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December 17, 2024

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Canadian Prime Minister Justin Trudeau soared to victory in 2015 on the promise of change and “sunny ways” for the country.

Nearly a decade later, a dark storm cloud has descended upon his increasingly unpopular administration, with the resignation of a top Cabinet minister over a dispute about how to manage US president-elect Donald Trump’s tariff threats.

The abrupt exit Monday of finance minister and longtime Trudeau ally Chrystia Freeland – and her public rebuke of her boss – stunned Canadians and threatened to further unravel the government of a country known for its stability.

Trudeau’s already shaky hold on the country has now become more tenuous as pressure builds on him to step down.

Here’s what’s happening and what it means for Canada.

Who is Trudeau?

Justin Trudeau, a former high school teacher and the eldest son of Pierre Trudeau, one of Canada’s most well-known prime ministers, was elected in 2015 with a decisive parliamentary majority for his Liberal party.

One of the country’s youngest-ever leaders, Trudeau quickly became a poster boy for Canada’s progressive values on the global stage – acting as an antithesis to Trump during the incoming US president’s first term.

Trudeau won successive elections in 2019 and 2021, but his popularity has steadily declined since as Canadians have become frustrated with political scandals, reneged promises and the economy, among other issues.

A viral video of a tense exchange between Trudeau and a steel worker complaining of the high cost of living came to embody the growing resentment many Canadians felt towards Trudeau.

“You’re not really doing anything for us, Justin,” the worker said.

Trudeau’s political downfall solidified in recent months after the Liberal party lost a couple of historically safe seats in by-elections, prompting some within Trudeau’s caucus to call for him to step aside.

In a particularly telling sign of the prime minister’s unpopularity, more Canadians now regard the incoming American president more favorably than they do Trudeau – 26% to 23% respectively in recent polls, according to David Coletto, CEO of Abacus Data.

The last time Canadians were polled about Trump, in November 2020, just 11% viewed him favorably, Coletto said.

What sparked the latest crisis – and how is Trump involved?

On Monday, Finance Minister Freeland quit her post hours before she was due to deliver an annual fiscal update.

Her shock announcement came after Freeland said Trudeau had tried to demote her, following a disagreement between the two politicians over how Canada was handling the threat of tariffs by Trump.

Canada, home to about 40 million people, is one of America’s largest trading partners and closest allies.

Freeland, who has long been seen as a potential successor to Trudeau, said she and the prime minister had become “at odds about the best path forward for Canada,” in her resignation letter posted to social media.

She and Trudeau had disagreed in recent weeks about a two-month sales tax holiday and 250 Canadian dollar ($175) rebates for most workers – policies widely seen as tactics to win back voters.

“Our country today faces a grave challenge. The incoming administration in the United States is pursuing a policy of aggressive economic nationalism, including the threat of 25 per cent tariffs,” Freeland said.

“We need to take that threat extremely seriously,” she said, arguing that Canada must eschew “costly political gimmicks” in favor of “keeping our fiscal powder dry” so “we have the reserves we may need for a coming trade war.

Canadians “know when we are working for them, and they equally know when we are focused on ourselves. Inevitably, our time in government will come to an end,” said Freeland, who wrote that she will stay in parliament and plans to run again.

Freeland, a former journalist for The Financial Times, Reuters and the Globe and Mail, was a key interlocuter with the first Trump administration and negotiated the US-Mexico-Canada Agreement.

Her resignation, from an American perspective, is akin to a vice president stepping down, said Tari Ajadi, assistant professor of political science at McGill University – and not going quietly, but “deciding to resign because they disagreed fundamentally with the direction of the government, the country, and because they were convinced they would lose the next election.”

Can Trudeau stay in power?

Trudeau has so far been adamant that he will stay on as prime minister and has yet to directly acknowledge Freeland’s exit.

But experts see little path forward for the embattled Liberal leader.

“I just don’t see how he recovers,” said Tyler Chamberlin, associate professor at the University of Ottawa’s Telfer School of Management.

“If it was almost impossible for him to come back, to be competitive again, to convince Canadians or change their minds about him, I think this basically makes it impossible now,” Coletto said.

Freeland’s departure has exposed the fissures within Trudeau’s own party and has emboldened more of his own caucus to call for his resignation.

Canada’s three opposition leaders have also called for Trudeau’s departure.

“This is not a government that has much life in it at all,” Ajadi said.

Canada’s next federal election must legally be held by next October. It could happen earlier if Trudeau calls it, or if lawmakers trigger a no-confidence vote.

Polls show if an election were held today, Pierre Poilievre’s opposition Conservative Party would earn a decisive victory.

What does this mean for Canada?

While Trudeau’s political survival hangs in the balance, Monday’s events have thrown a country that is widely considered to be a stable – and even boring – middle power into disarray, Ajadi said.

With the promise of tariffs on the horizon and little goodwill between Trudeau and Trump, the loss of Freeland is also a loss for Canada, said Chamberlin.

Following a visit by the Canadian leader to Mar-a-Lago to convince Trump to ease up on tariffs, the incoming US president has thrown jabs at Trudeau, calling him “governor” and referring to Canada as the 51st state.

“The Great State of Canada is stunned as the Finance Minister resigns, or was fired, from her position by Governor Justin Trudeau,” Trump said on his social media platform Truth Social. “Her behavior was totally toxic, and not at all conducive to making deals which are good for the very unhappy citizens of Canada. She will not be missed!!!”

Forty years ago, Trudeau’s father Pierre famously took a reflective evening walk through an Ottawa snowstorm before deciding to resign as prime minister of Canada.

Now, with snow falling across most parts of the country, it may be time for the younger Trudeau to take his own walk, Coletto said.

This post appeared first on cnn.com

Two attempted attacks on Pope Francis, including one by a suicide bomber, were foiled during his landmark trip to Iraq in 2021, the pontiff has revealed in an autobiography.

The pope wrote that he was warned of a report by British security services that a young woman with explosives was on her way to Mosul to blow herself up during his visit. Francis added that he was told a van “had also left at high speed with the same intention.”

Francis, who turns 88 on Tuesday, made the remarks in a new memoir, “Hope,” which will be released early next year.

“When I asked the (Vatican) Gendarmerie the following day what was known about the two bombers, the commander replied laconically, ‘They are no longer there,’” he wrote in the memoir, an extract of which was published by Italian newspaper Corriere Della Sera.

“The Iraqi police had intercepted them, and detonated them. That, too, was very striking to me. This, too, was the poisoned fruit of war.”

Francis’ visit to Iraq was the first by a pontiff to the country, and was considered a very high-risk journey, both for security reasons and due to the ongoing Covid-19 pandemic.

But Francis explained he was determined to go to Iraq, a country rich in biblical history, and home to one of the oldest Christian communities in the world.

During the trip he showed solidarity with persecuted Christians in the country and held a historic meeting with the Grand Ayatollah al-Sistani, one of the leading authorities of Shia Islam.

This post appeared first on cnn.com

Stock futures are trading slightly lower Monday morning as investors gear up for the final month of 2024. S&P 500 futures slipped 0.18%, alongside declines in Dow Jones Industrial Average futures and Nasdaq 100 futures, which dropped 0.13% and 0.17%, respectively. The market’s focus is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week’s key labor data releases.

November was a standout month for equities, with the S&P 500 futures rallying to reflect the index’s best monthly performance of the year. Both the S&P 500 and Dow Jones Industrial Average achieved all-time highs during Friday’s shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also saw robust gains, with the Russell 2000 index surging over 10% in November, buoyed by optimism around potential tax cuts.

As trading kicks off in December, investors are keeping a close eye on geopolitical developments in Europe, where France’s CAC 40 index dropped 0.77% amid political concerns, while Germany’s DAX and the U.K.’s FTSE 100 showed smaller declines.

S&P 500 futures will likely continue to act as a key barometer for market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.

S&P 500 Index Chart Analysis

This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break above the resistance level near 6,044.17 but retraced slightly to close at 6,032.39, reflecting a minor decline of 0.03% in the session. The candlestick pattern indicates some indecisiveness after a steady upward momentum seen earlier in the day.

On the RSI (Relative Strength Index) indicator, the value sits at 62.07, having declined from the overbought zone above 70 earlier. This suggests that the bullish momentum might be cooling off, and traders could anticipate a short-term consolidation or slight pullback. However, with RSI above 50, the overall trend remains positive, favoring buyers.

The index’s recent low of 5,944.36 marks a key support level, while the high at 6,044.17 could act as resistance. If the price sustains above the 6,020 level and RSI stabilizes without breaking below 50, the index could attempt another rally. Conversely, a drop below 6,020 could indicate a bearish shift.

In conclusion, the index displays potential for continued gains, but traders should watch RSI levels and price action near the support and resistance zones for confirmation.

The post Stock Futures Lower after S&P 500 futures ticked down 0.18% appeared first on FinanceBrokerage.

Stock futures climbed on Wednesday, driven by strong performances from Salesforce and Marvell Technology, following upbeat quarterly earnings. Futures tied to the Dow Jones Industrial Average rose by 215 points (0.5%), while S&P 500 futures gained 0.3%, and Nasdaq-100 futures advanced by 0.7%.

Salesforce surged 12% after reporting fiscal third-quarter revenue that exceeded expectations, showcasing robust demand in the enterprise software sector. Meanwhile, chipmaker Marvell jumped 14% after surpassing earnings estimates and providing optimistic fourth-quarter guidance, indicating resilience in the semiconductor industry.

This movement follows a mixed session on Wall Street, where the S&P 500 and Nasdaq closed with small gains, while the Dow dipped slightly. The broader market has experienced a modest start to December, contrasting with November’s robust rally, but analysts anticipate a resurgence in momentum. LPL Financial’s George Smith pointed out that December historically sees strong market performance, particularly in the latter half of the month.

However, economic data introduced some caution. ADP’s report revealed that private payrolls grew by just 146,000 in November, missing estimates of 163,000. This signals potential softness in the labor market, with investors now awaiting Friday’s November jobs report for further clarity.

S&P 500 Index Chart Analysis

Based on the provided stock chart, which appears to be a 15-minute candlestick chart for the S&P 500 Index, here’s a brief analysis:

The chart shows a clear upward trend, with higher highs and higher lows indicating bullish momentum over the analyzed period. The index has steadily climbed from a low of approximately 5,855 to a recent high of 6,053.58, suggesting strong buying interest.

Key resistance is observed near 6,050-6,053 levels, as the price has struggled to break above this zone in the most recent sessions. If the index breaches this level with strong volume, it could lead to further upward movement. Conversely, failure to break out may lead to a pullback, with potential support around the 6,000 psychological level and 5,980, where consolidation occurred previously.

The candlestick patterns show relatively small wicks, indicating limited volatility, which could imply steady market confidence. However, the bullish rally could be overextended, warranting caution for traders, especially if any negative catalysts emerge.

In summary, the short-term trend is bullish, but traders should monitor resistance levels and volume for signs of a breakout or reversal. It’s also essential to watch broader market factors, as indices are often influenced by macroeconomic data and sentiment.

The post S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7% appeared first on FinanceBrokerage.