Here are five things you need to know this morning
Election call imminent: CTV News is reporting Prime Minister Mark Carney is set to call a snap federal election on Sunday that would set the stage for a vote as soon as April 28. Sources say a final decision on whether election day will be April 28 or May 5 has yet to be decided, but will be made shortly. Carney was sworn in as prime minister on March 14 after winning the Liberal leadership race just days prior. Parliament was set to return this coming Monday after being prorogued for two months following former prime minister Justin Trudeau’s resignation announcement. The Liberal Party has jumped into a lead in some public opinion polls on the eve of an election, as voters respond to Trudeau’s exit and Carney’s rise to lead the government. Carney has taken a measured approach so far to threats from U.S. President Trump, including visiting Europe in an attempt to strengthen trade with overseas nations in light of U.S. tariff plans.
Fed rally fading: Stocks surged yesterday following some reassuring words from the chair of the U.S. Federal Reserve Board. Fed Chair Jerome Powell downplayed the economic impact of U.S. President Trump’s tariff policies and said any resulting inflation bump could be transitory. However, futures are indicating enthusiasm is wearing off, as doubts grow that the Fed can significantly cut interest rates in the face of potentially inflationary trade tariffs. This morning the Bank of England also kept rates on hold, and indicated it may be less likely to cut anytime soon.
Small business sentiment plunges to 25-year low: Optimism among Canada’s small businesses has fallen to a 25-year low. The Canadian Federation of Independent Business says nearly 60 per cent of respondents to a new survey expect their business performance to be much weaker a year from now, with expectations for inflation over the next year also rising. Of course the drop comes after the U.S. started its trade war with Canada. Ottawa has pledged billions in aid to help exporters and announced loans to support businesses directly targeted by tariffs, as well as their supply chains.
Copper approaches record high: Shares of copper-mining companies may be on the move on the TSX today, as the price of copper approaches a record high. Copper on the London Metal Exchange rose to US$10,046.50 a ton this morning, while prices on New York’s Comex traded close to a record high. Last month U.S. President Trump ordered his Commerce Department to investigate the nation’s imports of copper as a likely precursor to imposing duties. Since then, prices have spiked and traders have rushed to send metal to America ahead of any tariffs, in turn reducing availability in the rest of the world.
Cybertruck recall: More bad news for Tesla. The electric vehicle maker has recalled all the Cybertrucks it produced and sold in the first 15 months it was on the market in the U.S. over a safety issue its having trouble resolving. Pieces of steel trim along the exterior of the Cybertruck are joined to the vehicle by an adhesive that’s “susceptible to environmental embrittlement,” the company said. Tesla says it will foot the bill for replacing the panels with ones that meet its durability requirements. But as of March 18 — the day Tesla submitted its recall report — the company said it had not yet corrected theissue in production. Tesla has been hit with protests and falling sales in the wake of CEO Elon Musk’s involvement in the Trump administration.
