What Justin Trudeau’s win is doing to the loonie, stocks and the outlook for the economy
Polls closed last night and, while the final seat count is still to be determined with mailed ballots yet to be counted, the Liberals seem to have clinched another minority. For continuous updates on the markets’ response, follow along with the Financial Post’s Kelsey Rolfe @kelseyarolfe as she liveblogs here. For business-specific tips, announcements and information that should be added to this liveblog, please email [email protected]
7:45 a.m. — Good morning! It’s the morning after the 44th federal election, which, at first blush, seems to have brought us near to exactly the same Parliament as we had before. The Liberal Party of Canada is projected to have won a minority government according to both the CBC and CTV News, with the Conservative Party of Canada in official opposition territory. Mail ballots still have yet to be counted, so the final seat counts may change. Follow along with the Financial Post today for more on what the market has to say about the results.
7:47 a.m. — Loonie’s up: The loonie is strengthening against the U.S. dollar this morning in Asian trading, off the back of rising oil prices and the Liberals’ projected election win, which indicated the status quo of economic supports will continue apace. Foreign investors had worried Ottawa could face a deadlock that would hamper the country’s economic recovery. The Canadian dollar was trading 0.3 per cent higher, at 1.2785, to the U.S. dollar, or 78.22 U.S. cents, after trading in a range of 1.2779 to 1.2830.