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☆ Canada's fiscal update won't make central bank's job harder -sources
▼ + stars: | 2022-10-27 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

OTTAWA, Oct 27 (Reuters) - Canada's Liberal-led government will keep its powder dry when it unveils a fiscal update next month, and though it could contain additional targeted spending, it will not make the central bank's job harder, two senior government sources told Reuters this week. "The FES will not make the Bank of Canada's job of fighting inflation harder," said one source. "It behooves the federal government to continue to demonstrate some responsible fiscal stewardship right now," said a first source familiar with the draft document. Neither source would elaborate on where any "targeted" spending might go. The government's limited spending plans will be a relief to investors, as it would further aid the Bank of Canada's efforts to fight inflation.

[1/3] Manuela Teixeira, who runs six businesses in Old Chelsea village, stands at the counter of her cafe Biscotti & Cie, which she says faces a dire labor shortage, in Old Chelsea, Quebec, Canada, October 3, 2022. Canada has the worst labor shortages in the Western world, according to the latest OECD data from late 2021. Quebec's immigration ministry didn't respond to a query on the arrival caps and labor challenges for this article. The new census data showed 28.7% of recent immigrants to the province spoke French as their first language, up from 25.7% in 2016. When company workers had to isolate after arriving from Tunisia during COVID-19, people in the town rallied to help with supplies, she said.

TORONTO, Oct 26 (Reuters) - Immigrants' share of Canada's population has hit its highest point in the country's 150-year history and the biggest share among G7 countries, new data released by Statistics Canada showed on Wednesday. Twenty-three percent of Canadians were immigrants in 2021, according to the census, and Statistics Canada projects that between 29% and 34% of the population will be immigrants by 2041. India, the Philippines and China were the top three countries respectively for recent immigrants to Canada, according to the census. Newcomers have become the primary driver of Canada’s population growth and the country's economic engine in the context of an aging population. From 2016 to 2021, immigrants accounted for four-fifths of Canada's labour market growth, Statistics Canada said.

☆ Morning Bid: Dancing in the dark
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Economists polled by Reuters said the central bank should not pause until inflation gets down to around half its current level. But it's also that markets "ain't nothin' but tired" of buying the dollar and selling everything else for months. China's yuan is anchored after state banks sold dollars in onshore and offshore markets during London trading hours the previous day. Europe woke up to Standard Chartered Bank's (STAN.L) surprisingly good results, just a day after HSBC disappointed. But the one bankers are watching is Credit Suisse (CSGN.S), which reports earnings but also a much-speculated strategic overhaul on Thursday.

☆ Dancing in the dark
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

☆ Canada backs nuclear power project with C$970 mln financing
▼ + stars: | 2022-10-25 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

The nuclear power project, which is being developed by utility Ontario Power Generation (OPG) in Darlington, will be the first commercial grid-scale SMR in the Group of Seven wealthy nations (G7), according to the minister's spokesperson. read more"We are doing this because nuclear energy – as a non-emitting source of energy – is critical to the achievement of Canada's and the world's climate goals," Wilkinson will say. "Nuclear power is one source that can help in reaching our climate targets while addressing growing future demand." About 15% of Canada's electricity comes from nuclear power, according to the World Nuclear Association. The reactors are designed by GE-Hitachi Nuclear Energy, an alliance between General Electric Co (GE.N) and Japan's Hitachi Ltd , and could power about 300,000 homes after completion, OPG says.

☆ Canada recession may be ‘necessary evil’ as central bank queues big hike
▼ + stars: | 2022-10-20 | by ( Julie Gordon | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterThat may be just what the central bank is looking for, said analysts. Inflation in Canada edged down to 6.9% in September, below June's peak of 8.1%, though still well above the Bank of Canada's 2% target. A majority of Canadian firms, meanwhile, think a recession is now likely in the next 12 months, a Bank of Canada survey showed this week. This means the central bank will not start cutting rates until inflation is "within shouting distance" of the 1-3% control range, he said. "I don't think they necessarily are aiming for a recession," said Andrew Kelvin, chief Canada strategist at TD Securities.

☆ David Eby to become premier of Canada's British Columbia province
▼ + stars: | 2022-10-20 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

Oct 20 (Reuters) - David Eby, British Columbia's attorney general and housing minister, will become the Canadian province's premier, the ruling New Democratic Party said on Thursday, after his rival in the party's leadership race was disqualified for violating electoral rules. Register now for FREE unlimited access to Reuters.com RegisterEby will be officially declared leader on Friday morning, Cull said in a statement. "I'm proud David Eby will be the next premier of British Columbia." Horgan became premier in 2017 as head of a minority government before leading the NDP to a majority in 2020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nia Williams; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's inflation beat boosts chances of 75 bps rate hike
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +3 min

OTTAWA, Oct 19 (Reuters) - Canada's annual inflation rate edged down but exceeded forecasts in September while underlying price pressures were largely unchanged, data showed on Wednesday, amplifying calls for another hefty rate hike by the central bank next week. Inflation was 6.9%, ahead of forecasts of 6.8% and down from 7.0% in August. All three of the Bank of Canada's core measures of inflation, its preferred yardsticks for underlying inflation, were flat in September, with the average of the three matching August's upwardly revised 5.3%. The bank has hiked rates by 300 bps since March and made clear more increases are coming. But it was lower gasoline prices that edged the annual inflation rate down, while consumers paid 11.4% more for their groceries, the largest gain since August 1981.

☆ Canada's inflation beat boosts chances for 75-bp rate hike
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

Canadian inflation edged down to 6.9% in September, a notch ahead of forecasts of 6.8% and down from 7.0% in August. "So I think it keeps the Bank of Canada on track to deliver another so-called supersized hike." The Bank of Canada is widely expected to raise its policy rate at its next decision on Oct. 26. "I think that the Bank of Canada should hike by 75 (bp) next week," he added. On the month, Canada's consumer price index rose 0.1%, slightly ahead of forecasts that it would remain flat.

☆ Canada's annual inflation rate eases slightly to 6.9% on cheaper gas
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +1 min

OTTAWA, Oct 19 (Reuters) - Canada's annual inflation rate inched down to 6.9% in September, the third consecutive monthly deceleration, as lower prices at the gas pump offset another 41-year high in food costs, Statistics Canada data showed on Wednesday. The headline inflation number was a notch ahead of analyst forecasts of 6.8% but down from 7.0% in August. Excluding food and energy, prices rose 5.4% from a rise of 5.3% in August. It now stands at 3.25%On the month, Canada's consumer price index rose 0.1%, slightly ahead of forecasts that it would remain flat. The Canadian dollar was trading 0.2% lower at 1.3760 to the greenback, or 72.67 U.S. cents.

☆ Blackstone and Prologis turned warehouses from safe and boring investments into white-hot assets. Now they're battling to see who can own more.
▼ + stars: | 2022-10-19 | by ( Alex Nicoll | Danielle Walker | Daniel Geiger | ) www.businessinsider.com time to read: +11 min

In other words, big money is buying up warehouse space as fast as smaller owners can sell. The coronavirus pandemic accelerated this change, with warehouse investment outpacing office investment in 2020 and 2021, according to CBRE. A Prologis warehouse in Ichikawa City, Japan. Prologis, Blackstone, and the rest of big money duke it outOther big-money investors have increasingly invested in warehouses. The UK's Segro once sold warehouse space to Blackstone — now it's acquiring its own warehouses for last-mile delivery that Blackstone might have otherwise picked up for itself.

☆ The 'bubbliest' housing market in Canada with a median home price is $1.2 million is a grim preview of what could happen in US cities
▼ + stars: | 2022-10-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Canada's formerly hot housing market has rapidly cooled, especially in Toronto. That's because, similarly to the US, soaring home prices and mortgage rates have slowed demand. While prices are now falling, buyers face high mortgage rates as the Bank of Canada's fight against inflation rages on. This has offset affordability gains, resulting in fewer home sales and reduced new home construction — and ultimately a housing market in disarray. The US housing market is becoming increasingly cold.

☆ Amid historic drought, California expected to approve $140 mln desalination plant
▼ + stars: | 2022-10-13 | by ( Daniel Trotta | ) www.reuters.com time to read: +3 min

Oct 13 (Reuters) - A $140 million desalination plant is expected to be approved by California regulators on Thursday as the U.S. state contends with how to convert ocean water into drinking water amid the worst drought in 1,200 years. Instead of relying on water pumped from hundreds of miles (km) away, through the State Water Project or the Colorado River, the South Coast Water District would now have its own water supply. The Doheny plant would produce 5 million gallons of drinking water per day, more than enough to meet the needs of the district's 35,000 people. The Coastal Commission staff, which recommended rejecting Poseidon, favors building Doheny, which would be the 12th desalination plant approved by the regulator. The Doheny plant will use a sub-surface intake that creates a barely perceptible current.

☆ Hockey Canada CEO has left organization, board of directors stepping down
▼ + stars: | 2022-10-11 | by ( Frank Pingue | ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - Hockey Canada said on Tuesday Chief Executive Scott Smith has left the organisation and all board members have agreed to step down as the national governing body faces increased scrutiny over its handling of sexual assault allegations. An interim management committee will be put in place, which will guide the national governing body until no later than a newly constituted board appoints a new chief executive to lead the organization, Hockey Canada said in a statement. The board will not seek re-election and will fulfil its duties until a new board is elected. Smith, who has worked for Hockey Canada in various roles since 1995, said in July less than a month after taking over as CEO that he had no plans to resign from his position. As recent as last week, Hockey Canada's interim board chair, who resigned over the weekend, defended the current leadership in place at the national governing body while speaking during a parliamentary committee meeting.

☆ Food inflation might be slowing — but that doesn't spell good news for food prices just yet
▼ + stars: | 2022-10-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Food inflation is easing, but food prices are still high by historical standards. The UN's Food Price Index fell for the sixth straight month in September, but was still up 5.5% on-year. Aside from raw material prices, other factors — such as labor costs — also affect food prices. His comments came just after the United Nations Food and Agriculture Organization released data on Friday showing its food price index fell for the sixth straight month in September. There are also many moving parts to food prices.

☆ Canada's economy unexpectedly grows in July, though momentum slows
▼ + stars: | 2022-09-29 | by ( Julie Gordon | ) www.reuters.com time to read: +3 min

The Canadian economy grew 0.1% in July, compared with analysts' forecast for a 0.1% decline, Statistics Canada data showed. Growth in goods-producing industries more than offset the first decrease in services-producing industries since January. "After a solid first half of the year, momentum appears to be slowing as multi-decade-high inflation and rapidly rising interest rates weigh on the economy," Benjamin Reitzes, Canadian rates and macro strategist at BMO Economics, said in a note. Hot inflation means the Bank of Canada will likely hike interest rates at its next decision in late October, but then the game may change, economists said. "The deceleration in economic momentum is why we see the Bank of Canada only hiking rates once more in October," Mendes said.

☆ Analysis: Loonie bulls reel as Bank of Canada trails Fed on terminal rate bets
▼ + stars: | 2022-09-27 | by ( Fergal Smith | ) www.reuters.com time to read: +4 min

A Canadian dollar coin, commonly called a "loonie," and an American dollar bill are seen in this staged photo in Toronto, March 17, 2010. ,A lower terminal rate for the BoC than the Fed is not uncommon, but it threatens to pour cold water on Canadian dollar bulls' expectations that interest rate differentials would help underpin the currency over the coming year. The Canadian dollar has weakened 7.5% against the greenback since the start of the year. Canada's housing market has slowed rapidly in recent months, while its share of the economy, at 9%, is nearly twice that of the U.S. housing market. "Canada's economy is simply more interest rate sensitive than the U.S. economy," said Royce Mendes, managing director and head of macro strategy at Desjardins.

☆ Goldman Sachs' bankers get their marching orders as Wall Street starts to purge under-performers
▼ + stars: | 2022-09-26 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

The cuts come after Goldman's investment bank logged a 41% dip in year-over-year revenues in July. Goldman Sachs has started wielding the axe at its investment bank. The job cuts are likely to echo across Wall Street, particularly within investment-banking divisions like capital markets and M&A advisory, bankers told me. US lawmakers pressed bank chief executives on reports of fraud on the Zelle payments network. Wall Street is completely delusional about the pain that is coming for the stock market.

☆ Canada girds for long haul after historic storm Fiona ravages east coast
▼ + stars: | 2022-09-25 | by ( John Morris | ) www.reuters.com time to read: +4 min

Waves roll in near a damaged house built close to the shore as Hurricane Fiona, later downgraded to a post-tropical cyclone, passes the Atlantic settlement of Port aux Basques, Newfoundland and Labrador, Canada September 24, 2022. The historic storm slammed into eastern Canada with hurricane-force winds, forcing evacuations, uprooting trees and powerlines, and reducing many homes to "just a pile of rubble." read moreThe Canadian Hurricane Centre estimated that Fiona was the lowest pressured land falling storm on record in Canada. Several university students lined up for food outside convenience stores powered by generators due to the power outage caused by Fiona. "So this is exactly the kind of work that will accompany provincial authorities in the coming weeks and months," he added.

☆ Wild horses face unruly storms as Fiona nears Canada's east coast
▼ + stars: | 2022-09-22 | by ( Ismail Shakil | ) www.reuters.com time to read: +3 min

Wild horses run on the grasslands of the remote Sable Island National Park Reserve on the Atlantic coast's Sable Island, Nova Scotia, Canada in an undated photograph. By mid-Thursday, Fiona was located about 1,800 km (1,118 miles) to the south-southwest of Halifax, capital of Canada's Nova Scotia province. Here roam some 500 Sable Island Horses alongside the world's biggest breeding colony of grey seals. "Over the last two centuries, the horses of Sable Island have adapted remarkably well to their environment. Environment Canada has issued a storm alert for much of Atlantic Canada, along with parts of Quebec, Canada's second most populous province.

☆ Canada mass stabbing suspect not beaten to death in police custody, coroner says
▼ + stars: | 2022-09-21 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

FILE PHOTO - Damien Sanderson and Myles Sanderson, who are named by the Royal Canadian Mounted Police (RCMP) as suspects in stabbings in Canada's Saskatchewan province, are pictured in this undated handout image released by the RCMP September 4, 2022. RCMP/Handout via REUTERSOTTAWA, Sept 21 (Reuters) - Preliminary tests found no signs of external trauma that could have caused the death of a mass stabbing suspect who died in police custody after one of Canada's deadliest mass violence incidents earlier in September, a coroner said on Wednesday. read moreRegister now for FREE unlimited access to Reuters.com Register"The preliminary results of the autopsy for Myles Sanderson has found no blunt force trauma causing his death," Saskatchewan's chief coroner Clive Weighill told reporters. Weighill said officials were still waiting for other test results, including toxicology and neuro pathology reports, before determining the cause of Myles' death. "This is very, very preliminary, but that's the best I can give you right now," Weighill said.

☆ Inflation is a global problem. Here's how central banks are addressing it
▼ + stars: | 2022-09-21 | by ( Nicole Goodkind | Cnn Business | ) edition.cnn.com time to read: +7 min

In Turkey and Argentina, annual inflation rates are forecast to clock in at a whopping 80%. At least 75 have lifted their benchmark interest rates in the past year, increasing the price of credit across the world. In July, it instituted its second consecutive 0.75 percentage point interest rate increase, taking its benchmark rate to a range of 2.25% to 2.5%. The country is struggling with rampant inflation rate that rose to a 20-year high of nearly 80% in August. The country's annual inflation rate slowed to 7% in August, below analyst forecasts of 7.3% and down from 7.6% in July.

☆ Canadian inflation rate slows to 7.0%, though food prices hit 41-year high
▼ + stars: | 2022-09-20 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

The country's annual inflation rate slowed to 7.0% in August, below analyst forecasts of 7.3% and down from 7.6% in July. The deceleration was largely due to lower gasoline prices and slower gains in the shelter index, Statscan said. On the month, the consumer price index fell 0.3%, the largest decline since early in the COVID-19 pandemic. While inflation appears to be easing off peak levels, it remains far above the Bank of Canada's 2% target. The Canadian dollar was trading 0.4% lower at 1.33 per U.S. dollar, or 75.19 U.S. cents.

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