{"id":49243,"date":"2018-03-01T21:46:00","date_gmt":"2018-03-02T02:46:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49243"},"modified":"2025-08-12T21:47:00","modified_gmt":"2025-08-13T01:47:00","slug":"march-1-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49243","title":{"rendered":"March 1, 2018"},"content":{"rendered":"

Let’s have a trade war<\/a>!<\/p>\n

Canada is vowing to retaliate if U.S. President Donald Trump makes good on his pledge to impose steep tariffs on steel and aluminum producers — while holding out hope that it could be exempt.<\/p>\n

Trump said he intends to slap a 25 percent duty on steel imports and 10 percent on aluminum in order to protect the national industry, though details remain unclear. His words sent U.S.-based producers rallying but could hurt companies that ship steel and aluminum from Canada, including Rio Tinto Group and Stelco Holdings Inc., without an exemption.
…<\/b>
\u201cThe President has just initiated an all-out trade war,\u201d said Jean Simard, chief executive officer of the Aluminum Association of Canada. Aside from the direct impact on the countries affected, Europe will need to protect itself from a flood of redirected metal because the U.S. is not an open market anymore, he said.<\/p>\n

\u201cWe have to keep hoping\u201d for an exemption for Canada, Simard said.<\/p>\n

London-based Rio Tinto, which ships more than 1.4 million metric tons of aluminum to the U.S. annually from Canada, said it will continue to lobby Washington for an exemption given the highly integrated Canada-U.S. market for autos and other manufactured goods.<\/p>\n<\/blockquote>\n

Surprisingly<\/a>:<\/p>\n

President Donald Trump\u2019s closest Republican allies on Capitol Hill are criticizing his plan to impose tariffs on steel and aluminum imports to protect national security, while some Democrats are applauding.<\/p>\n

The upside-down reaction comes a day after Trump irked Republicans and pleased many Democrats by backing stricter gun-control measures and suggesting the government could take guns, initially without due process, from some citizens viewed as dangerous.<\/p>\n<\/blockquote>\n

Enough of this could choke off the recovery<\/a> and therefore delay the return to interest-rate normalcy:<\/p>\n

Investments by foreign companies in Canada slumped last year to the lowest level since 2010, amid mounting concerns about national competitiveness and uncertainty surrounding the renegotiation of the North American Free Trade Agreement.<\/p>\n

Foreign direct investment nosedived 26 per cent to $33.8 billion in 2017, Statistics Canada reported, continuing a trend of declining interest by foreign firms. And for the first time since data collection on the topic began in 2007, foreign firms sold more Canadian companies than they bought.<\/p>\n<\/blockquote>\n

And it may be that we are finally getting our come-uppance for our cheap labour industrial strategy<\/a>:<\/p>\n

Energy companies are chopping their budgets even as global oil prices climb back from a crash, and may lose about C$16 billion ($12.4 billion) of revenue this year because of discounts on Alberta\u2019s heavy crude — a problem blamed on a lack of pipeline space. Foreign direct investment in Canada, meanwhile, has fallen to the lowest since 2010.<\/p>\n

Another unknown for investment prospects is how companies are dealing with production constraints. As firms bump up against production capacity at this high point in the economic cycle, you\u2019d expect capital expenditure intentions to be widespread across industries. Yet capex is expected to increase just 0.8 percent even with capacity utilization hitting a 10-year high of 85 percent. <\/p>\n

It\u2019s possible companies are increasingly turning to the labor market to address excess demand, which would explain Canada\u2019s string of red-hot jobs reports last year. That preference could further constrain business investment.<\/p>\n<\/blockquote>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3622 %<\/td>\n3,055.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3622 %<\/td>\n5,606.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.25 %<\/td>\n3.46 %<\/td>\n101,478<\/td>\n18.56<\/td>\n4<\/td>\n-0.3622 %<\/td>\n3,231.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0550 %<\/td>\n3,155.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.71 %<\/td>\n4.13 %<\/td>\n67,502<\/td>\n3.32<\/td>\n5<\/td>\n-0.0550 %<\/td>\n3,768.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0550 %<\/td>\n2,940.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.46 %<\/td>\n4.99 %<\/td>\n79,167<\/td>\n14.42<\/td>\n20<\/td>\n-0.1699 %<\/td>\n2,820.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.43 %<\/td>\n5.48 %<\/td>\n85,677<\/td>\n14.64<\/td>\n14<\/td>\n-0.1523 %<\/td>\n2,931.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.26 %<\/td>\n4.59 %<\/td>\n165,607<\/td>\n5.92<\/td>\n102<\/td>\n-0.3081 %<\/td>\n2,517.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.20 %<\/td>\n5.75 %<\/td>\n93,250<\/td>\n5.77<\/td>\n28<\/td>\n-0.2597 %<\/td>\n2,900.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.94 %<\/td>\n2.93 %<\/td>\n35,083<\/td>\n3.70<\/td>\n10<\/td>\n-0.1650 %<\/td>\n2,769.0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.86
\nBid-YTW : 7.59 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.85
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.65
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 20.47
\nEvaluated at bid price : 20.47
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Premium<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.42
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.56
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n155,752<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 23.11
\nEvaluated at bid price : 23.51
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n153,395<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 23.07
\nEvaluated at bid price : 23.50
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n139,700<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n126,800<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.93
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n114,055<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.33
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n72,160<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
There were 22 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.30 – 24.80
\nSpot Rate : 0.5000
\nAverage : 0.3385<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n

GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\nQuote: 20.86 – 21.26
\nSpot Rate : 0.4000
\nAverage : 0.2660<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.86
\nBid-YTW : 7.59 %<\/td>\n<\/tr>\n

SLF.PR.I<\/td>\nFixedReset<\/td>\nQuote: 23.85 – 24.18
\nSpot Rate : 0.3300
\nAverage : 0.2216<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.85
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 20.70 – 21.14
\nSpot Rate : 0.4400
\nAverage : 0.3385<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n

RY.PR.N<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.70 – 24.95
\nSpot Rate : 0.2500
\nAverage : 0.1686<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 24.28
\nEvaluated at bid price : 24.70
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n

TD.PF.D<\/td>\nFixedReset<\/td>\nQuote: 24.21 – 24.48
\nSpot Rate : 0.2700
\nAverage : 0.2001<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-01
\nMaturity Price : 23.17
\nEvaluated at bid price : 24.21
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Let’s have a trade war! Canada is vowing to retaliate if U.S. President Donald Trump makes good on his pledge to impose steep tariffs on steel and aluminum producers — while holding out hope that …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-49243","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49243"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49243\/revisions"}],"predecessor-version":[{"id":49244,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49243\/revisions\/49244"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}