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The Daily Chase: Auto industry rocked by bridge blockade; U.S. inflation at 40-year high

The Daily Chase: Auto industry rocked by bridge blockade; U.S. inflation at 40-year high

BNN Bloomberg
Thursday, February 10, 2022 2:07 PM GMT

The wait continues for a solution to the blockade that has shut down the Ambassador Bridge and caused lengthy delays at the Blue Water Bridge, where trucks are diverting to enter this country via Sarnia, Ont.

The wait continues for a solution to the blockade that has shut down the Ambassador Bridge and caused lengthy delays at the Blue Water Bridge, where trucks are diverting to enter this country via Sarnia, Ont. As the wait drags on, the economic damage is starting to become clear in the automotive sector, where Toyota, Ford and Stellantis have faced disruptions of various degrees at their plants this week. With Bank of Canada Governor Tiff Macklem’s “we don’t need this” warning yesterday about the potential hit to the economy, we’re checking if top economists are adjusting their estimates and expectations for the timing of liftoff due to the protests/occupations.

U.S. INFLATION WATCH

The expectation was that America's inflation rate would land today at the highest level in 40 years. And that's precisely what we got. The January consumer price index jumped 7.5 per cent year-over-year. That's a half percentage point more than in December, a couple ticks higher than the estimate, and just shy of the 7.6 per cent inflation rate from February of 1982. This will be the day’s main event for markets as traders size up the implications for the U.S. Federal Reserve’s interest rate strategy.

CPP VOWS TO GO NET-ZERO WITHOUT DUMPING STOCKS

Canada's half-trillion dollar investing behemoth has unveiled its plan to go net-zero. CPP Investments, which had $541.5 billion in assets as of Sept. 30, said it will balance out greenhouse gas emissions throughout its operations by 2050. But "blanket divestment" isn't part of its plan. Instead, it looks like CPP will focus on the power of persuasion by exercising its muscle as an "active" investor when needed. It also said it will at least double its exposure to green and transition assets to $130 billion by 2030 from $67 billion currently.

TSX NEARING ALL-TIME HIGH

Read full story on BNN Bloomberg
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