- G20 countries met this week to discuss a myriad number of issues facing the global economy. They agreed to boost the IMF’s reserves, extend debt service payments for low-income emerging markets (EMs) and called for international tax cooperation.
- Climate change and protectionism also made a comeback. The two issues had been conspicuously absent from recent G20 meetings.
Monthly Market Updates
- Canada registered an above-consensus, 303K gain in employment in March. The details of the report were solid, but optimism was tempered by a third wave of infections that is prompting renewed restrictions across the country.
- Housing markets also took center stage. Regional data pointed to continued strength in activity in March. Concerns over housing market froth contributed to a new stress test rule by the Office of the Superintendent of Financial Institutions.
- U.S. equities jumped early this week and continued to move higher over the course of it despite the prospect of higher corporate taxes announced by the Biden administration.
- A few dark spots in the short-term outlook are supply chain disruptions, which are pushing up prices and weighing on deliveries in the services sector, as well as imports and exports.