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Stocks in Asia drifted higher Thursday in a sign of calm, as investors recalibrated Federal Reserve interest-rate cut expectations. The yen and South Korean won strengthened, reflecting the possibility of official support for the currencies.
President Joe Biden called China “xenophobic” while highlighting the Asian nation’s economic woes, as he sought to make the case for US economic strength during a campaign stop in the swing state of Pennsylvania.
Freddie Mac is seeking regulatory approval to expand into guaranteeing second mortgages, a shift that would potentially drive down costs for Americans seeking to borrow against the equity in their home.
The US economy has “expanded slightly” since late February and firms reported greater difficulty in passing on higher costs, the Federal Reserve said in its Beige Book survey of regional business contacts.
The City of London approved a plan to build a new office block connected to the Grade 2 listed Barbican Centre on Wednesday, despite opposition from residents.
Mar 23, 2017
Gluskin Sheff Chief Economist David Rosenberg is summarizing the Liberal government’s second budget in one word: “Prudent.”
That’s after acknowledging BNN.ca’s latest poll, which shows the majority of respondents are less confident about the economy as a result of the fiscal plan laid out by the Liberals.
“If I was Finance Minister [Bill] Morneau, I would look at [the poll results showing] people that aren’t happy with the budget and almost smile, because if nobody likes it, then [the Liberals] must be doing something good.”
Rosenberg believes the government has left itself with a good amount of “fiscal flexibility” to manage potential shocks that could be on the horizon.
“We have to understand here that Ottawa is dealing with three major possible negative exogenous shocks,” he said. “We have a housing bubble in one-third of the country of epic proportions; a lot of uncertainty over the oil price; and then of course the rising prospect that we see a border adjustment tax in the U.S.”
Despite this, some observers are critical of the government’s strategy considering policy uncertainty south of the border. Business Council of Canada CEO John Manley told BNN in a separate interview there seems to be a lack of “urgency” from the government to “get things moving in Canada.”
Rosenberg, however, isn’t convinced. “[For the government to] move proactively would carry with it its own risks because, you know, what if you brought out the umbrella but the rain never came?”
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