AGF Management : Several Stories Caught Our Eye This Morning

Insights and Market Perspectives

Author: 8

June 18, 2021

Several Stories Caught Our Eye This Morning
June 18, 2021
LOTS GOING ON, HERE'S WHAT CAUGHT OUR EYES THIS MORNING -

WILL JOE BIDEN TALK WITH XI JINPING SOON? On the heels of a constructive meeting with Vladimir Putin, President Biden reportedly is planning a phone conversation with Chinese President Xi Jinping. This probably would be frostier than the Putin summit but would focus on some positives; agricultural trade between the two nations is still robust, for example.

OBAMACARE IS HERE TO STAY: Yesterday's Supreme Court ruling pretty much shuts the door on efforts to kill Obamacare. In its 7-2 ruling, some conservatives threw in the towel: Clarence Thomas, Amy Coney Barrett, Brett Kavanaugh and John Roberts voted to uphold the law. Starting now, the focus will be exclusively on expanding Obamacare.

IRANIAN SHIPS REPORTEDLY CARRYING ARMS to Venezuela have reversed course, sources are reporting this morning. After blunt U.S. threats to Iran, Venezuela and Cuba, this potential crisis apparently has been defused - which may improve prospects for a nuclear deal between the U.S. and Iran.

WHEN WILL JOE MANCHIN GIVE UP? After piously insisting that bipartisanship is the key to good government, moderate Democrat Joe Manchin got smacked down by Mitch McConnell yesterday. The Senate Minority Leader essentially ruled out any compromise on the election reform bill; Manchin had been trying to strike a deal.

SO MANCHIN HAS HIS ANSWER on bipartisanship, which could prompt him to more realistically view an infrastructure bill. A $1 trillion deal could bypass McConnell and pass in a 50-50 tie broken by Kamala Harris via the budget reconciliation process. That could appeal to Manchin a bit more, now that McConnell has signaled an unwillingness to compromise.

IS TODAY A HOLIDAY? The Juneteenth bill was signed yesterday by President Biden and will take effect immediately, making June 19 a federal holiday, commemorating the end of slavery. Since June 19 falls tomorrow, some federal workers will get today off; the Federal Reserve's offices will be closed, for example.

U.S. FINANCIAL MARKETS will be open today, but probably will be closed next year, with three holidays - Memorial Day, Juneteenth and July 4 - jammed into a six week period. The U.S. will now have 12 national holidays, still well behind the global
record of 28 in Cambodia.

The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF's suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

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