Market News: Week Ending April 2, 2026

Market News– Week Ending April 2, 2026

Statistics Canada announced that, on a monthly basis, real gross domestic product (GDP) by industry expanded by 0.1% in January. The current data release contained yet another set of revisions going back to January 2025 (generally upward revisions). The January figure was stronger than the forecast for ‘no change’ that was provided as forward guidance by the statistics agency in the previous data release. On a year-over-year basis, GDP growth stood with a nominal 0.6% advance, the slowest annual pace of growth since an outright contraction (-2.1%) was reported for December 2021, at the end of the pandemic. At the same time, GDP per-capita (working aged individuals) posted an identical 0.1% expansion during the month, but annual growth on a per-capita basis remained in negative territory (-0.5% year-over-year). Once again, Statistics Canada provided forward guidance, stating that “advance information indicates that real GDP increased 0.2% in February.”

 

Statistics Canada announced that, in February, Canada's merchandise exports rose 6.4% and imports climbed 8.4%. As a result, Canada's merchandise trade balance with the world widened from a revised deficit of $4.5 billion in January (originally reported as a $3.6 billion deficit) to a deficit of $5.7 billion in February. StatsCan simultaneously released the services trade results and a surplus of $0.4 billion was recorded in February. It is widely expected that trade figures will continue to fluctuate as international trade remains unsettled. The combined, total trade deficit and downward revisions be a negative sign for overall GDP growth in the first quarter.

 

The U.S. Census Bureau announced that the country's international trade deficit in goods and services stood at $57.3 billion in February, wider than the revised $54.7 billion gap now reported for January (previously reported as $54.5 billion). February exports were $314.8 billion, $12.6 billion more than January exports. February imports were $372.1 billion, $15.2 billion more than January imports. A larger trade deficit was anticipated, but the increase in the trade gap is smaller than market expectations.

 

The U.S. Department of Labor announced that initial jobless claims totalled 202,000 (seasonally adjusted) in the week ending March 28, a decrease of 9,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 210,000 to 211,000. The 4-week moving average was 207,750, a decrease of 3,000 from the previous week's revised average. The previous week's average was revised up by 250 from 210,500 to 210,750. These results are marginally stronger than with market estimates.

 

Regards,

Glenn

 

Note:
All index performance is in Canadian dollars.

IMPORTANT DISCLAIMERS
The information in this letter is derived from various sources, including CI Global Asset Management, CRA, Bloomberg, National Post, Globe and Mail, Wall Street Journal, Bloomberg, Reuters, Investment Executive, Advisor.ca, MarketWatch, Toronto Sun, The Guardian, MSN.ca and Statistics Canada at various dates. This material is provided for general information and is subject to change without notice. Before acting on any of the above, please contact me for individual financial advice based on your personal circumstances. Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI Global Asset Management has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in this document.