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Global Markets: Housing crunch seen on the horizon

By Commodity News Service Canada

August 1 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– The Bank of Canada, and two private banks predict a decline in the housing industry’s contribution to economic growth, says Reuters. The Bank of Canada predicts the housing sector’s contribution to economic growth will fall from 0.3 percentage points this year to zero in 2018 and a subtraction of 0.1 percentage point in 2019.

– Air Canada has posted second quarter net earnings of C$300 million, or C$1.08 per share. Excluding one-time items, Air Canada posted a profit of 78 Canadian cents per share. Analysts had expected 36 Canadian cents per share. The airline increased passengers by 13.6 per cent in the quarter, ended June 30, and revenue increased 11.9 per cent to C$3.52 billion.

– WestJet has reported a 32 per cent increase in profit for the second quarter, compared to quarter one. Net earnings rose to C$48.4 million, or 41 cents Canadian per share compared to C36.7 million (30 cents per share) in the same quarter a year earlier. Revenue rose 11 per cent to C$1.06 billion.

– Venezuelan president Nicolas Maduro’s security forces have seized two of the country’s top opposition leaders, sparking more speculation of a dictatorship in the making. Political and financial problems in the oil-rich South American country have helped shore-up international prices for crude oil.

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