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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA DATA
- Monthly GDP came in softer than expected in August, at 0.0% M/M vs the +0.1% from the prior advance. Further, the September advance is indicated at flat for no sign of a lift after August was the last month impacted by forest fires and the BC port strike.
- If accurate, that September reading would mark the third consecutive sideways month and that’s following the -0.2% M/M in June.
- It leaves quarterly GDP growth running at -0.1% annualized having disappointed with -0.2% annualized back in Q2.
- It raises the likelihood that GDP growth again undershot BoC expectations, which were just last week revised down from 1.5% to 0.8% for Q3. It is however important to consider two important caveats that the September monthly data is yet to be finalized and the expenditure approach behind the quarterly series (which the Bank forecasts) can differ from these monthly industrial data.
- Potential methodological differences and revisions aside, the latest data are evidence that Canadian growth has massively underperformed the surge in the US (4.9% annualized in Q3).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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