Economic Outlook

Canadian Consumer Confidence Plummets by Most Since April 2020

Confidence among Canadian consumers fell by the most since the depths of the pandemic, suggesting that the elevated sentiment that sparked Prime Minister Justin Trudeau’s bid for re-election may soon be fading.

The Bloomberg Nanos Canadian Confidence Index, which collects views from 250 respondents regarding their economic outlook, personal finance, and jobs security, declined 1.6 points to 62.6 for the week ending on August 27, marking the sharpest decline since April 2020.

The survey also showed that the proportion of Canadians expecting the economy to strengthen over the next six months fell from 54% at the beginning of July to 37% last week, while the share of respondents that said their finances have improved over the past year declined from 26% to 20% during the same period. Similarly, Canadians’ optimism regarding the booming real estate market has also faded, as approximately 51% revealed they foresee home prices to grow over the next six months; this is the lowest score for the question since February…read more.

A 150-Year Old Idea Could Lead To A Breakthrough In Space Travel

The increasing frequency of both natural and man-made catastrophes such as worldwide pandemics and climate catastrophes has re-validated the urgency to establish humanity as a multi-planet species. Indeed, the founding ethos of Elon Musk’s private spaceflight company SpaceX was to make life multi-planetary, partly motivated by existential threats such as large asteroid strikes capable of wiping out life on our planet. However, one of the biggest challenges to making this dream a reality is how to get to distant stars and planets within a human lifetime. Consider that with conventional fuel rockets, it takes about seven months just to get to Mars, and a ridiculous 80,000 years to get to the nearest star, Proxima Centauri, using our fastest rockets. This means that ordinary rockets are simply out of the question for interstellar travel, and something a little bit more out there is needed.

Luckily, we might now have the answer to this space travel conundrum.

Once the exclusive province of science fiction films, space colonization has been moving closer to becoming a reality thanks to major advances in astronautics and astrophysics; rocket propulsion and design, robotics and medicine. Trekkies, along with the otherworldly technology featured in the Star Trek series, have helped define the science fiction universe. One of the most mind-boggling of these technologies from those shows is the “Impulse Drive,” a propulsion system used on the spaceships of many species to get across the galaxy in amazingly short timeframes measured in months or a few years rather than centuries or millennia…read more.

Bitcoin suddenly retests $50K in possible ‘shakeout’ as analysts stay bullish on BTC

Bitcoin (BTC) kept traders on their toes on Tuesday as a sudden price dip sparked a retest of $50,000.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it shed $2,000 in two hours Tuesday.

The pair had hit $52,960 — nearly a four-month high — before consolidating and then heading lower.

The volatile conditions mark a memorable day for Bitcoin adoption, coming as El Salvador becomes the first country in history to adopt a partial “Bitcoin standard.”

For traders, the BTC price reversal, which at the time of writing had cooled at $50,500, was likely merely a technical event…read more.

Canadian investment portfolios took flight during pandemic lockdown

According to data released by Statistics Canada this week, Canadian investors acquired a record $57.2 billion in foreign securities during the spring months that constitute the second quarter of 2021.

The massive flow of investments were made by Canadian businesses, governments and big institutional investors, but also include individual retail investors either directly or through pensions, mutual funds and exchange-traded funds (ETFs).

It’s a sharp increase from the $40 billion invested by Canadians in the first quarter as investors plowed their cash into equities and debt securities like bonds.

StatsCan said the $20 billion invested in foreign debt securities was almost evenly split between corporate and government borrowers as Canadian investors scoured the globe for whatever meagre yields were being offered…read more.

 

This Week’s Poll Question

Share your thoughts on this important topic. We will release the results of the survey on Monday. ~ Ed