All eyes are on Europe, and it’s an un-nerving scene for markets that hate uncertainty. The austerity minded French president has been replaced by a Socialist who wants stimulus and growth. And austerity-weary voters have punished the mainstream parties in Greece.
In France, the new president’s scheme to boost growth remains unknown. It’s also unknown whether next month’s legislative elections will give Socialists complete control of the government. That will greatly influence how much the new president will actually be able to do. In Greece there’s no clear winner and little chance of a workable coalition. That sets the stage for another general election within the next couple of months.
In Canada the total value of building permits made an unexpected gain in March, but the rate of increase slowed. The 4.7% increase was driven by a, nearly, 14% boost in non-residential permits. The value of residential building permits actually dropped 1.3%, the third consecutive monthly decline.
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