Most sectors are higher, with miners and healthcare leading gains. Among healthcare stocks, Bausch Health (BHC.TO) is up 9% after earlier revealing that billionaire Carl Icahn had built a 34% economic interest in the company.
Oil price rose early on Tuesday, rebounding from a day-prior loss even as the dollar rose off a three-year low amid turbulent markets. Gold prices continued their rise early on Tuesday, climbing to a second-straight record high with investors moving to the metal as a store of value as markets remain volatile.
Staying on gold, Rosenberg Research said it "remains fundamentally bullish" on gold, but now views it as a "strong hold", noting recent gains for gold have been "powerful". But even for Rosenberg Research it "does look excessive". So, the research said, "for those who missed this train when it left the station, what still has upward potential are the gold mining stocks which as a group would have to double from here just to normalize the equity group to the underlying commodity price". It noted the U.S. sector is no higher than it was six years ago, and the "more fulsome" Canadian gold equity sector, while rising impressively, is only back to where it was in September 2011 when bullion was trading south of $1,800 per ounce.
In the same 'Early Morning With Dave' note, Rosenberg Research said the U.S. President's attack on Fed Chair Jay Powell is "incredibly reckless". The fact that we are even talking about the firing of a central bank chairman who oversees the world's reserve currency is incredible, the research added, while noting it was Trump who appointed Powell to begin with back in 2017!
BMO in its morning note cited a report from The Wall Street Journal that said President Trump is signaling that he will blame the Federal Reserve for any economic weakness that results from his trade war if the central bank doesn't cut interest rates soon.
Meanwhile, the International Monetary Fund sharply lowered its forecasts for world growth for this year and next, warning the outlook could deteriorate further as President Trump's tariffs spark a global trade war, Bloomberg News is reporting.
The IMF cut its projection for global output growth this year to 2.8% in its updated World Economic Outlook released Tuesday, lower than its January forecast of 3.3%. This would be the slowest expansion of gross domestic product since the Covid-19 pandemic in 2020. It would also be the second-worst figure since 2009.
The fund reduced its estimate for next year to 3%, a drop of 0.3 percentage points.
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