US stocks rise on China trade hopes despite dire jobs report

first_img whatsapp Friday 8 May 2020 3:44 pm Harry Robertson European stocks have risen after China yesterday said its vice premier Liu He had talked by phone to US trade representative Robert Lighthizer and treasury secretary Steven Mnuchin.  Show Comments ▼ Share With London trading closed for VE Day, the pan-European Stoxx 600 rose 0.8 per cent. Germany’s Dax was 1.2 per cent higher and France’s CAC was up 0.9 per cent. The Dow Jones index was 1.5 per cent higher. The S&P 500 rose 1.3 per cent while the Nasdaq climbed 1.2 per cent. Yet they were cheered yesterday and today by news of some progress over the deal. Liu and Lighthizer and Mnuchin agreed they would work together on achieving the goals of the trade deal this year. US treasury secretary Steven Mnuchin spoke with Chinese vice premier Liu He about the two sides’ trade deal (AFP via Getty Images) Also Read: US stocks rise on China trade hopes despite dire jobs report “Today’s stock market rally is mostly attributed to US-China trade negotiators pledging support for the phase-one trade deal,” Moya said. “Wall Street did not learn anything new regarding the US labor situation,” said Edward Moya, senior market analyst at currency firm Oanda. “But one thing seems certain, price action is signaling that the majority of these job losses are expected to be short-lived.” US stocks also climbed as investors brushed off “nonfarm payrolls” data that showed 21m Americans lost their jobs in April. Unemployment surged to 15 per cent, its highest level since the Great Depression. US-China deal cooperation lifts US stocks US stocks rise on China trade hopes despite dire jobs report The dollar fell as investors bought equities today, slipping 0.2 per cent on an index against other currencies. The euro rose 0.1 per cent to $1.084. Investors were expecting an even worse figure, however. Weekly jobless claims data means the dire unemployment situation was well-known to markets. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndobonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsUndoPsoriatic Arthritis | Search AdsWhat Is Psoriatic Arthritis? See Signs (Some Symptoms May Surprise)Psoriatic Arthritis | Search AdsUndoGloriousaOctomom’s Kids Are All Grown Up. Here’s How They Turned OutGloriousaUndoBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderUndo The office of the US trade representative said both sides “agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner”. US treasury secretary Steven Mnuchin spoke with Chinese vice premier Liu He about the two sides’ trade deal (AFP via Getty Images) Also Read: US stocks rise on China trade hopes despite dire jobs report However, coronavirus has thrown the deal into doubt. It has deeply damaged global trade and China’s ability to purchase US goods, but it has also increased tensions between the two countries. Investors were spooked last week when US President Donald Trump raised the possibility of more tariffs against China. US treasury secretary Steven Mnuchin spoke with Chinese vice premier Liu He about the two sides’ trade deal (AFP via Getty Images) US stocks have risen in early trading despite the worst unemployment report in modern history, as investors take cheer in the US and China’s agreement to work together on the smooth implementation of their trade deal. whatsapp The “phase one” US-China trade deal was struck this year before coronavirus spread rapidly around the world. China agreed to ramp up purchases of US agricultural products in return for the lifting of tariffs.last_img read more

Point Baker woman co-produces film on Prince of Wales logging

first_imgArts & Culture | Environment | Southeast | Timber | WildlifePoint Baker woman co-produces film on Prince of Wales loggingMarch 17, 2021 by Angela Denning, KFSK – Petersburg Share:The documentary film, “Understory,” looks at the impacts of logging on Prince of Wales Island in Southeast Alaska. (Image courtesy of Last Stands)A documentary film about the impacts of logging on Southeast Alaska’s Prince of Wales Island called “Understory” is starting to make its way through film festivals. The film features a resident of the small Prince of Wales community of Point Baker.Audio Player Up/Down Arrow keys to increase or decrease volume.Elsa Sebastian is the narrator and co-producer of “Understory.” In the film, she sails her boat with a few friends around Prince of Wales and backpacks into the forest. Sebastian says she isn’t anti-logging, but she doesn’t like industrial clear cutting. This winter, she’s been apprenticing in Sitka learning how to repurpose salvaged, old growth timber into furniture.“As a local person, the way I see it, is that we’re not just stripping the land of biological abundance when we clear cut it, we’re also removing our reserve of really valuable timber, really valuable trees that could be used carefully and locally forever,” she said.Sebastian grew up on Prince of Wales in a home without running water or electricity. She commercial fished with her parents. The forest was part of her identity. As an adult she started to investigate logging happening in her backyard. Industrial-scale logging began on the island in the 1950s and expanded in the second half of the last century. Now the island supports the region’s only remaining mid-sized sawmill where some of the trees cut are still processed.Sebastian shifted from power trolling in Southeast to gillnetting in Bristol Bay to spend more time on what she calls “ground truthing” or studying the land by personal observation.“It’s basically going to the land to see for yourself if what you’ve been told is true,” she said.Point Baker resident, Elsa Sebastian, is co-producer and narrator of the documentary film, “Understory,” which looks at the impacts of logging on Prince of Wales Island in Southeast Alaska. (Photo courtesy of Last Stands)The film was also prompted by the exemption of the Tongass National Forest from a nationwide rule prohibiting new logging in undeveloped areas. Sebastian recruited a few other women to sail around the island with her, visiting those places.Natalie Dawson is a wildlife biologist who has studied mammals in the Tongass for 20 years. She spent “months backpacking on Prince of Wales, and Kuiu, and Admiralty,” trapping them, she said.Dawson was interested in seeing Prince of Wales from the water — from the outside looking in.“I’m used to being literally nose down in the lichen and moss and the downed trees and that kind of allowed me the perspective of pulling back and seeing the island as a whole place,” Dawson said.Also joining them was Mara Menahan, a wildlife artist who specializes in painting plants.The trio had traveled together a few years earlier, spending a month bushwhacking through areas of Prince of Wales. Sebastian says, at times, if felt like they were just animals navigating through very difficult terrain.“When you’re carrying a heavy backpack and you come up to an edge of an old clear cut and you realize you’re going to have to crawl through it, it’s really challenging and it shifts your opinion about what that clear cut means,” said Sebastian.This trip by sail boat included two people filming. It was Sebastian’s first time venturing into advocating for the Tongass in a professional way, but she thought the message was important. She says a lot of people think you can cut the big trees down and little ones will replace them.“That logic makes sense in a way, but it’s not true,” she said. “I mean, we’ve tried to move through a 70-year-old clear cut and felt like we were going to break our legs the entire time. It’s pretty scary to walk through old clear cuts, whether you’re a human or a black bear or a deer.”From her observations, Dawson believes logging impacts mammals on the Tongass. But she says funding for scientific research is so limited, it’s hard to quantify it.Dr. Natalie Dawson, featured in the film, “Understory,” has her PhD in endemic mammals of the Tongass National Forest. (Photo courtesy of Last Stands)For Sebastian, she says she didn’t really get what industrial logging was until she spent a few months walking in the woods.“I’ve been fishing off of Prince of Wales my entire life. I grew up on a fishing boat and we used to fish down by Craig,” Sebastian said. “And when you look at the land, I mean, there’s different shades of green but it all looks green. You know, an old clear cut that’s grown back for 50 years, it looks green from the water. But when you get into that forest, it doesn’t feel alive.”The film “Understory” also touches on other themes: the federal subsidies to keep logging going and the carbon sink the forest provides to combat climate change. It also features Marina Anderson, with the Organized Village of Kasaan talking about her tribe’s history of logging on the island.Funders for the film included Patagonia, The Wilderness Society, Audubon Alaska, Peak Design, and Sitka Salmon Shares.The coronavirus pandemic has complicated local screenings of the film. Sebastian says they will come up with a plan even if it’s an outdoor showing. In the meantime it’s getting shown at film festivals throughout the country.Share this story:last_img read more

News / Prepare for no-deal Brexit, transport sector is advised, after Commons vote

first_img Businesses should prepare for a no-deal Brexit, some specialists advise after last night’s convoluted and non-binding vote in the UK parliament.“I’ve never felt more like betting on a no-deal,” said Sandra Strong, of Brexit adviser Strong and Herd, at the MIQ Logistics Knowing Brexit seminar in London this morning.“If the government has come up with an abbreviation, it will happen. And it has come up with D1ND, Day One No Deal.“We are in much the same position as we were in June 2016, but with less hope,” she added. By Alex Lennane 30/01/2019 Alex Veitch, head of policy for the Freight Transport Association (FTA), which is now also advising its members to prepare for no-deal, laid out the challenges for each mode of transport operating between the EU and UK.Road“It is not a given that UK hauliers can drive around Europe,” he said. “The EU has a quota for non-EU trucks … which is 1,224 per year for the UK”, although there are some additional monthly permits and for vans. The process for applying for those permits is now closed, so forwarders should check with their haulage suppliers to see if they have permits.“It has been a penny-dropping moment for the international community. Have you got your permit? There is an easement – for a limited time, the EU may allow extra access, so there is not a disaster on day one. But it’s a short-term easement only.”Some 85% of trucks on the Dover-Calais route are from the EU, another potential problem.“If you are an EU haulier, you have to make it worthwhile to deliver to the UK, where there could be limited cabotage, you could get stuck at the border and it could be more expensive.”Robert Hardy (pictured), a Brexit consultant at Oakland Invicta, pointed out that the average length of time an EU truck spends in the UK is 1.9 days.“If foreign trucks can’t get out, they won’t want to come in. If that 1.9 days doubles, they won’t like it.”He predicted more challenges for exports than for imports, in part because Operation Brock, the holding process before Dover, has been planned as a linear operation – ie, all the trucks, whether with the correct documentation or not, or empty trucks, will be held in the same queue.AirIn air freight, there is a contingency plan allowing point-to-point air travel between the EU and UK. But it is only for a year, and there is a limit to the amount of air cargo, based on the average winter volumes in 2018.“But it is a fluid picture,” said Mr Veitch. He also pointed out that UK airlines would lose the right to fly between points in the EU.“I suspect the market will change a bit,” he said. “If a UK airline supplies chartered aircraft to other companies it could lose that contract.” However, he added that “people seem relatively confident of the air services agreement. Let’s hope politicians do something sensible on this”.The other issue for air freight is security: the EU will need to recognise the UK’s Civil Aviation Authority’s security compliance.SeaSea is the only mode with no legal limit on the number of carriers and volumes.“The biggest issue is around the preparations on border control facilities,” said Mr Veitch. “Are there other ports? Could you use rail? There are options that should be considered which may not have been considered before,” he said. “There is a lot of work being done by ports other than Dover.”RailNegotiations are under way to ensure trains can pass through the Channel Tunnel.“I am confident that will happen,” said Mr Veitch. The EU has delegated competence to individual members, France, Ireland, the Netherlands and Belgium.“The biggest issue is that, with 10 weeks to go, bilaterals have not been concluded. But the EU is looking at laying on extra services which could [make rail] become more useful and interesting than it has been before. There hasn’t been a business case before to use rail, but there could be now.”SkillsSkills remains a big issue, with the current outline for immigration potentially detrimental for the logistics industry. While 90% of logistics workers have qualifications below RFQ level 2, and 88% of the logistics workforce earns less than £30,000, the new requirement for immigration is set at RFQ level 3, and a £30,000 pay packet.CustomsMr Veitch also noted that under a no-deal scenario, one under-reported issue would be safety and security declarations, currently required for non-EU exporters into the EU. A separate declaration, but with much of the same data as included in the Customs declaration, would be required for UK exports into the EU. It is worth noting that any company that does not submit this would be liable for a £1,000 fine.The FTA will be running a series of webinar briefings up to the end of March.last_img read more

News / UPS mulls same-day service – but may not use its own drivers

first_img By Ian Putzger in Toronto 16/06/2021 © Jerome Cid UPS is considering a same-day parcel service in its home market.Management sees a new opportunity, but there are obstacles: one critical question is whether the service should be by unionised UPS drivers or subcontractors.At a recent investors’ day, UPS revealed it was examining the viability of same-day parcel services.CEO Carol Tomé said the integrator had been doing pilot studies and added: “We have a team of people looking at it.”center_img Cathy Morrow-Roberson, founder and head analyst of Logistics Trends & Insights, said the rise of e-commerce, and UPS’s increasing focus on small and mid-sized customers in this space, made a same-day delivery solution an important addition to the integrator’s portfolio.FedEx already had a same-day service and was, reportedly, working on refining it, while UPS had some way to go to get there, she said.“I don’t see UPS’s network set up for same-day across the US. In some locations – yes, but not across the country,” she added. “It can’t offer this nationwide including rural areas.A same-day operation would also require a technology platform, which UPS does not have at the moment, she said. It would either have to make an investment or use a platform provider, like Bringg.A major question is who would be performing the deliveries. Ms Tomé said the company could go outside its own driver pool for this.Given the costs of final-mile operations and the margins on which most e-commerce providers operate, this is a critical aspect, said Ms Roberson. She reckons it’s more likely that UPS would go for a crowd-sourced provider.This raises questions about the position of the Teamster union, as unlike FedEx, UPS has a unionised work force. The union has been opposed to the company’s use of the US Postal Service for the final-mile delivery of its SurePost domestic service.The company has shifted a rising portion of this traffic to its own network wherever destinations are on the route of their own drivers, but a portion of it remains with the postal agency.UPS has been increasingly using drivers with their own vehicles – internally referred to as ‘personal vehicle drivers’ (PVDs) – since 2015, when they were brought in for the peak season. The practice was cemented in the labour contract of 2018, which essentially allows UPS to use PVDs for the peak season, with the caveat that it has to give priority to union staff.In last year’s peak season, UPS used 39,000 PVDs, which management estimated produced savings of about $92m. In an earnings call in February, Ms Tomé said the model had worked well and the company would “lean into this as we think about peaks of the future”.“UPS could potentially partner up with Roadie,” suggested Ms Roberson. Through its Strategic Investment Fund, UPS has invested in the crowd-sourced delivery platform, which already offers same-day deliveries around the US, she noted.However, the use of PVDs has been criticised by some drivers and former UPS managers, who argue that this could erode the UPS brand image. The loosening of regulations governing drivers’ appearance – notably beards, hairstyles and visible tattoos – indicates that management has a less stringent view on this.At the UPS investors’ event, the issue of same-day service and its ramifications figured only peripherally and towards the end of the session. Much of the discussion was about the company’s guidance for the coming three years, which most analysts found too cautious, in light of the market outlook.Observers have noted that Ms Tomé, who has a financial background, has a reputation for caution. The combination of this and her strong focus on margins suggests a carefully planned approach to a same-day venture, with a close eye on costs, which would favour the outsourced final-mile model.last_img read more

2018 Remembered – 18-house Laois estate bought for €1.25 million in online auction

first_img Twitter 2018 Remembered – 18-house Laois estate bought for €1.25 million in online auction WhatsApp Home We Are Laois 2018 Remembered – 18-house Laois estate bought for €1.25 million in online… We Are Laois TAGS2018 RememberedBorris-in-Ossory Previous article2018 Remembered – Laois GAA appoint eight-time All Ireland winner as new hurling managerNext article2018 Remembered – Carlow footballer Murphy launches Twitter attack on Laois defender LaoisToday Reporter Community WhatsApp Pinterest “For those who want to commute to the likes of Dublin, Limerick or Cork it’s great to have the motorway adjacent to the area,” added the Fine Gael councillor.Cllr Brendan Phelan also welcomed the sale and hopes the houses won’t be left derelict for much longer.“It’s great for the area – it keeps the numbers up and the schools occupied. It will be great to houses filled as when they’re empty it leaves them left open to being damaged,” said cllr Phelan.Second sale of its nature in LaoisThis is the second sale of its nature in Laois in the last six months. In December 21 incomplete houses in De Vesci in Abbeyleix were sold at a BidX1 auction for €2.2 million.Two other Laois properties were sold on the site in July – a semi detached three bedroom house in Mountmellick for €95,000 and a mid-terrace three bedroom house for €35,000 in Rathdowney.SEE ALSO – Application made for massive housing development in Laois RELATED ARTICLESMORE FROM AUTHOR Cathaoirleach of Laois County Council John King welcomed the sale of the 18 houses. “It’s great to see the houses being bought. Hopefully they are finished quickly as it would be a great benefit to the local community. There is a serious need for houses like this in Borris-in-Ossory,” said the Cathoirleach.He also mentioned having the benefit of the nearby M7 motorway to attract people to the area. This estate in Borris-In-Ossory went for a fair chunk of money. Back in July, the 18 houses went for over €1 million. An estate of 18 houses in Laois was brought in an on-line auction last Wednesday, July 18.A mix of seven four-bedroom and 11 three-bedroom houses were sold at Glenall, Rock Road, Borris-in-Ossory at their guide price of €1.25 million and are at varying stages of completion.All properties up for the auction on BidX1 are described as two-storey beneath pitched roofs and feature gardens to the front and rear. We are are informed that the properties range in size from 115 sq. m – 171 sq. m (1,243 sq. ft – 1,849 sq. ft). Foundations and blockwork have also been started for an additional 4 houses.The sale had a stamp duty of €15,000 – the government tax on property sales. An online mortgage calculator shows that a purchaser who has a 10% deposit will then be able to service the loan at a cost of approximately €4,300 over a 35-year term. Facebook Facebook By LaoisToday Reporter – 22nd December 2018 Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Council Pinterest Twitter New Arles road opens but disquiet over who was invited to official opening Community Laois secondary school announces scholarship winners for new academic yearlast_img read more

TSX to rise amid strong U.S. employment report

Malcolm Morrison Facebook LinkedIn Twitter The Toronto stock market looked set for a strong open Friday amid a much better than expected employment report from the United States. The U.S. Labour Department reported that the economy created 243,000 jobs, far higher than the 150,000 jobs that economists had expected. Share this article and your comments with peers on social media Also, the unemployment rate fell from 8.5% to 8.3%. The Canadian dollar had been lower following the release of a disappointing domestic employment report. Statistics Canada reported that the economy created only 2,300 jobs last month, a far cry from the 25,000 that economists had expected. The unemployment rate climbed one notch to 7.6% as more people looked for work. The loonie shook off those earlier losses and gained 0.11 of a cent to 100.15 cents following the positive news from Canada’s biggest trading partner. “Today’s report reinforces the point that Canada’s job creation engine is cooling markedly,” observed BMO Capital Markets deputy chief economist Doug Porter. “With domestic drivers now gearing down, the job market needs the U.S. economy to gather some serious momentum to keep the recovery on track.” U.S. futures accelerated following the release of the jobs report with the Dow Jones industrial futures ahead 95 points to 12,761, the Nasdaq futures gained 21.75 points to 2,513.25 and the S&P 500 futures rose 11.3 points to 1,334. Meanwhile, there was further evidence that the 17-nation eurozone is heading for recession. Eurostat, the EU’s statistics office, said retail sales dropped 0.4% during January, in contrast to expectations for an increase of the same amount. The December data reinforced expectations that the eurozone contracted during the fourth quarter of the year. Eurostat is due to publish its first estimate for the quarter on Feb. 15. Commodity prices improved following the American jobs report with the March crude contract on the New York Mercantile Exchange up 57 cents to US$96.93 a barrel. Prices have softened since Wednesday when data showed a much larger than expected increase in U.S. crude inventories last week. The April copper contract was up five cents to US$3.83 a pound. However, bullion prices declined with the April contract down $1.40 to US$1,755.40 an ounce. European markets were mixed with London’s FTSE 100 index up 0.42%, Frankfurt’s DAX gained 0.09% and the Paris CAC 40 climbed 0.8%. Earlier in Asia, Japan’s Nikkei 225 index fell 0.5% but Hong Kong’s Hang Seng ended marginally higher. Mainland Chinese shares extended gains fuelled by news of fresh support for the farming and small-business sectors, with the benchmark Shanghai Composite Index rising 0.8% while the Shenzhen Composite Index added 1.5%. In earnings news, Domtar Corp. (TSX:UFS) reported fourth quarter net income dropped to US$61 million, or $1.63 per share, compared to a profit $325 million, or $7.59 per share a year earlier. Sales were flat at $1.37 billion as the paper and pulp producer was affected by both a seasonal slowdown and the rapid decline in global pulp prices. Heroux-Devtek Inc. (TSX:HRX), a Quebec-based manufacturer of aerospace and industrial products, reports it earned $6.9 million, or 23 cents a share for the three months ended Dec. 31. That was 33.8% higher than $5.2 million, or 22 cents earned a year earlier. Sales rose 8.8% to $93.4 million. read more

Moody’s: Global default rates decline

first_imgJames Langton Leading indicators signal steady rebound: OECD Facebook LinkedIn Twitter Related news Keywords Economic indicators,  Credit ratingsCompanies Moody’s Investors Service “The precipitous decline in the projected default rate forecast is underpinned by several factors,” said Sharon Ou, vice president and senior credit officer at Moody’s, “including the recent peak in the global default rate, recovery in the commodity sectors and moderate growth in the global economy. “Such a low global default rate forecast is not surprising,” she added, “given that the main drivers for defaults over the past two years — namely defaults and downgrades in the commodity sectors — have finally receded.” North American issuers have made up the majority of defaults (69%) so far this year. Nevertheless, Moody’s said, the U.S. speculative-grade default rate declined to 5.4% in February, down from 5.9% in January. Europe’s default rate also crept lower, reaching 2.2% in February, down from 2.3% in the previous month. Over the next 12 months, Moody’s said, the default rate for U.S. issuers is expected to be highest in the media sector, followed by the retail sector. In Europe, the retail sector is expected to be the most troubled in the year ahead.center_img Sovereign defaults hit record level in 2020: Fitch Household debt-to-income ratio fell in first quarter: Statscan As the turmoil in the resources sectors dissipates, the global default rate for speculative-grade companies continues to decline, says Moody’s Investors Service Inc. The credit-rating agency reports that the global speculative-grade default rate fell to 4.2% in February, down from 4.7% in January. It forecasts that the default rate will continue to decline over the coming year, reaching 2.6% over the next 12 months, “as defaults and downgrades within the embattled commodity sectors have subsided.” Share this article and your comments with peers on social medialast_img read more

Advisors not communicating fees effectively: poll

first_imgIFIC campaign encourages investors to open their statements Share this article and your comments with peers on social media In fact, only 23% of Canadian investors recognized any change this past year as to how their advisors communicated fee and performance information. Furthermore, only 24% of investors reported that they understood their fees this year, which was down from 27% in 2016. Financial services firms and advisors should take note because investors with a “complete understanding of fees” are considerably more likely to recommend their firm to others, the report says. Specifically, 55% of investors who understand their fees would recommend their firm compared to 36% of investors with less than a complete understanding. “Disclosure is not the same as transparency,” says Mike Foy, senior director of the wealth-management practice at J.D. Power, in a statement. “Yes, investment firms in Canada have to disclose more information about their fees in line with the new [second phase of the client relationship model (CRM2)] requirements, but our data show that the message is not always getting through clearly enough.” Read: CRM2: Taking a transparent approach Advisors can do better when explaining such critical information to their clients, the report suggests. For example, 36% of investors said their advisor did not clearly explain the reasoning behind the performance of their investments and 41% say their advisor did not explain their fees. Among clients aware of CRM2, and who discussed the topic with their advisor, only 35% say they fully understand their fees. “Establishing a clear link between fees charged and value provided is very important for full-service advisors,” Foy adds, “especially now as they confront new threats coming from generational and technological changes that have put a large chunk of customer assets at risk of attrition.” Among affluent millennials — those born between 1982 and 1994 with more than $100,000 in investible assets — 23% say they “definitely will” or “probably will” leave their current firm in the next 12 months, the report says. Approximately 23% of millennials have already used a robo-advisor and the report surmises that even investors who want a traditional advisor are likely open to reallocating some assets to less expensive advice channels. The J.D. Power study also ranked several Canadian full-service investment firms, scoring the following seven factors: financial advisor, account information, investment performance, product offerings, commissions and fees, website, and problem resolution. Mississauga, Ont.-based Edward Jones received the highest investor satisfaction score for the fifth year in a row, followed by Toronto-based Assante Wealth Management Ltd. and Edmonton-based ATB Financial. The J.D. Power study was conducted between May and June and is based on responses from 4,903 investors who seek advice-based investment services from financial services institutions in Canada. Photo copyright: sifotography/123RF BMO InvestorLine launches commission-free trading for ETFs Facebook LinkedIn Twitter Despite recent regulatory reforms requiring Canadian investment firms to disclose more information about fees to their clients, the majority of investors still feel in the dark in understanding their own investment fees, according to the J.D. Power 2017 Canadian Full Service Investor Satisfaction Survey released on Thursday. Keywords Commissions and fees,  Client relationship model Leah Golob Paying RRSP, TFSA investment fees from outside the accounts not an advantage, Finance says Vanguard goes commission-free Related newslast_img read more

Annual inflation rate accelerates to 2.2%

first_imgThe report also found the average of the agency’s three measures of core inflation, designed to omit the noise of more-volatile items like gasoline, continued its upward momentum last month and has now climbed slightly above 2% for the first time since February 2012.Inflation is a central piece of the information for the Bank of Canada’s interest-rate decisions and the stronger numbers translate into a hike sooner than experts have anticipated.Toronoto-Dominion Bank senior economist James Marple said the recent “dovish tone” from the Bank of Canada on the interest rate will surely be challenged by the robust core inflation numbers.“All told, today’s data does create the risk that the Bank of Canada moves sooner, but with downside risks to the economic outlook still elevated, this summer remains most likely to see the next policy interest rate hike,” Marple wrote.Those risks include an uncertain global trade picture given U.S. President Donald Trump’s penchant for imposing tariffs and the ongoing NAFTA renegotiations.Statistics Canada’s inflation report said the main driver that pushed up year-over-year consumer prices in February was the higher cost of gasoline, which rose 12.6%, while pricier items like restaurant meals and passenger vehicle also had impacts.The primary downward forces on prices came from cheaper video equipment, digital devices, hotels and electricity.Year-over-year prices climbed in every province in February compared with the year before, with the strongest acceleration in Atlantic Canada.The last time the overall inflation reading reached 2.2% was October 2014, just as the oil-price crash was getting underway.The Bank of Canada aims to keep the headline inflation close to 2%, the midpoint of its target range of one to 3%. Interest rate increases are a tool the central bank can use to keep inflation from climbing too high.Earlier this month, the bank predicted inflation would experience some fluctuations due to temporary factors such as gas and electricity prices as well as minimum-wage increases.“Inflation is BAAAACK, but it’s not yet a scary monster, being essentially in line with what the Bank of Canada actually wanted to see,” Canadian Imperial Bank of Commerce chief economist Avery Shenfeld wrote in a report Friday.Bank of Canada governor Stephen Poloz has hiked the benchmark interest rate three times since last summer, but he maintained the rate following a policy meeting earlier this month in order to buy more time to monitor trade-related uncertainties out of the United States.At the time, the central bank reiterated that more interest rate hikes would likely be necessary over time. However, it said the governing council would proceed cautiously when considering future decisions and would be guided by incoming data, such as the economy’s sensitivity to higher rates, the evolution of economic capacity and changes to wage growth and inflation.The bank’s next policy announcement is scheduled for April 18.In a separate report Friday, Statistics Canada said retail sales increased 0.3% in January to $49.9 billion, with the biggest increase coming from general merchandise stores. In comparison, retail trade fell 0.8% in December to $49.6 billion. Share this article and your comments with peers on social media Maintaining Profits economic growth chart businessmen illustration retrorocket/123RF Another jump in prices tightens the squeeze on U.S. consumers Andy Blatchford The country’s annual pace of inflation sped up to 2.2% last month, its fastest pace in more than three years as the rate moved above the central bank’s ideal bull’s-eye of 2%, Statistics Canada said Friday.The agency’s February data represented a significant boost to the inflation rate compared with the month before when it was 1.7%. Keywords Inflation U.S. economy is warming up, but unlikely to overheat: Moody’s Related news Stagflation is U.S. economists’ biggest fear, SIFMA says Facebook LinkedIn Twitterlast_img read more

TSX closes at six-week high on renewed trade hopes and lower recession fears

first_imgchecking stock market data on a mobile device solarseven/123RF In New York, the Dow Jones industrial average ended up 372.68 points at 26,728.15. The S&P 500 index was up 38.22 points at 2,976.00, while the Nasdaq composite was up 139.95 points at 8,116.83.The Canadian dollar traded for an average of US75.60¢ compared with an average of US75.40¢ on Wednesday.The October crude contract was up US4¢ at US$56.30 per barrel and the October natural gas contract was down US1¢ at US$2.44 per mmBTU.The December gold contract was down US$34.90 at US$1,525.50 an ounce and the December copper contract was up US4.7¢ at US$2.64 a pound. S&P/TSX composite hits highest close since March on strength of financials sector Canadian Press TSX gets lift from financials, U.S. markets rise to highest since March Keywords Marketwatch Canada’s main stock index closed at its highest level in six weeks on renewed hope of a U.S.-China trade deal and reduced fears of a recession.The S&P/TSX composite index gained 125.97 points to close at 16,574.81. Related news Toronto stock market dips on weakness in the energy and financials sectors Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more