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Monday thro sees a quiet start to the week, with the only European release being Italian inflation figures at 0900GMT. In the North Americas the only events scheduled are the publications of Canadian housing starts at 1315GMT and Canadian international transactions in securities at 1330GMT.
Final Italian inflation seen at flash estimate
The final HICP is expected to register in line with the flash estimate showing an unchanged reading from November's 0.3% y/y drop. Monthly inflation increased by 0.2% in December according to the flash results. The annual decline was mainly due to low energy prices, although prices fell at a slower pace of 7.7% than the month before. Service inflation improved slightly as well to -0.7%, up from -1.6% seen in November. Over the year the average annual inflation was -0.1% compared to +0.6% recorded in 2019.
Canadian housing rose in November
Housing starts in Canada ticked up 14.4% in November on a monthly basis to 246,033 units according to Canada Mortgage and Housing Corporation (CMHC). Urban housing starts were up 15.0% in November to 233,106 units and multiple urban starts rose 22.5% to 177,661 units, while single-detached urban starts fell by 3.8% to 55,445 units.
International transactions in securities led to net outflow of funds in October
Non-residents invested primarily in Canadian government bonds, adding CAD 6.9bn of Canadian securities to their portfolios in October. On the other hand, Canadian investors obtained CAD 8.0bn of foreign securities, mainly foreign government bonds, which led to a net outflow of funds in October. The report noted that foreign investment in the Canadian stock market slowed in October.
The events calendar remains quiet with no speeches scheduled for the day as the US enjoys a market holiday.