Weekly Digest – 29 June 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Canadian banks hit roadblocks as they expand south

Canadian banks are facing tougher scrutiny from regulators and politicians when they look to expand into the US.

Stock market continues to waver

The stock market closed low on Monday, negating gains from last week’s rally. Tech losses weighed down the market.

Metals set to have worst quarter since 2008 financial crisis

Metals are often seen as a bellwether for other stocks, as their performance is tightly tied to general economic health. The crash is a reverse from two years ago, when post-lockdown optimism saw metal values soar.

CAA predicts gas prices will continue to climb

Supply chain issues are contributing to the high prices at the pumps.

Assistance and restraint must be balanced, Finance Minister says

Finance Minister Chrystia Freeland warns that the cost of living problem could worsen if a balance isn’t struck between helping Canadians suffering from effects of the cost of living crisis and pursuing a policy of fiscal restraint.

Russia defaults on foreign debt for first time since 1918

Tough Western sanctions, which have shut down payment routes to overseas creditors, have caused Russia to default on its foreign-currency debt for the first time in over a century.

Dip in renovation-related purchases reflects housing market slowdown

A new analysis from BMO shows that Canadians are spending less on housing-related retail products, such as those needed for renovations. They attribute this to higher rates, and see it as directly related to falling real estate sales.

Germany turns to Canada for LNG

Germany hopes to import liquefied natural gas from Canada to help replace Russian gas. Currently, more than a third of Germany’s gas imports come from Russia.

Inflation at highest point since 1983

The inflation rate hit 7.7% last week – its highest point in nearly 40 years. The price of nearly everything has gone up, with gasoline prices making the biggest leap.

Online marketplaces subject to new PST rules in BC

As of July 1, 2022, online marketplace facilitators must register and collect PST on many of the taxable sales facilitated through their marketplaces. Details can be found here.

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