MNI: Canada Apr-Sept Budget Deficit Widens On Spending

CANADA'S TRUDEAU: I CONTINUE TO HAVE GOOD TALKS WITH TRUMP

MNI BRIEF: Little Macro Difference On Rate Oprions- de Guindos

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CANADA Q3 GDP ANNUALIZED +1.0% AS EXPECTED ON GOVT, CONSUMERS

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GDP Data Headlines Local Docket - 0830ET

CANADA
  • GDP for Q3 plus the separate monthly report for Sep/Oct advance headlines the local docket at 0830ET, landing alongside the lagged payroll employment data for Sept before tomorrow’s labour force survey for Nov.
  • Analysts estimate real GDP growth of just 0.1% annualized in Q3 after what was at the time a surprisingly soft -0.2% in Q2.
  • The range for Q3 sits at -0.5% (RBC) to +0.5% (Citi) – all fifteen estimates are below the 0.8% the BoC pencilled in at its October MPR, revised down from an initial 1.5% back in July.
  • RBC note that real retail sales were down 2.1% annualized in Q3, whilst “restaurant sales declined ~4.5% in Q3 controlling for price changes and our own tracking of service-sector spending softened” whilst mfg output was down heavily over July and August. They see some boost from residential investment (“likely edged higher with higher housing starts offsetting a pullback in home resales”) along with a positive contribution from net exports but that’s “largely from lower imports tied to softening in domestic demand”.
  • TD, close to consensus with 0.0%, note that “there is some asymmetric downside pressure here, where a beat is still going to be an objectively weak print and a miss is quite dovish.” “We do emphasize that this is a front-end story and that we see steepener pressures in Canada and value on our side when selling/paying Canada in 10s and longs against the US.”
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange BulletsCanada Bank of Canada Market News

To read the full story

Close

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.