Posthaste: One in four Canadians are using credit cards to bridge the gap between paycheques
U.S. President Donald Trump speaks on trade policy at the Economic Club of New York today, and expect markets to hang on every word. Last week stocks hit record highs on hopes that the U.S. and China were close to deal so any positive news could go a long way. “As always, markets will be watching for anything on trade, taxes, impeachment, etc. Word is that the U.S. tariffs on European car imports may be delayed,” writes BMO economist Benjamin Reitzes in a morning note. The 112-year-old club has served as a venue for major economic policy addresses in the past, hosting U.S. presidents including Woodrow Wilson and John F. Kennedy, as well as foreign leaders like former Soviet President Mikhail Gorbachev here and Chinese Premier Li Keqiang.
It’s credit education week, so what better time to check on the state of Canadians’ personal debt. A survey done for Credit Canada and Capital One Canada found that though 60% of Canadians are earning the same or less than last year, nearly half (48%) are spending more. One in three (32%) have increased their debt; for millennials 44% have done so. Of those who have increased their debt, 33% have seen it rise by more than 20% and 8% have seen it rise by more than 50%. One in four Canadians use credit cards to bridge a gap between pay cheques. Yet for all that we are fairly optimistic, the survey finds, with 44% saying they will be out of debt in one or two years, even though 52% report that their financial situation has not improved over the past year.
Here’s what you need to know this morning:
U.S. President Donald Trump is scheduled to discuss the country’s trade policy at the Economic Club of New York
Imperial Oil holds Investor Day meeting in Toronto with chief executive Rich Kruger. The event that begins at 9 a.m. is accessible by webcast
Alberta Finance Minister Travis Toews addresses Empire Club in Toronto (12 p.m. ET) Disney+ launches
So just how valuable is the world’s most valuable company? Saudi Aramco, which released a 600-odd page prospectus on Saturday and plans the share offering Nov. 17, is looking at a valuation of anywhere between US$1.2 trillion to $2.3 trillion, analysts say. Aramco could raise US$40 billion, beating the record-breaking US$25 billion raised by Alibaba in 2014. Its valuation would be almost twice that of Microsoft, currently the most valuable listed company, and seven times that of Exxon Mobil, the biggest listed oil company by market cap.