Trade woes weigh on business confidence as Bank of Canada weighs decision

I have spoken to the leaders of two large Canadian companies recently. One heads a Montreal-based designer and seller of shoes with stores all over the world. The other runs an Alberta trucking company that employs thousands people hauling bulk goods around Canada and the United States.“Business for us is good,” said David Bensadoun, chief executive of closely held Aldo Group Inc.

Governor Stephen Poloz and his deputies on the Governing Council this week began deliberating over their next policy decision, scheduled for April 24. The comment reflected the subdued tone of the meetings, where officials attempted to square buoyant equity markets with evidence that the global economy has lost momentum. Whereas a year ago most of the world’s major economies were growing, some 70 per cent are now experiencing a slowdown, as the trade wars curb global commerce and chill business investment.

“We see a soft indicator causing the BoC to move to a purely neutral bias at next week’s rate meeting,” Mark Chandler, head of Canadian rates strategy at RBC Dominion Securities Inc., advised his clients in an email on April 15.

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