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.
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.
