Yesterday evening, U.S. President Barack Obama announced that he was authorizing a military campaign to degrade and ultimately destroy ISIS. Obama gave the green light for air strikes in Syria and a ramping up of bombing in Iraq. He also wants to convince other countries to form a coalition against the Islamic State.
According to Goldman Sachs, the “Iron Age” appears to be over. Given the recent marked decline in ore prices, the giant U.S. bank believes that low demand in China and growing worldwide surpluses in the commodity will make it next to impossible for it to recover its value. This bodes poorly for mining projects in northern Quebec, which are dependent on a rebound in iron prices after the metal has lost no less than 38% since the beginning of the year.
This morning, the loonie is down more than 0.5% against the greenback and futures on U.S. stock indexes are down close to 0.3%.
On the agenda today, the New Housing Price Index in Canada and Initial Jobless Claims south of the border.
