Daily Pulse
One of our most accessible tools, this daily comment keeps you abreast of developments on the North American and international financial markets.
Michel Doucet
Vice-President and
Portfolio Manager
February 21, 2025
Canada
Canada has listed seven organized crime cartels as terrorist entities under the country's Criminal Code, strengthening police ability to investigate financial transactions and detect illicit activities. The move is part of Prime Minister Justin Trudeau's proposals to US President Donald Trump, following their agreement to delay tariffs on Canadian products until at least March 4.
Stellantis NV is pausing work on the next generation Jeep Compass and all activities at its assembly plant in Brampton, Ontario. The plant, which employed about 3,000 workers, was being retooled to build electric and gas-powered vehicles for the Jeep brand and is expected to return to full capacity once that work is complete.
United States
Wall Street is strategizing for more radical moves from Donald Trump amid talk he may force some of the US’s foreign creditors to swap their Treasuries into ultra long-term bonds to ease America’s debt burden.
Walmart forecasts lower-than-expected profit for the full year, citing uncertainties related to consumer behavior and global economic and geopolitical conditions. The company expects overall net sales growth of 3% to 4% for the upcoming year, lower than the 5% growth experienced in the last fiscal year. Walmart's guidance does not include the potential impact of tariffs, which remain a big question mark for retail companies, and the company plans to work with suppliers and lean into its private brands to keep prices low.
Europe
European stocks attracted the most inflows since war broke out Ukraine three years ago, according to BofA, citing EPFR Global data. About $4 billion flowed into European funds, underpinned by optimism on peace negotiations.
German private-sector output improved more than anticipated ahead of Sunday’s election as the manufacturing recession eased. Olaf Scholz and Friedrich Merz are making their final pledges, with polls showing Merz solidly in the lead.
Asia
Nissan shares jumped on an FT report that a high-level Japanese group may seek investment from Tesla to aid the carmaker. The proposal envisions a consortium of investors, with the EV maker as the largest backer, acquiring Nissan’s plants in the US.
JGBs climbed as Kazuo Ueda said the BOJ would buy government bonds if yields were to rise sharply. Yields earlier touched a 15-year high after inflation accelerated in January.