (Jamaica is No. 1 at +28.2 per cent). As of the close of trading Friday, only two subgroups and just 51 members of the TSX are above water this year. Today we’ll take a closer look at the anatomy of Bay Street’s year to forget, and watch out for a year-in-review on BNNBloomberg.ca later today.
TRUMP TOUTS PROGRESS WITH CHINA
Futures are pointing to a positive open when trading starts in New York after U.S. President Donald Trump stoked optimism that his administration and China can reach an agreement before their tariff standstill expires on March 1. “Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!,” he tweeted on Saturday. We’ll consider how investors will respond if the two countries fail to deliver on his hype-by-tweet.
WHAT’S NEW IN 2019
The new calendar year will bring plenty of new (albeit well-telegraphed) policies. The cannabis sector can look forward to the legalization of edibles. The “enhanced” Canada Pension Plan will result in richer benefits and contributions. And the federal government will impose a carbon tax on four provinces – Ontario, Saskatchewan, Manitoba, New Brunswick – that haven’t implemented plans that meet national standards.
OTHER NOTABLE STORIES
-Shares of Canada Goose are rallying in pre-market trading after the retailer opened a new flagship store in Beijing over the weekend.
-The partial U.S. government shutdown is into a 10th day after Trump continued talking up his border wall via Twitter this weekend. Should point out the 116th Congress, with a Democrat-controlled House, will be sworn in on Thursday.
-The Globe and Mail is reporting a group of Rogers Communications employees has submitted a bid to purchase the company’s magazines.
-A malware attack resulted in delivery delays and other production problems for several major U.S. newspapers on Saturday. Tribune Publishing says it reported the incident to the FBI.
The Daily Chase will not be published on Jan 1. It will resume on Wednesday, Jan. 2. Happy new year!