home Funds Posthaste: Why this jobs day is so important — what’s next for Bruce Linton and hold, BoC, hold

Posthaste: Why this jobs day is so important — what’s next for Bruce Linton and hold, BoC, hold

Jobs data came out on both sides of the border this morning.Postmedia

Good morning!

U.S. jobs data is on the radar this morning, with analysts saying these numbers are among the most important considered by the U.S. Federal Reserve when it decides on rates at the end of the month. The U.S. data blew it out of the park. Nonfarm payrolls increased by 224,000 jobs last month, the most in five months, far above the 160,000 jobs predicted. But Fed watchers say moderate wage gains could still encourage a cut.  It was the opposite story in Canada, where a 10,000 job gain was expected. Instead, the economy lost 2,200 jobs.

On the topic of rate moves, the Bank of Canada decision is next week and economists at the C.D. Howe Institute not only recommend a hold then

, but also for the next year — until July 2020. It isn’t Canada’s economy — which they consider ‘relatively robust’ — that has them worried, but the outlook abroad. Signs that world manufacturing is weakening and growing talk of rate cuts by the Fed and ECB have stoked concerns of a global slump in the making.

And in case you were wondering what former Canopy Growth co-CEO Bruce Linton plans to do after his surprise ousting, look no further than the skyrocketing stock of this tiny Canadian tech firm. Martello Technologies shot up 89 per cent over the past two days as Linton swapped out his trademark Canopy Growth T-shirt for Martello gear in TV interviews after his firing. Linton, who is co-chairman of the software-services company, told BNN Bloomberg that he wanted to make Martello “really crank” — and investors couldn’t be happier.

Here’s what’s breaking this morning:

Alberta to hold $2.5-million public inquiry into funding for oil and gas foes World stocks cling to gains, bonds hover ahead of U.S. payrolls Samsung profit guidance beats expectations on one-off gains, outlook weak Canadian auto sales fall for 16th straight month — and even the reliable luxury segment is cooling off
Bank of Canada to diverge from Fed’s easing path this year Billionaire U.S. coal baron Chris Cline dies in helicopter crash Global turmoil sends Canadian stock sales to lowest in 16 years Ottawa won’t rush into sale of Trans Mountain to Indigenous groups: minister Pot firm Tilray speeds expansion in Europe Trudeau announces $1.3 billion for Montreal metro extension as election looms GM’s China sales decline for fourth straight quarter amid economy woes U.S. asks federal court to throw out Huawei lawsuit
U.S. and 15 others slam EU regulation of farm products at WTO ‘Stressful spring’ has Ontario farmers worried about crop conditions Canopy Growth founder’s legacy as a dealmaker could take years to decide BMO InvestorLine is revamping its online platform to target millennials and more — and the FP got the first look Top tips for taming the costs of buying and selling a home at the same time India’s deepening economic ties with Canada show Modi evolution is making progress, even if it isn’t perfect The 2019 Calgary Stampede parade kicks off the annual event that runs through July 14 Today’s Data: Canadian labour force survey, U.S. non-farm payrolls

The Canadian auto industry posted its 16th consecutive deceleration in sales in June, falling another 7.2 per cent compared with the same month last year. Ford, GM and Fiat Chrysler reported lower sales, but there was another segment that drove off an even steeper cliff: luxury cars. Mercedes-Benz saw a 17.7 per cent drop year-to-date, with Audi off just over 20 per cent and BMW 6.6 per cent. There’s a pragmatic reason for the slowdown.

 

Have a great weekend and feel free to send your thoughts, tips and news to Pam Heaven at pheaven@postmedia.com — @pamheaven 

— With files from The Canadian Press, Thomson Reuters and Bloomberg