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
November 14, 2025
Canada
The Canadian government will accelerate the development of mining and energy projects to help companies compete in markets worldwide. The list of projects eligible for faster government approval includes new electrical transmission lines, a natural gas export terminal, and a series of mines across the country. Officials will help firms arrange access to cheaper financing, get construction permits more quickly, and find labor to ensure projects get through bureaucracy faster.
Canada will proceed with measures to allow some businesses to speed up how quickly they write off machinery and equipment, as well as to expense research and development costs immediately to save on corporate taxes.The government claims the deductions will reduce the marginal effective tax rate to 13.2% from 15.6%, which it says will make it the lowest among Group of Seven nations.
United States
The US stocks selloff deepened, with Nasdaq futures leading the decline, as mounting fears of a hawkish pivot by the Fed fueled a retreat from risky assets. Treasury yields and the dollar rose. Gold steadied while oil jumped. Bitcoin’s bear market deepened as investors pulled nearly $900 million from funds investing in the token.
Donald Trump is readying substantial tariff cuts for Latin American countries such as Argentina, Guatemala, El Salvador, and Ecuador, to address high food prices as he seeks to address voter concerns over the cost of goods.
Europe
UK markets plunged into fresh volatility after Chancellor Rachel Reeves was said to drop plans to raise income taxes because she received a improved fiscal forecasts, sparking concern she may be too optimistic. Gilts, the pound and UK stocks sold off.
Ukrainian drones attacked Russia’s giant Black Sea port of Novorossiysk overnight, prompting a state of emergency.
Asia
China's economic activity cooled more than expected at the start of the fourth quarter, with an unprecedented slump in investment and slower growth in industrial output. Fixed-asset investment shrank 1.7% in the first 10 months of the year, and industrial production climbed 4.9% last month from a year earlier, the smallest gain since the start of this year. The government's stimulus measures have been slow to feed into the economy, with domestic demand weakening across the board and borrowing demand failing to pick up, despite a total of 1 trillion yuan in stimulus approved since the end of September.
Hong Kong raised its full-year growth forecast for 2025, signaling increased confidence in the economy’s momentum. GDP may expand to 3.2%, up from the previous forecast of up to 3%.