Investors should enjoy Thursday's uptick in market trading, as this positive momentum won’t continue next year, according to David Rosenberg, founder and president of Rosenberg Research.
Rosenberg made the comments after a report from the U.S. Labour Department found U.S. inflation was up 7.7 per cent from the same time a year ago, which was the smallest annual advance this year. “We'll forget about this inflation number in the next few weeks and we're going to start to see I think cascading negative economic data and earnings disappointments and downgrades-- and that's really going to be next year story for the stock market.”Rosenberg said he thinks a recession is already starting and this could be bad news for investors’ portfolios since “stock markets don't like recessions.
Dennis Mitchell, CEO and CIO at Starlight Capital, joins BNN Bloomberg for his view on lower-than-expected inflation data out of the U.S. Mitchell says that even as this data is lower, it remains far from the Fed's target. He adds there is more heavy lifting to be done. Mitchell also discusses how housing affordability will continue to impact the economic outlook for both Canada and the U.S.
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