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
March 18, 2025
Canada
February’s seasonally adjusted 229k housing starts fell 4.6% from the prior month and was mainly in the multi-unit sector. Back-to-back blizzards across broad swaths of the country in February likely had a dampening effect on construction. In the resale market, existing home sales fell sharply, by 9.8% m/m in February, after declining 3% the month prior. Although this weakness may be partly attributable to the winter storms mid-month, we believe that many of those waiting on the sidelines last year for mortgage rates to start coming down now seem to be hesitating due to the economic uncertainty of a trade war. The big story was Toronto, where sales fell a whopping 28.5% m/m—making February the month with the lowest number of (seasonally adjusted) sales since May 2020. Toronto remains in buyer’s market territory, with average prices falling nearly 2% m/m.
Canadian PM Mark Carney said there’s a limit to matching US tariffs dollar for dollar due to the size difference between the economies. He suggested it will be difficult to go beyond the remaining C$95 billion on the list.
United States
Corporate insiders are buying the dip, giving confidence to US stock bulls. A gauge of insider sentiment shows the ratio of buyers to sellers rose to 0.46, on pace for the highest monthly reading since June.
Gold climbed to another record and oil gained as Mideast tensions mounted. Futures edged lower as BofA said investors slashed exposure to US equities by the most on record in recent weeks.
Europe
Israel launched a series of airstrikes in Gaza, shattering an almost-two-month ceasefire, and pledged to fight until Hamas has released all hostages. Hamas said more than 300 people were killed. Benjamin Netanyahu said the nation will use “increasing military strength.”
German lawmakers vote later on a bill that would unlock hundreds of billions of euros to finance defense and infrastructure spending. European weapons manufacturers look set to benefit most.
Asia
Chinese authorities began looking for potential security breaches or antitrust violations in CK Hutchison’s sale of overseas ports, people familiar said, after the firm divested its Panama operations. The stock fell.
BYD shares jumped to a record in China after it announced five-minute EV charging technology.