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Daily Pulse


The Bank of Canada walked back some of its enthusiasm about the economic outlook amid a crisis in the nation's oil sector, keeping interest rates unchanged Wednesday and suggesting there may be less urgency to tighten monetary policy in the future. The Ottawa-based central bank held its overnight benchmark rate at 1.75 percent, reiterating it expects to eventually remove all monetary stimulus from the economy. But its statement was more guarded than the last one in October and cited the possibility that recent negative economic developments may mean the economy isn't running up as much against capacity constraints as previously thought.


U.S. equity futures tumbled alongside stocks in Europe and Asia as concern resurfaced that trade tensions between the world's two largest economies are far from resolved. Oil slid as OPEC ministers met in Vienna. Contracts on the Dow Jones Industrial Average sank more than 450 points, while S&P 500 futures signaled the underlying index will resume its slide after one of the biggest routs of the year. Trade tensions reignited after the arrest of the chief financial officer of tech giant Huawei Technologies Co. -- dousing hope China and the U.S. would make immediate progress on a deal. The yuan dropped the most since October. The start of the futures session was marred by a sudden and unexpected plunge that sent a shock wave across equity markets.


Volkswagen (VOWG_p.DE) announced another 3 billion euros ($3.4 billion) of cost cuts on Thursday in an effort to speed up an improvement in profit margins at its core VW brand. Still battling to recover from a 2015 scandal over emissions test cheating, the German automaker has been cutting costs to fund an ambitious shift to electric cars and automated driving. A key goal is to improve margins at its mass-market VW brand, its largest division by sales, but which has long lagged the profitability of rivals such as Japan's Toyota due in part to high labor costs at its German plants.


Global chip stocks tumbled on Thursday as the arrest of a top executive at Chinese tech giant Huawei renewed fears of an escalation in U.S.-China trade tensions. Shares of Austrian chipmaker AMS plunged around 7 percent. Switzerland-based STMicroelectronics dropped 4 percent, while the U.K.- headquartered Dialog Semiconductor slumped around 3 percent. The moves in European stocks followed losses in Asia, where shares of Japanese chipmakers Sumco, Tokyo Electron and Advantest each fell around 5 percent. Canadian authorities arrested Huawei CFO Meng Wanzhou in Vancouver on Wednesday, where she is facing extradition to the U.S. according to Canada's Department of Justice. The arrest is reportedly related to Huawei's violation of U.S. sanctions on Iran.

The author

Michel Doucet

Michel Doucet

Vice-President and Portfolio Manager
After obtaining a Bachelor's degree from the Faculty of Social Sciences at the Université du Québec in Montréal and his Master’s degree, Michel Doucet began his career as a junior economist at the National Bank head office in Montreal. In 1992 he joined the institutional equities and fixed income group at Lévesque Beaubien Geoffrion as an economist and market analyst. Over the years, he has led various projects related to the North American and international economies as well as Canadian public finances. In 1996, the team of institutional economists to which he belongs was ranked first in Canada by Brendan Wood International. In August 1997, Mr. Doucet joined the personal services division of Lévesque Beaubien Geoffrion where he served as an economist, fixed income market analyst and vice president. In 2004, he joined the Desjardins Securities full service team as Vice President. He now occupies the roles of fixed income strategist, economist and portfolio manager. He manages the Securities Portfolio Advisory Group, advisor marketing and distribution of financial planning and insurance.