Saint Andrews to proceed with wharf project
The municipal council in Saint Andrews, N.B., has voted to proceed with the controversial Market Wharf infill project.
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Globe and Mail
4 minutes ago
- Globe and Mail
Dow leaps 585 points as US stocks win back most of Friday's wipeout
NEW YORK (AP) — U.S. stocks rallied on Monday and won back most of their sharp loss from last week, when worries about how President Donald Trump's tariffs may be punishing the economy sent a shudder through Wall Street. The S&P 500 jumped 1.5% to follow up its worst day since May with its best since May. The Dow Jones Industrial Average climbed 585 points, or 1.3%, and the Nasdaq composite leaped 2%. Idexx Laboratories helped lead the way and soared 27.5% after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected. It also raised its forecast for profit over the full year. Tyson Foods likewise delivered a bigger-than-expected profit for the latest quarter, and the company behind the Jimmy Dean and Hillshire Farms brands rose 2.4%. They helped make up for a nearly 3% loss for Berkshire Hathaway after Warren Buffett's company reported a drop in profit for its latest quarter from a year earlier. The drop-off was due in part to the falling value of its investment in Kraft Heinz. The pressure is on U.S. companies to deliver bigger profits after their stock prices shot to record after record recently. The jump in stock prices from a low point in April raised criticism that the broad market had become too expensive. Stocks are coming off their worst week since May not so much because of that criticism but because of worries that Trump's tariffs may be hitting the U.S. economy following a longer wait than some economists had expected. Job growth slowed sharply last month, and the unemployment rate worsened to 4.2%. Trump reacted to Friday's disappointing jobs numbers by firing the person in charge of compiling them. He also continued his criticism of the Federal Reserve, which could lower interest rates in order to pump adrenaline into the economy. The Fed has instead been keeping rates steady this year, in part because lower rates can send inflation higher, and Trump's tariffs may be set to increase prices for U.S. households. Friday's stunningly weak jobs report did raise expectations on Wall Street that the Fed will cut interest rates at its next meeting in September. That caused Treasury yields to slump in the bond market, and they eased a bit more on Monday. The yield on the 10-year Treasury slipped to 4.19% from 4.23% late Friday. 'In our view, if the Fed starts to cut rates at its September meeting, we believe this would be supportive for markets,' according to David Lefkowitz, head of US equities at UBS Global Wealth Management. Such hopes, combined with profit reports from big U.S. companies that have largely come in better than expected, could help steady a U.S. stock market that may have been due for some turbulence. Before Friday, the S&P 500 had gone more than a month without a daily swing of 1%, either up or down. This upcoming week may feature fewer fireworks following last week's jobs report and profit updates from some of Wall Street's most influential companies. This week's highlights will likely include earnings reports from The Walt Disney Co., McDonald's and Caterpillar, along with updates on U.S. business activity. On Wall Street, American Eagle Outfitters jumped 23.6% after Trump weighed in on the debate surrounding the retailer's advertisements, which highlight actor Sydney Sweeney's great jeans. Some critics thought the reference to the blonde-haired and blue-eyed actor's 'great genes' may be extolling a narrow set of beauty standards. 'Go get 'em Sydney!' Trump said on his social media network. Wayfair climbed 12.7% after the retailer of furniture and home decor said accelerating growth helped it make more in profit and revenue during the spring than analysts expected. Tesla rose 2.2% after awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion. The move could remove potential worries that Musk may leave the company. CommScope soared 86.3% after reaching a deal to sell its connectivity and cable business to Amphenol for $10.5 billion in cash, while Amphenol rose 4.1%. They helped offset a 15.6% loss for On Semiconductor, which only matched analysts' expectations for profit in the latest quarter. The company, which sells to the auto and industrial industries, said it's beginning to see 'signs of stabilization' across its customers. All told, the S&P 500 rose 91.93 points to 6,329.94. The Dow Jones Industrial Average climbed 585.06 to 44,173.64, and the Nasdaq composite leaped 403.45 to 21,053.58. In stock markets abroad, indexes rose across much of Europe and Asia. South Korea's Kospi rose 0.9%, and France's CAC 40 climbed 1.1%, while Japan's Nikkei 225 was an outlier with a drop of 1.2%.
CBC
33 minutes ago
- CBC
Champagne, Anand travelling to Mexico to strengthen Canada's trade ties
Social Sharing Finance Minister François-Philippe Champagne says he and Foreign Affairs Minister Anita Anand will travel to Mexico City to look at strengthening Canada's economic partnership with Mexico. "The meetings will be constructive in that respect — looking at markets, looking at diversification, looking at strengthening our partnership with our Mexican colleagues," Champagne told Radio-Canada in Trois-Rivières, Que., on Monday afternoon. The news was first reported Sunday evening by the Globe and Mail. Two senior Canadian government sources told CBC News the meetings will be Tuesday and Wednesday. The ministers are expected to return to Canada on Thursday. The sources say the goal of the visit is to advance Canada's bilateral relationship with Mexico and strengthen trade ties. Champagne and Anand are expected to meet with Mexican President Claudia Sheinbaum on Tuesday morning. Champagne said the visit "is all complementary to what we've been saying — that we need to engage with strategic partners around the world. And if you look at the [Canada-United States-Mexico Agreement] as a trading bloc, that's the second largest trading bloc in the world." "So it is important for us to engage with our Mexican friends," the finance minister added. One source told CBC that the trip "is all about relationship building," and the two ministers' expected meeting with Sheinbaum will lay the groundwork for a future bilateral meeting between the Mexican president and Prime Minister Mark Carney. Carney and Sheinbaum have spoken at least four times since the prime minister came into office. In June, the two met at the G7 Leaders' Summit in Alberta. A news release posted on Carney's website said he and Sheinbaum agreed to "deepen bilateral collaboration at the ministerial level" and they "looked forward to meeting again in Mexico in the coming months." Arturo Sarukhan, former ambassador of Mexico to the United States, told CBC News he thinks "it's high time that that co-ordination between the Mexican and Canadian governments kicks off in earnest." "There's really been very little engagement in terms of how we can both engage together vis-a-vis a common trade partner that is eviscerating all the rules of trade that have built this incredible success story of North American trade over the past three decades," Sarukhan said. Trump extends tariff deal with Mexico The Canadians' visit comes days after U.S. President Donald Trump announced he had agreed with Sheinbaum to extend an existing trade deal with Mexico for 90 days and continue talks over the period with a goal of signing a new deal. "Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum and Copper," Trump said in a Truth Social post. "Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many." Canada did not get an extension. Trump signed an executive order raising tariffs on Canadian goods that are not compliant with CUSMA to 35 per cent. The carve-out for CUSMA-compliant goods means very few Canadian products will actually be subjected to the elevated tariff. The U.S. president criticized Canada's "lack of co-operation" in curbing the flow of fentanyl southward and for retaliating against his existing tariffs. Sarukhan said Sheinbuam has "avoided grandstanding from the presidential bully pulpit, engaging in the back and forth that Trump loves," but Mexico has also bent its knee to Trump. American officials have called out Canada and China as the only countries to retaliate against Trump's tariffs. On Sunday, Canada-U.S. Trade Minister Dominic LeBlanc said he expects Carney and Trump will have a conversation with each other "over the next couple of days." LeBlanc left Washington earlier this week without a trade deal, but told host Margaret Brennan, host of CBS's Face The Nation, that he came out of discussions "with a better understanding of the American concerns in the trading relationship.
34 minutes ago
Champagne, Anand travelling to Mexico to strengthen Canada's trade ties: sources
Finance Minister François-Philippe Champagne says he and Foreign Affairs Minister Anita Anand will be travelling to Mexico City to look at strengthening Canada's economic partnership with Mexico. The meetings will be constructive in that respect — looking at markets, looking at diversification, looking at strengthening our partnership with our Mexican colleagues, Champagne told Radio-Canada in Trois-Rivières, Que., on Monday afternoon. The news was first reported Sunday evening by the Globe and Mail. Two senior Canadian government sources told CBC News the meetings are happening tomorrow and Wednesday. The ministers are expected to return to Canada on Thursday. The sources say the goal of the visit is to advance Canada's bilateral relationship with Mexico and strengthen trade ties. Champagne and Anand are expected to meet with Mexican President Claudia Sheinbaum on Tuesday morning. Enlarge image (new window) Sheinbaum at the inauguration of a community hospital in Vicam, Sonora state, Mexico in mid-July. On Thursday, Trump posted on social media that he and Sheinbaum had agreed extend an existing trade deal for 90 days. Photo: Reuters / Mexico Presidency Champagne said the visit is all complementary to what we've been saying — that we need to engage with strategic partners around the world. And if you look at the [U.S.-Mexico-Canada Agreement] as a trading bloc, that's the second-largest trading bloc in the world. So it is important for us to engage with our Mexican friends, the finance minister added. One source told CBC that the trip is all about relationship building and the two ministers' expected meeting with Sheinbaum will lay the groundwork for a future bilateral meeting between the Mexican president and Prime Minister Mark Carney. Carney and Sheinbaum have spoken at least four times since the prime minister came into office. In June, the two met at the G7 Leaders' Summit in Alberta. A press release posted on Carney's website (new window) said he and Sheinbaum agreed to deepen bilateral collaboration at the ministerial level and they looked forward to meeting again in Mexico in the coming months. Trump extends tariff deal with Mexico The Canadians' visit comes days after U.S. President Donald Trump announced he had agreed with Sheinbaum to extend an existing trade deal with Mexico for 90 days and continue talks over the period with a goal of signing a new deal. Mexico will continue to pay a 25% Fentanyl Tariff, 25% Tariff on Cars, and 50% Tariff on Steel, Aluminum and Copper, Trump said in a Truth Social post. Additionally, Mexico has agreed to immediately terminate its Non Tariff Trade Barriers, of which there were many. Enlarge image (new window) Carney, Trump and Sheinbaum will renegotiate the trilateral free trade pact known as the U.S.-Canada-Mexico Agreement in 2026. Photo: Spencer Colby/The Canadian Press, Marco Ugarte/The Associated Press, Manuel Balce Ceneta/The Associated Press Canada did not get an extension. Trump signed an executive order raising tariffs on Canadian goods that are not compliant with USMCA to 35 per cent. The carve-out for USMCA-compliant goods means very few Canadian products will actually be subjected to the elevated tariff. The U.S. president criticized Canada's lack of co-operation in curbing the flow of fentanyl southward and for retaliating against his existing tariffs. On Sunday, Canada-U.S. Trade Minister Dominic LeBlanc said he expects (new window) Carney and Trump will have a conversation with each other over the next couple of days. LeBlanc left Washington earlier this week without a trade deal, but he told host Margaret Brennan, host of CBS's Face The Nation, that he came out of discussions "with a better understanding of the American concerns in the trading relationship. So we're prepared to stick around and do the work needed, LeBlanc added. With files from Philip Ling
