Business as usual for Trudeau after Canada status quo election

OTTAWA, Sept 21 (Reuters) – It was business as usual in Canada on Tuesday after Prime Minister Justin Trudeau fell short of winning a majority in a tightly contested parliamentary election, leaving him once again dependent on opposition legislators to govern.

Provisional results showed virtually no change from the 2019 election. Roughly 850,000 mail-in ballots are still to be counted, which could affect the final tally in a some seats.

“Canada’s political landscape looks remarkably similar after this election to the way it did before – almost as if Canadians spelled out ‘we don’t want an election now’ with their votes,” said Doug Porter, chief economist at BMO Capital Markets, in a note.

The Canadian dollar was trading nearly unchanged at 1.2830 to the greenback, or 77.94 U.S. cents, after giving up its earlier gains. The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE) was up 121.25 points, or 0.6%, at 20,275.79.

Trudeau, 49, was re-elected to a third term late Monday after calling a vote two years early. His hopes of securing a majority, which would give him a free hand to legislate, were dashed and he will once again rely on the support of the smaller left-leaning New Democrats to govern.

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Source: Reuters