What is your feel on current economic outlook?

[omega50]

Belt tightening when I retired 8 years ago means bring it on. We will weather any storm.Family first.
We went into a deeper level of personal lockdown the day the province turned Orange and prepared for the current situation. So no surprise at all that we are where we are.

[fishtank]

spend.. spend and spend, just keep digging that hole .

(Bloomberg) -- A borrowing spree by the Canadian federal and provincial governments is threatening to increase costs for companies just as the economy turns, according to BlackRock Inc.

Public-sector borrowing is set to swell as issuers including the federal government, Ontario -- already the world’s largest issuer of sub-sovereign debt -- and Alberta continue to run budget deficits, BlackRock’s head of Canadian fixed income Aubrey Basdeo said.

“When the economy is strong as it is, governments should be issuing less not more,” Toronto-based Basdeo said in an interview. “You’re getting these issuers crowding out corporate issuers.”

Government-related debt increased more than 10 percent over the last three years to C$1.98 trillion ($1.48 trillion) at the end of the third quarter, according to Statistics Canada. Outstanding federal government debt will rise 2.9 percent to C$707 billion in the fiscal year starting in March, government projections released last month show.

The increase in public-sector debt comes as the pace of growth in Canada’s C$2.2 trillion economy is set to slow to 2.1 percent this year compared with 3 percent last year, according to weighted average consensus of analysts compiled by Bloomberg. Next year, the country’s economic growth may decelerate to 1.9 percent.

The slowdown in economic growth may in turn reduce the room to maneuver for public administrations to put their finances in order. Ontario this week had its credit rating cut by Moody’s Investors Service for the first time in six years. The ratings firm expects the country’s largest provincial economy will post “multiple years of material consolidated deficits.”

Futures traders, who until early December were mostly betting on an interest hike by January, now aren’t expecting rates to rise till April. BlackRock is even more dovish as it expects the Bank of Canada’s benchmark rate to remain unchanged during the first half as Governor Stephen Poloz waits to assess the economy, Basdeo said.

After adjusting for volatility, government bond yields maturing between two and five years are already more attractive than corporates, he said.

That disparity has weighed on private-sector bonds. Yields on the Bloomberg Barclays Canada Aggregate 300M Corporate Total Return Index have risen almost 70 basis points since the start of the year to 3.57 percent, while during the same period the spread over government debt widened 46 basis points.

Even so, some are skeptical.

“We don’t expect a crowding out effect for corporates. We think there is plenty of a liquidity available to fund high-quality borrowers here domestically in our market,” said Marc St-Onge, global head of debt capital markets at Canadian Imperial Bank of Commerce.

Canadian companies took advantage of lower rates over the last decade to tap the bond markets at a record pace. Almost 80 percent of the country’s non-financial corporates covered by Moody’s Investors Service have a stable outlook, the highest proportion since 2010, and revenues are expected to continue growing over the next 12 to 18 months, the rating company said earlier this month.

--With assistance from Erik Hertzberg.

To contact the reporter on this story: Esteban Duarte in Toronto at eduarterubia@bloomberg.net

To contact the editors responsible for this story: Christopher DeReza at cdereza1@bloomberg.net, Randall Jensen, Eric J. Weiner

For more articles like this, please visit us at bloomberg.com

©2018 Bloomberg L.P.

[Ken07AOVette]

If everyone in Alberta, BC, Sask calls this number and voiced their opinion maybe they will clue in?

Yeah doubt it.

Office of the PM.
1 (613) 992-4211
It is, I confirmed it.

[German]

Live within your means. Invest in yourself; courses, training, etc. Stack silver.

[JeanCretien]

Inflation is robbing us blind too- three dollars for bread and 8 dollars for a medium jar of peanut butter? Medium roasts at Costco for 170 bucks? Plus an additional carbon tax in the last two years, childcare benefits have decreased, tax deductions have decreased since the Lie-brawls took power. They are dismantling us systematically.


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[JeanCretien]

Oh yeah- 4 dollars for one 8 foot 2x4???
Rant over.


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[fishtank]

Husky cut 2019 expenditure by $300 million , and Exxon just shelved their lng project in B.C.

[Dean2]

If you were in any doubt below is proof positive that the energy sector in Canada continues to decline. This does not bode well for Alberta, B.C. or the rest of Canada for that matter. Between trade wars with China, U.S. tariffs, slow down in Europe, South America imploding and the like, there is little sign of what will replace oil and gas income. Legalized Cannabis is not even a fly on the Elephant's butt, compared to the revenue and investment that is fleeing Canada.

ExxonMobil shelves Canada LNG export project
By Ekaterina Kravtsova

LONDON (Reuters) - U.S. oil major ExxonMobil <XOM.N> has withdrawn its WCC liquefied natural gas (LNG) export project in Canada from an environmental assessment, it said on Thursday, effectively signaling that the project has been shelved.

The so-called WCC LNG export project in Canada's British Columbia was expected to produce around 15 million tonnes per year of LNG, with plans for further expansion up to 30 million tonnes per year.

Legislation in British Columbia requires large projects to obtain an Environmental Assessment Certificate before they can be developed.

An examination of this project by the Canadian Environmental Assessment Agency has been going on since Feb. 2015.

"After careful review, ExxonMobil and Imperial (Oil Resources Limited) have withdrawn the WCC LNG project from the environmental assessment process," a spokeswoman for ExxonMobil said in an emailed comment.

"We remain committed to our Canada operations and to ensuring the safe and reliable delivery of oil and gas to our customers," she added.

LNG demand is growing but environmental groups say exports will boost carbon emissions in Canada, both through gas extraction and the liquefaction process.

The WCC LNG export project planned to have liquefaction and storage facilities for natural gas, loading facilities and third-party pipeline facilities.



(Reporting by Ekaterina Kravtsova; editing by Nina Chestney and Alexandra Hudson)

[Justfishin73]

Oil down another $2 today. I sell steel to the patch in Nisku---half the shops are flat out--other half are for sale. Imagine a lot of folks will be after those 600 Amazon jobs coming --I do not have a good feeling about next year---steel prices doubling and the tariffs are not making any projects any cheaper either.

[Bush Critter]

A great ma once said “ The only thing we have to fear is fear itself”... ... ...

[sns2]

Originally Posted by The Cook

My recipe to keep the blood pressure down after 4pm
1-- Eat THC gummy

2-- Short double dark rum and coke

3--Do not watch the news

This ^^^ is as good a solution as anything else I have heard

[HVA7mm]

Originally Posted by Dean2

If you were in any doubt below is proof positive that the energy sector in Canada continues to decline. This does not bode well for Alberta, B.C. or the rest of Canada for that matter. Between trade wars with China, U.S. tariffs, slow down in Europe, South America imploding and the like, there is little sign of what will replace oil and gas income. Legalized Cannabis is not even a fly on the Elephant's butt, compared to the revenue and investment that is fleeing Canada.

When the minister responsible for the Canadian Environmental Assessment Agency holds a law degree from McGill and was focused on human rights and social justice law, good luck getting anyone from the energy sector to even contemplate investing here. First Petronas and BG shelved their projects in Prince Rupert, and now Exxon is shelving a $25 Billion project there. Not good.

[Woolyoldbugger]

We have to stop falling for the corporate shell game. Social media uses algorythms devised by top psyhchiatrists to help divide us politically. The right hares the left the left hates the right. Meanwhile psychopaths in wall street get more and more rights for corporations than people. While we argue about political puppets Coke is buying the worlds water supply. You all believe oil is the money machine, sorry to tell you it aint. It fuels the war machine thats where the real money is. None of us had to endure the great depression and 2 world wars. We all set aside the lessons of our fathers and mothers of living within your means. Those who forget history are doomed to repeat it. I think we are going to see another depression and another war. We like to think we are right about everything if thats true then why if capitalism is so great, the country with the most billionaires is communist China? I think the worst mistake we make in Alberta is thinking oil will always be there for us. Thats the thinking that makes species go extinct. The biggest downfall for Caribou is not the loss of habitat, every species experiences that. Its that they only eat lichen and their sole reliance upon onexway to feed themselves is there demise. Lets stop being Caribou and sheep.

[HVA7mm]

Originally Posted by Woolyoldbugger

We have to stop falling for the corporate shell game. Social media uses algorythms devised by top psyhchiatrists to help divide us politically. The right hares the left the left hates the right. Meanwhile psychopaths in wall street get more and more rights for corporations than people. While we argue about political puppets Coke is buying the worlds water supply. You all believe oil is the money machine, sorry to tell you it aint. It fuels the war machine thats where the real money is. None of us had to endure the great depression and 2 world wars. We all set aside the lessons of our fathers and mothers of living within your means. Those who forget history are doomed to repeat it. I think we are going to see another depression and another war. We like to think we are right about everything if thats true then why if capitalism is so great, the country with the most billionaires is communist China? I think the worst mistake we make in Alberta is thinking oil will always be there for us. Thats the thinking that makes species go extinct. The biggest downfall for Caribou is not the loss of habitat, every species experiences that. Its that they only eat lichen and their sole reliance upon onexway to feed themselves is there demise. Lets stop being Caribou and sheep.

Huh? A quick google search shows US has about twice the number of billionaires as China at a quarter of the population. Heck, Germany has almost half as many billionaires as China with only about 5% of the population. And do you actually think that nobody in Alberta lives within their means? What an obtuse statement.

[Bigwoodsman]

I just hope that the Auction Houses aren't to busy making money off of Albertans.

BW

[lmtada]

Originally Posted by fishtank

Husky cut 2019 expenditure by $300 million , and Exxon just shelved their lng project in B.C.

Yup

https://www.msn.com/en-us/money/comp...ect/ar-BBRdNiV

[Woolyoldbugger]

Originally Posted by HVA7mm

Huh? A quick google search shows US has about twice the number of billionaires as China at a quarter of the population. Heck, Germany has almost half as many billionaires as China with only about 5% of the population. And do you actually think that nobody in Alberta lives within their means? What an obtuse statement.

Got that info from wikipedia did you? I can go on there and change any thing i want. You dont trust CBC but you trust that ok! Going by population is ridiculous they have the worlds largest pop thereby making it seem smaller. China has America by the short hairs and the US is a fast decaying empire. Especially since the idiot to control. I never said people dont live within their means of course some do but I,ve lived here mybwhole life and Ive seen the Harley trucks and fancy homes go up for sale. My main point is valid and you ignored that. Your attitude is exactly what im talking about fight with me while the real villans keep getting richer. Smart!

[bdub]

The data keeps coming in weak on autos, housing etc. Article on consumer bankruptcies shows a big increase yoy.

When the Fed raised again yesterday and the markets cratered on the announcement. The Dow moved around 6-700 points from high to low. Sure seems like the market is predicting a slowdown. These higher rates are slamming on the brakes. Gold is making a move, social unrest around the world is increasing “according to Ray Dalio from Bridgewater and their indicators.

On the plus side stocks are on sale. Most of the stocks on the sp are down 20-30%. Could get alot cheaper though. In 2008-09 we were down alot further. Is this just another correction or are we bear bound? Will the Fed make a mistake, raise another two times as indicated? Interesting times.


https://www.bnnbloomberg.ca/business...ates-1.1186351


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[HVA7mm]

Originally Posted by Woolyoldbugger

Got that info from wikipedia did you? I can go on there and change any thing i want. You dont trust CBC but you trust that ok! Going by population is ridiculous they have the worlds largest pop thereby making it seem smaller. China has America by the short hairs and the US is a fast decaying empire. Especially since the idiot to control. I never said people dont live within their means of course some do but I,ve lived here mybwhole life and Ive seen the Harley trucks and fancy homes go up for sale. My main point is valid and you ignored that. Your attitude is exactly what im talking about fight with me while the real villans keep getting richer. Smart!

I actually got the info from CNBC, and PWC's report in Business Insider France. HURUN out of China says China. And you are correct, I don't trust CBC or any other state financed media outlet. Believe me, I'm not fighting with you, everyone is entitled to their own opinion. But you are probably right, the real villains are getting richer and more powerful, be they leading a company or leading a country. But back to the topic at hand, my feel on the current economic outlook in Alberta is pretty dismal.

[Woolyoldbugger]

Originally Posted by HVA7mm

I actually got the info from CNBC, and PWC's report in Business Insider France. HURUN out of China says China. And you are correct, I don't trust CBC or any other state financed media outlet. Believe me, I'm not fighting with you, everyone is entitled to their own opinion. But you are probably right, the real villains are getting richer and more powerful, be they leading a company or leading a country. But back to the topic at hand, my feel on the current economic outlook in Alberta is pretty dismal.

Agreed!

[NCC]

I’ve been getting a ton of resumes and cold calls from desperate people looking for work; more in the past month than the previous 5 years combined. I think the crunch is coming.

That said, we’re still paying $120/hr for HD mechanics and welders, and have to wait for a week to get a plumber at $95/hr. Good hands with a trade will still command a good dollar and have enough work to survive.

When I entered the workforce in the mid 90’s, people lived on 150 hrs/month. Now everyone seems to need 200 hours per month to survive.

[Ken07AOVette]

Oil is down $2 and gas is supposed to go up 15c/L overnight. Everyone going for the holidays will make some billionaires bugger billionaires. No greed in the economy at all lol.

[Kim473]

We are still riding the sled down hill and picking up speed. Gonna be a wreck at the bottom of the hill. Save your nickles cause your gonna need them.

[elkhunter11]

Originally Posted by Kim473

We are still riding the sled down hill and picking up speed. Gonna be a wreck at the bottom of the hill. Save your nickles cause your gonna need them.

As bad as it , it will get worse, because the investors/lenders are losing more and more confidence in our province , and in our country. There is nothing to convince them that our governments are capable of turning around our economy. That won't change until after the elections, and depending on the election results, things could improve, or get even worse.

[RZR]

Originally Posted by eric2381

Build the pipelines! More than one. I can’t believe how stupid Canada as a whole has been

You people all cry " build the pipeline" but I have to ask this question. How on earth did we move the product in the past?

[lmtada]

One tweet from lil birdie in the know. RBC (royal bank Canada), has 1100 empty houses in Edmonton alone. How many Banks are there in Canada? How many cities? Add the ###.........

[JB_AOL]

Originally Posted by RZR

You people all cry " build the pipeline" but I have to ask this question. How on earth did we move the product in the past?

Thru the US. But now that the US is drilling at a mad pace and actually doing it economically, they don't need our oil to sell to other countries.

[bdub]

Originally Posted by RZR

You people all cry " build the pipeline" but I have to ask this question. How on earth did we move the product in the past?

Same way as now, through pipe, other than we are now moving increasing volumes by rail as well.

We have a glut of oil in North America and one customer basically thanks to technology. The problem started with horizontal drilling and fracking techniques unlocking huge amounts of oil reserves in the U.S. in places like the Permian. The US has went from producing 5 ish million BBL's Day in 2010 to 10.7 ish million BBL's today, as much oil now as Saudi Arabia or Russia. They are neck and neck in production volumes. Oil production in the US has basically doubled in less than ten years.

The only thing holding the price of oil is the manipulation by OPEC to control volumes. The US and Canadian producers will continue to produce until it is unprofitable or like Alberta, we limit production. Not getting our oil to the coasts so we can compete and sell it worldwide leaves Canada's producers totally dependant on the whims of the U.S.

Hard to believe we haven't had the political forethought "or will" to think this through and take action long ago.

[elkhunter11]

Originally Posted by RZR

You people all cry " build the pipeline" but I have to ask this question. How on earth did we move the product in the past?

The amount of oil being produced has increased dramatically over the years. The more oil we produce, the more pipeline capacity we require.

[wildbill]

Dismal at best, at least until we rid this country of the cancer that plagues it!