Stock markets shrug off Brexit
As economists and political analysts continue to weigh the consequences of the Brexit vote, stock markets appear to have decided to move on. Last Friday, on the eve of the Independence Day long weekend south of the border, the S&P 500 had practically erased all the losses that it had suffered after the referendum, encouraged in large part by the reassuring reactions of various central banks.
This morning, with crude oil rising slightly, our loonie has ticked upward a few points, as have other commodity-related currencies. It should be noted that April GDP came in up somewhat (0.1%), in line with expectations. Our economists have nevertheless downgraded their projected GDP growth for 2016 to 1.2% vs. 1.3% in the wake of Brexit-based uncertainty.
Today, we’ll be keeping an eye on Canadian Manufacturing PMI numbers while our neighbours south of the border enjoy their July 4th holiday.
