Economy

Trump signals an economic pivot on coronavirus shutdowns – Axios

Published

4 years ago

March 23, 2020

Harry Miller

Sunday’s White House briefing. Photo: Eric Bardat/AFP via Getty Images

President Trump and some of his senior officials are losing patience with the doctors’ orders.

The state of play: Amid dire predictions for jobs and the economy, the White House is beginning to send signals to business that there’s light at the end of the tunnel — that the squeeze from nationwide social distancing won’t be endless.

Trump tweeted at 10 minutes to midnight: “WE CANNOT LET THE CURE BE WORSE THAN THE PROBLEM ITSELF. AT THE END OF THE 15 DAY PERIOD [which began a week ago, March 16], WE WILL MAKE A DECISION AS TO WHICH WAY WE WANT TO GO!”
Vice President Pence, who heads the White House’s Coronavirus Task Force, had signaled the change in tone earlier when he said the CDC will issue guidance today allowing people exposed to the coronavirus to return to work sooner by wearing a mask for a certain length of time.

Why it matters: Taken together, Trump’s tweet and Pence’s comment supply the strongest public signals we’ve seen that the administration is looking for ways to get people out in the world again to fire up the economy — perhaps much sooner than Dr. Fauci would like.

Trump is responding both to his own instincts and to messages that key outside allies have been sending for days.
He retweeted a number of those outside allies echoing similar stances on Monday morning.

Between the lines: Senior Trump officials, including the president himself, have only limited patience for keeping the economy shut down. They are watching stocks tumble and unemployment skyrocket.

What’s next: At the end of the 15-day period, there will likely be a serious clash between the public health experts — who will almost certainly favor a longer period of nationwide social distancing and quarantining — versus the president and his economic and political aides, who are anxious to restart the economy.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

1 day ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

1 day ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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