“Try not to become a (wo)man of success. Rather become a (wo)man of value” – Albert Einstein

Victoria Day Office Closure

Please be advised that our office will be closed on Monday, May 20th to observe the Victoria Day stat holiday. We will resume normal office hours of 8am-5pm on Tuesday, May 21st.

On behalf of all of us at You First, we hope you enjoy your May long weekend!

Trade Uncertainty Continues to Weigh on Markets

The TSX, the Dow Jones, the S&P 500, and the Nasdaq all finished lower on Friday on continued trade tension.

The Chinese yuan also suffered as mounting tariffs and a front-page article in the Communist Party’s People’s Daily news paper stating the trade war would make China stronger, and the US will never “bring the country to its knees”.

The trade dispute has exceeded many analysts’ expectations of short-term resolution.

In North America, the US and Canada agreed that the US would remove tariffs on Canadian steel & aluminum, and in exchange, Canada would limit its “dumping” of Chinese metals and other countries out of the US, in a protectionist move by the American delegation. This announced agreement did offer a short-lived boost to markets, though fears over US-China trade dispute mitigated the Canada-US agreement’s positive market impact.

No Brexit Deal; British PM May Could Resign

As Brexit talks across parties broke down (again), the British pound sterling hit a four-month low. Reports that British PM May has agreed to choose a successor via an election served to pull the pound sterling lower as well. She is prepared to resign if her Brexit deal is rejected a fourth time.

Mrs. May has survived a non-confidence vote in late-2018, so she can’t be challenged until late-2019; thus, the fourth rejection would likely result in the voluntary election call on the part of the PM.

Boris Johnson, one of the authors of the current situation Britain faces – he was a leading figure in the Leave Campaign – has stated his intention to run if PM May indeed resigns.

 

Sources: Globe Advisor, BBC.com

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.