AkhenOsiris
Toronto Star:
Canada could be on the lower end of U.S. President Donald Trump’s threatened global tariffs next week, the Star has learned.
Nothing, however, is guaranteed until Trump decides ahead of his April 2 deadline — which he’s dubbed “liberation day” for America — and no government officials are taking any assurances for granted, sources said.
As the tense cross-border relationship plays out on the federal election campaign trail, Canadian sources with knowledge of discussions between the two countries say White House officials have suggested Trump may impose three escalating levels of tariffs on America’s trading partners, with Canada getting hit on the lower end of the scale.
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Toronto Star:
Canada could be on the lower end of U.S. President Donald Trump’s threatened global tariffs next week, the Star has learned.
Nothing, however, is guaranteed until Trump decides ahead of his April 2 deadline — which he’s dubbed “liberation day” for America — and no government officials are taking any assurances for granted, sources said.
As the tense cross-border relationship plays out on the federal election campaign trail, Canadian sources with knowledge of discussions between the two countries say White House officials have suggested Trump may impose three escalating levels of tariffs on America’s trading partners, with Canada getting hit on the lower end of the scale.
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Offshore
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The Kobeissi Letter
US executives are rushing to buy stocks:
The ratio of companies where insiders purchased their own stock versus sold rose to 0.5 in March, the highest since June 2024.
This puts the ratio back to near its historical average, according to Washington Service data.
This is a sharp reversal from 0.2 recorded in January, which was the lowest since 1988, when data began.
Recent insider buying may be a sign of confidence in the economy and their businesses.
However, the level of buying is still well below the peaks seen at the end of 2018, near the 2020 pandemic low, and the 2022 bear market.
Are corporate insiders signaling the sell-off is overdone?
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US executives are rushing to buy stocks:
The ratio of companies where insiders purchased their own stock versus sold rose to 0.5 in March, the highest since June 2024.
This puts the ratio back to near its historical average, according to Washington Service data.
This is a sharp reversal from 0.2 recorded in January, which was the lowest since 1988, when data began.
Recent insider buying may be a sign of confidence in the economy and their businesses.
However, the level of buying is still well below the peaks seen at the end of 2018, near the 2020 pandemic low, and the 2022 bear market.
Are corporate insiders signaling the sell-off is overdone?
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Dimitry Nakhla | Babylon Capital®
10 High-Quality Sticky Stocks That Increased Revenues Annually in the Past 10 Years 📈
1. Fair Isaac $FICO 💰
•(+8.08% CAGR)
2. Equifax $EFX 💸
•(+8.83)% CAGR
3. IDEXX Labs $IDXX 🐶
•(+10.12% CAGR)
4. S&P Global $SPGI 💵
•(+10.89% CAGR)
5. MSCI Inc $MSCI 🌐
•(+11.10% CAGR)
6. Cadence Design $CDNS 💾
•(+11.37% CAGR)
7. Synopsys $SNPS 👾
•(+11.53% CAGR)
8 Intercontinental Exchange $ICE 🏦
• (+11.61% CAGR)
9. Amazon $AMZN 📦
•(+21.77% CAGR)
10. Medpace $MEDP 🏥
•(+21.94% CAGR)
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10 High-Quality Sticky Stocks That Increased Revenues Annually in the Past 10 Years 📈
1. Fair Isaac $FICO 💰
•(+8.08% CAGR)
2. Equifax $EFX 💸
•(+8.83)% CAGR
3. IDEXX Labs $IDXX 🐶
•(+10.12% CAGR)
4. S&P Global $SPGI 💵
•(+10.89% CAGR)
5. MSCI Inc $MSCI 🌐
•(+11.10% CAGR)
6. Cadence Design $CDNS 💾
•(+11.37% CAGR)
7. Synopsys $SNPS 👾
•(+11.53% CAGR)
8 Intercontinental Exchange $ICE 🏦
• (+11.61% CAGR)
9. Amazon $AMZN 📦
•(+21.77% CAGR)
10. Medpace $MEDP 🏥
•(+21.94% CAGR)
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Offshore
Photo
The Kobeissi Letter
US consumer confidence is at recessionary levels:
The US Consumer Confidence index dropped 7.2 points in March, to 92.9, near the lowest since February 2021.
This marks the 4th consecutive monthly decline, the longest streak since the 2008 Financial Crisis.
Americans' expectations for the next 6 months fell 9.6 points, to 65.2, the lowest in 12 years.
According to the Conference Board, a reading below 80 usually signals a recession ahead.
Additionally, the confidence about future employment prospects plunged to a 12-year low.
This is a truly concerning trend.
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US consumer confidence is at recessionary levels:
The US Consumer Confidence index dropped 7.2 points in March, to 92.9, near the lowest since February 2021.
This marks the 4th consecutive monthly decline, the longest streak since the 2008 Financial Crisis.
Americans' expectations for the next 6 months fell 9.6 points, to 65.2, the lowest in 12 years.
According to the Conference Board, a reading below 80 usually signals a recession ahead.
Additionally, the confidence about future employment prospects plunged to a 12-year low.
This is a truly concerning trend.
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Offshore
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Quiver Quantitative
JUST IN: Representatives Ro Khanna and Summer Lee will be announcing legislation to ban Super PACs in federal elections this afternoon https://t.co/737TRXP4J5
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JUST IN: Representatives Ro Khanna and Summer Lee will be announcing legislation to ban Super PACs in federal elections this afternoon https://t.co/737TRXP4J5
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Offshore
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The Kobeissi Letter
BREAKING: The US Congressional Budget Office says the US Treasury risks defaulting as soon as August 2025.
Default risks are rising without a debt ceiling increase, per the CBO.
The debt ceiling crisis is back. https://t.co/iIeohHKYSL
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BREAKING: The US Congressional Budget Office says the US Treasury risks defaulting as soon as August 2025.
Default risks are rising without a debt ceiling increase, per the CBO.
The debt ceiling crisis is back. https://t.co/iIeohHKYSL
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Offshore
Photo
The Kobeissi Letter
BREAKING: The Federal Reserve reported a -$77.6 billion operating loss in 2024, building on a -$114.3 billion loss in 2023.
Since Q4 2022, cumulative operating losses have reached a massive -$224.4 billion.
This comes as the central bank has paid hundreds of billions in interest to commercial banks and money market funds.
On the other hand, interest income coming from Treasuries and Mortgage-Backed-Securities has declined as the Fed has shrunk its balance sheet.
Meanwhile, the Fed’s cumulative unrealized losses on these assets jumped $112 billion in 2024, to $1.06 trillion, as yields surged in the previous quarter.
The Fed is losing money.
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BREAKING: The Federal Reserve reported a -$77.6 billion operating loss in 2024, building on a -$114.3 billion loss in 2023.
Since Q4 2022, cumulative operating losses have reached a massive -$224.4 billion.
This comes as the central bank has paid hundreds of billions in interest to commercial banks and money market funds.
On the other hand, interest income coming from Treasuries and Mortgage-Backed-Securities has declined as the Fed has shrunk its balance sheet.
Meanwhile, the Fed’s cumulative unrealized losses on these assets jumped $112 billion in 2024, to $1.06 trillion, as yields surged in the previous quarter.
The Fed is losing money.
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Offshore
Photo
The Kobeissi Letter
BREAKING: Nvidia stock, $NVDA, extends decline to -5% today and is no longer the 2nd most valuable company in the world.
Microsoft is now worth more than Nvidia. https://t.co/x2grSPZG44
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BREAKING: Nvidia stock, $NVDA, extends decline to -5% today and is no longer the 2nd most valuable company in the world.
Microsoft is now worth more than Nvidia. https://t.co/x2grSPZG44
Once the hottest stock in the market, Nvidia, $NVDA, has seen almost zero NET movement in 6 months.
The stock is currently trading at the same levels seen in June 2024.
Even as the broader market recovers, $NVDA can barely hold $120.
Has Nvidia lost its momentum? https://t.co/qQaqMCRHtv tweet