MNI: UK FINAL JAN SRVCS PMI 50.8 (FLASH: 51.2); DEC 51.1

MNI: EUROZONE JAN FINAL SRVCS PMI 51.3 (FLASH: 51.4); DEC 51.6

MNI BRIEF: BLS Better Than r* To See Restrictiveness -Guindos

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MNI: GERMANY FINAL JAN SRVCS PMI 52.5 (FLASH: 52.5); DEC 51.2

MNI: FRANCE FINAL JAN SRVCS PMI 48.2 (FLASH: 48.9); DEC 49.3

MNI: ITALY JAN SRVCS PMI 50.4 (FCAST 50.4); DEC 50.7

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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CANADA DATA: Canada Q4 Flash GDP By Industry +1.8% Annualized In Line With BOC

CANADA DATA
CanadaData BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
MNI (OTTAWA)
  • Canada Q4 Flash GDP +1.8% annualized pace in line with BOC estimates, +0.4% QOQ. 
  • Advance estimate for Dec. GDP +0.2% MOM. Gains in retail, manufacturing and construction were partially offset by declines in transportation and warehousing, real estate and wholesaling.
  • Official figure in Nov. was -0.2% MOM, below StatsCan’s flash estimate -0.1% and Oct's +0.3%.  
  • Nov. decline was mainly due to mining, oil and gas (-1.5%) after leading gains in Oct. Transportation and warehousing were also a drag in Nov (-1.3%) due to Canada Post and port strikes. Gains came from construction, real estate and accommodation/food boosted by Taylor Swift concerts. 
  • Central bank said Wed a protracted trade war will most likely lead to weaker GDP and inflation pressure. Bank’s simulation of 25% tariffs from the U.S. and Canada retaliating dollar-for-dollar showed a 2.5pp drop in economic growth for the first year.    
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MNI (OTTAWA)
  • Canada Q4 Flash GDP +1.8% annualized pace in line with BOC estimates, +0.4% QOQ. 
  • Advance estimate for Dec. GDP +0.2% MOM. Gains in retail, manufacturing and construction were partially offset by declines in transportation and warehousing, real estate and wholesaling.
  • Official figure in Nov. was -0.2% MOM, below StatsCan’s flash estimate -0.1% and Oct's +0.3%.  
  • Nov. decline was mainly due to mining, oil and gas (-1.5%) after leading gains in Oct. Transportation and warehousing were also a drag in Nov (-1.3%) due to Canada Post and port strikes. Gains came from construction, real estate and accommodation/food boosted by Taylor Swift concerts. 
  • Central bank said Wed a protracted trade war will most likely lead to weaker GDP and inflation pressure. Bank’s simulation of 25% tariffs from the U.S. and Canada retaliating dollar-for-dollar showed a 2.5pp drop in economic growth for the first year.