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Global Markets Calm After French Election; Canadian Building Permits Disappoint

Published May 9, 2017
  • Global stocks continue to improve this morning as Emmanuel Macron’s win in the French presidential election quells worries of a breakup of the euro-zone; solid corporate earnings and a better outlook on the global economy have moved the markets towards risk-on sentiment
  • Investors now have a calmer footing as the CBOE Volatility Index, often considered the de facto barometer for “investor fear”, has reached its lowest level in 23 years; the VIX now stands at 9.77 which comparatively has a historical average of 20
  • Oil prices remain volatile after OPEC and oil industry sources mentioned that OPEC and non-member oil producers are considering extending their cut for nine months or more
  • Market sentiment on oil prices initially shifted upwards on this news, however, oil prices are lower again this morning as analysts seek firmer confirmation from OPEC members
  • Canadian month-on-month building permits fell by a large margin coming in at -5.8% versus an expected growth rate of 5.5%; the decrease is attributed to lower construction efforts of multi-family dwellings in British Colombia and Ontario