‘Get Out of Canada': Strategists Turn Defensive After TSX Rally [Yahoo! Finance Canada]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Yahoo! Finance Canada
Some strategists say that's an opportunity — they're urging investors to sell down or even get out of Canadian stocks altogether. Most Read from Bloomberg The world's 10th largest economy is flashing some warning signs. Unemployment is rising and private sector output is flagging. The Bank of Canada has lowered rates three times so far, and economists increasingly view economic growth as so weak that the central bank will have to start cutting faster. “We've crossed the Rubicon and we're in for a hard landing,” James Thorne, chief market strategist at Wellington Altus, said in an interview. The unemployment rate is 6.6% nationally and above 7% in Alberta and Ontario, two of the most economically important provinces. That “cannot be described as a soft landing,” Thorne said. “Get out of Canada. Don't own in the TSX.” Thorne has some company. “We do see and have seen a slowing of the Canadian economy,” said Philip Petursson, IGM Financial's chief investment strategist. The w
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