United States • U.S. equity markets tumbled this week as pessimism mounted over the ability of policymakers in Europe to rein in the sovereign debt-crisis and over the Supercommittee in the U.S. to deliver on a plan to reduce deficits due by November 23.
• Despite the dour week on the market, economic data was actually quite good. Retail sales rose by 0.5% in October, beating expectations. Meanwhile, consumer prices fell 0.1% in the month as gasoline prices pulled back.
• The recent upturn in economic momentum will come to little if policymakers in both Europe and the United States cannot act decisively to restore confidence to financial markets.
Canada • Crude oil price topped US$100 per barrel this week, due in large part to geopolitical unrest in the Middle East.
• Manufacturing sales surprised on the upside, rising by 2.6% in September to the highest level seen in three years.
• Headline CPI slid to 2.9% in October (previously 3.2%) and core inflation edged down to 2.1% (previously 2.2%).
Good information to keep an eye on.
Other news: We have grown our office locations. We are headed at 922 Simcoe street in Oshawa but now have expanded to Toronto at 3252 Lawrence Avenue East in Toronto.
Look forward to talking to you for all your mortgage and real estate needs.