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Mark Carney: The Economist Who Took on Trump and Won

  Mark Carney, a former central banker, has emerged as Canada’s prime minister following a dramatic election that reshaped the political landscape. His victory was fueled by a surge of nationalism in response to U.S. President Donald Trump’s aggressive rhetoric and trade policies. Trump’s threats to annex Canada as the “51st state” and impose steep tariffs on Canadian goods galvanized voters, turning Carney’s Liberal Party from underdogs to champions of Canadian sovereignty. Carney’s campaign centered on defending Canada’s independence and rebuilding its economy to reduce reliance on the United States. His experience as governor of the Bank of Canada and the Bank of England lent credibility to his promises of economic resilience. In his victory speech, Carney declared, “President Trump is trying to break us so that America can own us. That will never, ever happen”. The election results marked a stunning comeback for the Liberals, who were initially projected to lose to the oppositi...
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Canadian Stocks Edge Higher, U.S. Markets Slip on Last Trading Day of 2023

 

Canadian stocks closed slightly higher on Friday, the last trading day of 2023, as gains in the industrials and utilities sectors offset losses in the energy and materials sectors. The S&P/TSX composite index rose 29.06 points, or 0.14%, to end at 20,958.44, capping off a year of strong performance amid the recovery from the pandemic.

Meanwhile, U.S. markets dipped as investors took profits and weighed the impact of the Omicron variant on the economic outlook. The Dow Jones industrial average fell 20.56 points, or 0.05%, to 37,689.54, while the S&P 500 index dropped 13.52 points, or 0.28%, to 4,769.83. The Nasdaq composite index, which is heavily weighted with technology stocks, declined 83.78 points, or 0.56%, to 15,011.35.

The Canadian dollar traded lower against its U.S. counterpart, as the greenback strengthened on the back of higher Treasury yields. The loonie was down 0.08 cents at 75.61 cents US.

In commodities, oil prices edged lower as the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to stick to their plan of gradually increasing output in January, despite concerns over the demand outlook. The February crude oil contract was down 12 cents at US$71.65 per barrel. Natural gas prices also slipped, with the February natural gas contract down four cents at US$2.51 per mmBTU.

Gold prices fell as the appetite for safe-haven assets waned, while copper prices also dropped amid a stronger U.S. dollar. The February gold contract was down US$11.70 at US$2,071.80 an ounce and the March copper contract was down three cents at US$3.89 a pound.

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