The Toronto Stock Exchange is down 120 points at midday with miners (-3%) and technology(-2.5%) stocks posting the biggest losses. Healthcare, also down 2.5%, is the third biggest decliner.
BMO Economics in its morning note said the uncertainty from tariffs still “hangs in the air like a thick cloud”. It cited yesterday’s Quebec budget as an example. BMO noted the record $11.4 billion deficit expected for FY25-26 weighs in at 1.8% of GDP, the deepest by that measure since the mid-1990s. The $2.6 billion in net new measures includes a raft of announcements in response to an assumed 10% average tariff rate for two years.
Meanwhile, BMO noted the Bank of Canada will today publish its Summary of Deliberations for the March 12 meeting at 1:30 pm. BMO’s Benjamin Reitzes expects its tone will be consistent with Governor Macklem’s speech last week; that is: monetary policy cannot offset the impact of tariffs, and the BoC will be primarily…
