Last week the International Energy Agency (IEA) lowered its forecast for global oil demand growth from a 5-year high of 1.8 million barrels a day in 2015 to 1.2 m barrels a day in 2016. As global production remains at all time highs, the agency sees further price weakness amid oversupply imbalances likely to persist through at least 2016.
At the same time, rating agency Moody’s and The Economist issued fresh warnings about Canada’s over-valued real estate and heavily indebted consumers.
Ratings agency Moody’s and The Economist magazine are sounding the alarm about rising consumer debt loads and overpriced housing in Canada. Here is a direct video link.
The new incoming government will struggle with same secular headwinds challenging Canada.
Bank of Canada’s lowers assessment of the Canadian economy as Justin Trudeau prepares to take office. Here is a direct video link.