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Canadian Manufacturing Sales Fizzles | German ZEW Economic Sentiment Surges

Published September 17, 2019

  • According to data released by Statistics Canada on Tuesday, manufacturing sales in Canada contracted by 1.3 percent to $57.2 billion in July and missed the market expectation for a decline of 0.3 percent. The Canadian dollar was trading lower, at 1.3265, after the release.
  • German economic sentiment saw a sharp improvement in September after a slump in August, according to the survey data released. Overall, the German ZEW headline numbers rose to -22.5 in September, up from -44.1, beating expectations of -38.
  • The Federal Open Market Committee is widely expected to lower rates by a quarter percentage point at a two-day meeting that begins in Washington on Tuesday. Fed-watchers will be closely monitoring what Federal Reserve Chairman Jerome Powell has to say at his press conference on Wednesday about further easing.

To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.