On Wednesday, Members of Parliament voted on a Conservative motion intended to create a special committee to probe the government’s ethics and its spending through the pandemic. Prime Minister Trudeau countered with his own proposal for a more narrowly-mandated ethics committee into the government’s COVID-19 spending only; however, he also stated on Tuesday that Canadians would go to the polls if his government lost a confidence vote on the Conservative motion.
The motion was defeated by a vote of 180-146, with the majority of NDP, Green, and Independent MPs voting with the Liberal party. Thus, there will be no election this fall.
Even if a snap election were to have been the outcome of the vote, it is worth remembering that while markets can be choppy before and after an election, when taking the long term view, the Canadian stock market is largely unaffected by the occupant of the Prime Minister’s residence at 10 Sussex Drive.
Weekly Update – By The Numbers
| North America | Friday Close | Weekly Change | Weekly % Change | YTD % Change |
| Canada – S&P TSX Composite | 16,304 | -135 | -0.82% | -4.45% |
| USA – Dow Jones Industrial Average | 28,336 | -270 | -0.94% | -0.71% |
| USA – S&P 500 | 3,465 | -19 | -0.55% | 7.24% |
| USA – NASDAQ | 11,548 | -124 | -1.06% | 28.70% |
| Gold Futures (USD) | $1,903.40 | $0.50 | 0.03% | 25.22% |
| Crude Oil Futures (USD) | $39.78 | -$1.00 | -2.45% | -35.01% |
| CAD/USD Exchange Rate | € 0.7615 | € 0.0036 | 0.47% | -1.10% |
| Europe / Asia | Friday Close | Weekly Change | Weekly % Change | YTD % Change |
| MSCI World Index | 2,431 | -9 | -0.37% | 3.10% |
| Switzerland – Euro Stoxx 50 | 3,199 | -46 | -1.42% | -14.65% |
| England – FTSE 100 | 5,860 | -60 | -1.01% | -22.45% |
| France – CAC 40 | 4,910 | -26 | -0.53% | -17.87% |
| Germany – DAX Performance Index | 12,646 | -263 | -2.04% | -4.55% |
| Japan – Nikkei 225 | 23,517 | 106 | 0.45% | -0.59% |
| China – Shanghai Composite Index | 3,278 | -58 | -1.74% | 7.48% |
| CAD/EURO Exchange Rate | € 0.6423 | -€ 0.0042 | -0.65% | -6.42% |
| Fixed Income | Friday Close | Weekly Change | Weekly % Change | YTD % Change |
| 10-Year Bond Yield (in %) | 0.8410 | 0.0970 | 13.04% | -56.18% |
Source: Yahoo! Finance, cnbc.com, cbc.ca
This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.