At the G20 summit held over the weekend in Australia, member nations agreed to implement policy changes to accelerate global economic growth by an additional 2.1% by 2018. British Prime Minister David Cameron stressed at the summit that ?red warning lights are once again flashing on the dashboard of the global economy,? adding that if all countries honour their commitments, growth would continue to improve.
Ahead of the same meeting, Canadian Prime Minister Stephen Harper admonished Russian President Vladimir Putin during a ceremonial handshake between the two leaders to get out of Ukraine.?
Yesterday evening, Japanese third quarter GDP greatly disappointed analysts with a dip of -0.4%, well below the forecast gain of 0.5%. This second consecutive quarter of negative growth means the Land of the Rising Sun is now officially in recession.
This morning, we will be keeping an eye on the Empire State Manufacturing Survey south of the border, as well as Industrial Production and Capacity Utilization.
In Canada, International Securities Transactions and Existing Home Sales are on the agenda.
Philippe Shebib