Daily Points

Scotiabank reports that markets are holding steady as they await results from a Trump-Xi meeting in Beijing and U.S. PPI data. The report also highlights that Canadian refinery margins have absorbed recent fuel tax cuts and clarifies that domestic insolvency rates remain stable.

Key Takeaways

• 1.U.S. President Trump's meeting with Xi Jinping in Beijing is the primary market focus, though expectations for a major breakthrough remain low.
• 2.U.S. Producer Price Index (PPI) data for April will be crucial for forecasting the Fed's preferred PCE inflation gauge.
• 3.In Canada, recent fuel tax cuts have been effectively offset by surging refinery margins, which rose from 47 to 60 cents/litre.

Table of Contents

• On Deck for Wednesday, May 13th
• Contributors
• KEY POINTS:
• TRUMP ET AL GO TO CHINA
• US PRODUCER PRICES TO INFORM PCE EXPECTATIONS
• BOC'S SUMMARY OF DELIBERATIONS
• OVERNIGHT STUFF
• CANADIAN REFINERY MARGINS HAVE GOBBLED UP THE FUEL TAX CUT
• CANADIAN INSOLVENCIES—FACTS VS HYSTERIA
• CANADA SHOULD AVOID THE GOLDEN DOME WHITE ELEPHANT

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