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Rogers-Shaw and Quebecor await approval from Industry Minister François-Philippe Champagne to transfer Freedom Mobile Inc's spectrum license to Videotron. However, in its Thursday ruling, the tribunal said acquiring Freedom Mobile would allow Videotron to expand in new markets and ensure robust competition. The antitrust commissioner could still appeal after the tribunal details its decision over the next couple of days. The objection by the Competition Bureau was the main hurdle to overcome," Cormark Securities analyst David McFadgen said. He said there are "significant" revenue synergies for Rogers from bundling services, while Quebecor has better growth prospects from the Freedom Mobile deal.

Reuters GraphicsOn a monthly basis, data showed that seven out of the 10 major central banks lifted rates in December. This compares to the monthly peak of 550 bps in September, though not all central banks meet on a monthly basis. "Most emerging market central banks are close to having completed their rate hike cycle," said Charles-Henry Moncheau, chief investment office at Syz Group. Central banks in Korea, South Africa, Thailand, Malaysia and Israel did not hold rate setting meetings in December. Emerging markets interest ratesReporting by Karin Strohecker and Vincent Flasseur in London, editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

October growth slowed compared with September's 0.2% gain, which was an upward revision from a previously reported 0.1% increase, Statistics Canada said. "The real question will be how things shake out during the first half of next year, when aggressive Bank of Canada rate hikes start to more fully work their way through the system," Kavcic said. Canada's annual inflation rate eased to 6.8% in November, but was slightly higher than had been expected because of broad-based price pressures, according to data from earlier this week, leaving the door open for another rate increase in January. The bank has said it will be more data-dependent in setting the policy rate. November's preliminary estimate showing a 0.1% monthly increase in GDP was driven by gains in utilities and wholesale trade, Statscan said.

☆ Yen retreats after BOJ policy tweak sparked surge
▼ + stars: | 2022-12-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

The BOJ decided to change its "yield curve control" policy on Tuesday even as it kept broad policy settings unchanged. It is letting 10-year yields move 50 basis points either side of its 0% target, wider than the previous 25-basis-point band. On Wednesday, the dollar was 0.4% higher against the yen , having plunged 3.8% in the previous session, its largest one-day drop against the Japanese currency in 24 years. The BOJ, long preoccupied with reviving price growth to avert a risk of deflation, has been an outlier among central banks this year. It has kept interest rates negative while other central banks have hiked hard to tame inflation and bolster domestic currencies against the U.S. dollar.

☆ Yen eases after BOJ policy tweak sparked surge
▼ + stars: | 2022-12-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

NEW YORK, Dec 21 (Reuters) - The yen eased in a choppy session on Wednesday, ceding some of the ground gained the previous day when a surprise policy tweak by the Bank of Japan lifted the Japanese currency by 4% against the dollar. The BOJ decided to change its "yield curve control" policy on Tuesday even as it kept broad policy settings unchanged. It is letting 10-year yields move 50 basis points either side of its 0% target, wider than the previous 25 basis point band. On Wednesday, the dollar was 0.2% higher against the yen , having plunged 3.8% in the previous session, its largest one day drop against the Japanese currency in 24 years. I don't think we're going to 150 (yen) anytime soon," Chandler said.

OTTAWA, Dec 21 (Reuters) - Canada's annual inflation rate eased to 6.8% in November as gasoline price rose more slowly, data showed on Wednesday, leaving the door open for another interest rate increase in January. Consumer prices rose 0.1% from October, Statistics Canada said, above analysts' expectations they would be flat. Excluding food and energy, prices rose 5.4% versus a 5.3% gain in October. "Today's data will leave the door open to a 25 basis point rate hike in November," said Royce Mendes, head of macro strategy at Desjardins Group. Gasoline prices rose 13.7% after gaining 17.8% in October, largely driven by price declines in Western Canada, Statscan said.

☆ Canada October retail sales up 1.4% on gasoline, seen down 0.5% in November
▼ + stars: | 2022-12-20 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

October retail sales gained the most in five months, though it was a notch lower than the 1.5% rise forecast by analysts. September's decline was revised downward a decimal point to 0.6% from a previously reported drop of 0.5%, Statistics Canada said. October sales were driven mostly by price increases at gasoline stations and in food and beverage, Statistics Canada said. In volume terms, retail sales were flat. "Retail sales posted a solid increase in October, though the gain came from higher prices, particularly at gasoline stations," Shelly Kaushik, an economist at BMO Capital Markets, said in a note.

☆ Central banks ramp up rates again but the pace slows
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +5 min

LONDON, Dec 15 (Reuters) - Central banks in Britain, Norway, Switzerland, the euro zone and the United States have all raised interest rates this week. The central bank raised its forecast for its peak interest rate to 5.5%, up from a previous forecast of 4.1%. Money markets moved after the statement to forecast UK interest rates will top out at around 4.5% in August. Markets anticipate an 80% chance of a 50 bps hike when the Riksbank meets next in February. But market players do not expect any significant change from the world's lone major central bank dove.

The central bank sets short-term interest rates but longer-term borrowing costs, such as for businesses and some mortgage rates, are determined by the bond market. Canadian bond yields, like U.S. bond yields, have tumbled since October as investors anticipate that the tightening cycle is nearing an end and the central bank is poised to shift to cutting rates next year. Bond yields, along with other measures, such as the strength of the stock market and the currency, help determine financial conditions, or the availability of funding in the economy. Since October, Canada's 5-year yield has tumbled nearly 100 basis points and the Toronto stock market (.GSPTSE) has rallied 11%. "Otherwise, we could be on an inflation and rates roller-coaster for years to come that is biased toward higher average inflation."

☆ TSX posts biggest weekly decline since September as oil tumbles
▼ + stars: | 2022-12-09 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

[1/2] The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 22.12 points, or 0.1%, at 19,947.07, its lowest closing level since Nov. 17. For the week, the index was down 2.6%, its biggest weekly decline since September. The Toronto market's energy sector fell 0.7% as U.S. crude oil futures settled 0.6% lower at $71.02 a barrel. Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

OTTAWA, Dec 8 (Reuters) - The Bank of Canada will study the most recent economic data to gauge whether to raise interest rates further, a deputy governor said on Thursday, adding it would still move forcefully if necessary. "We expect our decisions will be more data-dependent," Deputy Governor Sharon Kozicki said in a speech in Montreal, adding the bank was still prepared to be "forceful" with rates if necessary. "We are moving from how much to raise interest rates to whether to raise interest rates." Asked to clarify if being prepared to be "forceful" meant the bank was still prepared to make oversized rate moves, Kozicki said it was a hypothetical. Deliberations ahead of Wednesday's rate hike centered on how supply challenges are resolving, how higher rates are slowing demand, and how inflation and inflation expectations are evolving, Kozicki said.

☆ Exxon plans to raise spending in 2023, boost share buybacks
▼ + stars: | 2022-12-08 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Dec 8 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday said it will lift capital spending next year by about 10%, to between $23 billion and $25 billion, and boost share buybacks. Exxon is distributing more cash to shareholders than it is investing in new production - $30 billion between share buybacks and dividends this year. Exxon aims to raise oil and gas production to a record 4.2 million barrels of oil equivalent per day (boepd) by end-2027. Most of the 500,000 boepd increase is expected to come from Guyana, the United States and Brazil. This year's target is down from the 3.8 million boepd Exxon set a year ago.

OTTAWA, Dec 8 (Reuters) - The Bank of Canada will study the latest economic data to gauge whether or not to raise interest rates further, a deputy governor said on Thursday, adding it would still move forcefully if necessary. "We are moving from how much to raise interest rates to whether to raise interest rates." But three-month rates of core inflation have declined to about 3.5%, Kozicki said, an indication "that momentum in inflation is easing". Deliberations ahead of Wednesday's rate hike centered on how supply challenges are resolving, how higher rates are slowing demand, and how inflation and inflation expectations are evolving, Kozicki said. Kozicki reiterated that starting next year, the bank will release a "summary of deliberations" in an effort to provide more transparency.

☆ Commodity-linked stocks push TSX to fresh two-week highs
▼ + stars: | 2022-12-08 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

[1/2] A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. ET (1540 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 66.9 points, or 0.33%, at 20,040.12. The materials sector (.GSPTTMT), which includes miners of precious and base metals, climbed 0.8% on higher metal prices. "Given the magnitude of the rate hikes, they want some time to evaluate how that's going to impact the economy." Among single stocks, Parkland Corp (PKI.TO) gained 5.9% after the food and fuel retailer posted its 2023 outlook.

☆ Morning Bid: So what's up with Treasuries?
▼ + stars: | 2022-12-08 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

SYDNEY, Dec 8 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Because it is not often 10-year yields suddenly drop 11 basis points, break a chart big barrier and hit three-month lows for no discernible reason. Maybe the sudden groundswell of recession fears has central bankers spooked. Treasuries are not innocent bystanders here, since the more inverted the curve becomes the more those fears seem justified. So long-term yields are tumbling because of recession fears caused by that very tumble?

☆ Asia stocks edge up despite global growth worries
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

SINGAPORE, Dec 8 (Reuters) - Asian equities edged higher on Thursday, propped up by Hong Kong and China stocks even as growing fears of an economic slowdown and worries over the pace of the Federal Reserve's interest rate hikes weighed on sentiment. Elsewhere in Asia, Australia's S&P/ASX 200 index (.AXJO) lost 0.67%, while Japan's Nikkei (.N225) fell to near one-month low. Also weighing on the equities market was U.S. Treasury yields, with five-year notes to 30-year bonds hovering at three-month lows. Meanwhile, the yield on 10-year Treasury notes was up 4.3 basis points (bps) to 3.451%, while the yield on the 30-year Treasury bond was up 3.4 bps to 3.448%. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 3.9 bps at 4.296%.

☆ Morning Bid: Bonds lap up crude, costs and Canada
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +4 min

The big consensus bet of 2023 is already in full swing - bonds are bid. With year-on-year oil price gains evaporating to zero, that is dragging inflation expectations down in lockstep. The exception was in Hong Kong, which the Hang Seng benchmark (.HSI) has now recouped all this year's underperformance versus world indices and the S&P500. The Hang Seng added another 3% on Thursday as the Hong Kong government loosened its COVID-19 curbs further. The isolation period for patients and contacts will be cut to five days from seven days and requirements for arrivals to Hong Kong to undergo daily tests will similarly be reduced to five days.

Economists said the reading pointed to elevated labor costs and inflation staying high, adding pressure on the Federal Reserve to keep raising rates. "Slower rate hikes have been the trend globally of late, but the Fed remains a wild card. Overall, it's a fickle, anxious market ahead of next week’s Fed meeting," said Joe Manimbo, senior market analyst at Convera in Washington. Many in the market believe inflation is moderating and bond yields have peaked, allowing the Fed and other central banks to begin slowing rate hikes when policy-makers meet next week. Gold prices rose, helped by a retreat in the dollar and Treasury yields, as investors anticipate the projection of slower rate hikes at the Fed's meeting on Dec. 13-14.

☆ Dollar eases against major currencies amid rate, economic concerns; yuan strengthens
▼ + stars: | 2022-12-07 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/IllustrationNEW YORK, Dec 7 (Reuters) - The U.S. dollar weakened slightly against major currencies on Wednesday amid concerns that rising interest rates could push the U.S. economy into recession, while an easing of China's COVID restrictions boosted the yuan. A U.S. dollar index , which measures the greenback against a basket of currencies, was last down 0.2%. "Surging interest rates have the primary driver for dollar strength over the last year." The dollar was last down 0.1% against the offshore Chinese yuan .

☆ TSX gains as Bank of Canada signals slowdown in rate hikes
▼ + stars: | 2022-12-07 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

[1/2] A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch/File PhotoDec 7 (Reuters) - Canada's main stock index climbed on Wednesday as investors shrugged off potential impact from a oversized rate hike by the Bank of Canada and digested commentary from the central bank hinting at an end to its monetary policy tightening. ET (15:32 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 102.39 points, or 0.51%, at 20,092.56. "Above and beyond the rate hike itself, the bank also indicated that they're going to consider whether future rate hikes are needed," said Douglas Porter, chief economist, BMO Capital Markets. The materials sector (.GSPTTMT), which includes precious and base metal miners, led gains in the index with a climb of 1%.

The bank cited still-strong growth and tight labor markets as the reason for the latest increase. But it eliminated the forward guidance it has used since it began cranking rates higher in March, dropping language that said they would have to rise further. Money markets had bet on a 25-basis-point increase, but a slim majority of economists in a Reuters poll expected a 50-bps move. Overall, however, the central bank said that data supported its October forecast that growth would stall through the middle of next year. Additional reporting by Fergal Smith in Toronto, Editing by Sandra Maler, Kirsten Donovan and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks dip as growth fears offset China COVID shift
▼ + stars: | 2022-12-07 | by ( Danilo Masoni | ) www.reuters.com time to read: +5 min

"Now, concerns over economic growth seem to be overtaking those over inflation," he added. The darkening economic outlook initially drove safe-haven demand for the U.S. dollar and longer-dated bonds but these moves partially reversed by early afternoon in Europe. In foreign exchange markets, the U.S. dollar reversed initial gains, as traders weighed up an uncertain economic outlook. The U.S. dollar index fell 0.35% to 105.18 after hitting earlier in the session a near one-week high, trending closer to the June 2022 low of 104.10 hit on Monday. The Canadian dollar was steady at 1.365 per dollar ahead of an expected rate hike from the Bank of Canada later on Wednesday.

☆ TSX futures down on recession fears, BoC rate decision in focus
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

Summary BoC rate decision at 10 a.m. ETTrader see a 65.6% chance of a 25 bps hikeDec 07 (Reuters) - Futures tracking Canada's main stock index slipped on Wednesday on mounting recession worries, while investors awaited the Bank of Canada's interest rate decision later in the day. The BoC is expected to hike its benchmark overnight rate to its highest level in 14 years as it seeks to tame high inflation, with the decision expected at 10 a.m. The TSX has recovered 9.7% from its October closing low on hopes that the Federal Reserve and other major central banks would temper their aggressive rate hike stance. Meanwhile, oil prices slipped, pressured by concerns about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply while gold prices were listless against a stronger dollar.

☆ Bank of Canada set to hike rates, may signal it is near end of tightening cycle
▼ + stars: | 2022-12-07 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

"It's a close call but we're expecting a 50-basis-point rate hike from the Bank of Canada," Benjamin Reitzes, Canadian rates and macro strategist at BMO Capital Markets, said in a note. In October, the Bank of Canada forecast that economic growth would stall from the fourth quarter this year through the middle of next year. "Whether or not the Bank of Canada raises rates 25 or 50 basis points, there's a separate question about whether the Bank of Canada can or should really be committing to raise rates further in 2023," said Royce Mendes, head of macro strategy at Desjardins Group. The bank has been providing forward guidance that it "expects that the policy interest rate will need to rise further" since it began this tightening cycle. "At some point, the Bank of Canada is going to be in a position where it's appropriate to just let rates be for a while," Mendes said.

"Now, concerns over economic growth seem to be overtaking those over inflation," he added. The darkening economic outlook drove fresh safe-haven demand for the U.S. dollar on Wednesday and longer-dated bonds extended their gains, while oil eased after a sharp fall on Tuesday. The Australian dollar was broadly steady at $0.669 despite Australian third-quarter growth coming in a bit below forecasts. The Canadian dollar was at 1.3675 per dollar ahead of an expected rate hike from the Bank of Canada later on Wednesday. The U.S. dollar index rose 0.1% to 105.6, further above the June 2022 low of 104.1 hit on Monday.

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