CANADA ELECTION 2019 RESULTS:
Posted on 10/22/2019 10:36:51 AM PDT by SeekAndFind
TORONTO (Reuters) - The Canadian dollar weakened against the greenback on Tuesday and its heavily weighted energy sector fell on the Toronto stock market, as investors worried that a minority government would make building of new oil pipelines more difficult.
Canada’s energy industry saw its worst-case election result materialize on Monday as the Liberals failed to secure a majority government, leaving them in need of support from left-leaning parties that are opposed to new oil pipelines.
Canada’s energy sector declined 0.5% even as oil prices rose, with shares of Canadian Natural Resources Ltd falling 0.8 and pipeline company Encana Corp down 1.4%.
The energy sector has the second largest weighting on Toronto’s benchmark stock index at about 16%, while oil is one of Canada’s major exports.
“The market will be watching closely for signs on how a minority government will manage the resource sector and how energy companies will react to results,” said Adam Button, chief currency analyst at ForexLive. “In the short term, there are some downside risks for the Canadian dollar but the rule of thumb on every election is to buy the dip and that will prove true again.”
At 10:08 a.m. (1408 GMT), the Canadian dollar was trading 0.1% lower at 1.3108 to the greenback, or 76.29 U.S. cents. Earlier in the session, the currency notched its strongest level since July 22 at 1.3071.
The election outcome could also lead to increased fiscal spending. Trudeau has said he would nearly double the deficit from C$14 billion in the fiscal year that ended in March.
“To get support on Liberal bills, the government will need to include items supported by at least one of the other parties,” said Craig Alexander, chief economist at Deloitte Canada. “This is likely to lead to modestly more government spending and investment.”
(Excerpt) Read more at reuters.com ...
Well,fewer Ontario and Quebec plates in Florida next January.
All those Liberal seats taken by the Dippers because Lil Justin would have woken up to a new majority government today.
“The Canadian dollar weakened against the greenback on Tuesday “
Yesterday: 1.308
Today: 1.308
Half of Canada literally voted for the blackface sensitive boy who dresses like a Bollywood female when he visits India.
Laughable, but sad.
The Liberals lost 20 seats while the Conservatives won 26. Neither party has enough to get to the 170 seats required for a majority. They both have to form a coalition.
The Liberals under Trudeau are sure to coalesce with the minority left-wing NDP (which lost 15 seats) to get to the 170 seat level.
Nothing to do with the Liberals failing to obtain a majority and everything to do with the Conservatives failing to get the majority. Now the woke crap of Trudeau faces the Conservatives, the Bloc, etc. in a minority gov’t. It is more likely the case of seeing an alliance between the PC and Bloc.
Trudeau’s Liberals’ narrow victory came despite their losing the popular vote. The Conservative vote was heavily concentrated in Saskatchewan and Alberta, and elsewhere did not convert into seats. The Liberals were heavily reliant for seats on Ontario, the populous province that includes Toronto and several other cities.
Trudeau’s Liberals’ narrow victory came despite their losing the popular vote. The Conservative vote was heavily concentrated in Saskatchewan and Alberta, and elsewhere did not convert into seats. The Liberals were heavily reliant for seats on Ontario, the populous province that includes Toronto and several other cities.
With the popular vote even split between the two parties, a majority government was impossible.
Voters decided not to decide and they put Lil Justin on probation.
I suspect the biggest concern north of the border is that the USMCA is less likely to be approved with a coalition government ... not because they don’t want the USMCA, but because the only way to get it approved is to include a bunch of conditions that will make it DOA for the Trump administration.
Too many hosers are LIB lunatics, I guess.
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