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☆ Canadian firms see labor market pressure easing, near-term inflation slowing
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

By Steve SchererOTTAWA, June 30 (Reuters) - Canadian businesses see labor pressures easing and expect short-term inflation to edge down, the Bank of Canada said on Friday in a second quarter survey, but fewer firms expect an outright recession over the next year than three months ago. More businesses still expect wage growth over the next year, but the second-quarter number is a third of what it was a year ago. An increasing number of firms see both their input costs and the prices of what they sell declining over the next year. "Although labor shortages remain common in some sectors, pressures on the labor market are easing due to decreased competition for workers and increased labor supply," the report said. "Firms expect growth in their wages to moderate from high levels."

Persons: Steve Scherer OTTAWA, Steve Scherer, Ismail Shakil Organizations: Bank of Canada, BoC, Thomson

☆ Canada annual inflation rate slows to 3.4% in May
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, June 27 (Reuters) - Canada's annual inflation rate slowed to 3.4% in May on lower prices for gasoline as a result of the base-year effect, while mortgage interest costs remain high, Statistics Canada said on Tuesday. This was in line with what analysts polled by Reuters had expected, down from 4.4% in April. Percent changesMonth-on-month Year-on-yearMay Apr May AprCPI - all items +0.4 +0.7 +3.4 +4.4CPI - common n/a n/a +5.2 +5.7CPI - median n/a n/a +3.9 +4.3CPI - trim n/a n/a +3.8 +4.2Bank of Canada core +0.4 +0.5 +3.7 +4.1All items ex food/energy +0.4 +0.5 +4.0 +4.4Goods +0.1 +0.8 +2.1 +4.0Services +0.5 +0.5 +4.6 +4.8Energy -0.8 +3.4 -12.4 -4.2Seasonally adjusted +0.1 +0.5 n/a n/aCore CPI, SA +0.2 +0.5 n/a n/aNOTE: Analysts in a Reuters survey had on average forecast May CPI to be 3.4% annualized, and to be up 0.5% on the month. They also forecast Bank of Canada Core to be 3.9% year-on-year. (Reporting by Dale Smith; Editing by Ismail Shakil)((ismail.shakil@tr.com))Keywords: CANADA ECONOMY/INFLATIONOur Standards: The Thomson Reuters Trust Principles.

Persons: Dale Smith, Ismail Shakil Organizations: OTTAWA, Statistics, Reuters, of Canada, CPI, SA, Canada, Thomson Locations: Statistics Canada

☆ Bank of Canada to gauge need for further rate hikes based on data - minutes
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

On June 7 the central bank, which had been on hold since January, raised its overnight rate to 4.75%. The governing council discussed whether or not it should signal a rate increase and then execute it in July, but decided that there was enough data to act immediately, the minutes said. The council then agreed to "assess the need for further policy rate increases based on the incoming data", the minutes said. The governing council said it expected that second quarter growth would outpace the 1% annualized pace it forecast in April, according to the minutes. "Governing Council agreed that the economy remained clearly in excess demand and that the rebalancing of supply and demand was likely to take longer than previously expected", the minutes said.

Persons: Steve Scherer, David Ljunggren OTTAWA, David Ljunggren Organizations: Bank of Canada, Thomson Locations: Canada

☆ Bank of Canada hiked rates over alarm at household spending, stubborn inflation
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +3 min

By Steve Scherer and David LjunggrenOTTAWA, June 8 (Reuters) - Surprisingly strong household spending in the first quarter and stubbornly high core inflation were among the top reasons the Bank of Canada hiked rates after a four-month pause, a senior official said on Thursday. The Bank of Canada (BoC) on Wednesday hiked its overnight rate to a 22-year high of 4.75%, and markets and analysts forecast yet another increase next month after the policy announcement declared monetary policy was not sufficiently restrictive. Speaking to business executives in Vancouver in the BoC's first remarks since raising rates, Beaudry singled out unexpectedly strong household spending, a rebound in the housing market, a tight labor market, and sticky core inflation as the main factors behind the latest move. Core inflation measures "seem to have lost their downward momentum", he said. There is a greater risk of higher rates in the future, so "it's important to think ahead", Beaudry said, and "be better prepared in the eventuality that we have entered a new era of structurally higher interest rates".

Persons: Steve Scherer, David Ljunggren OTTAWA, Paul Beaudry, Beaudry, David Ljunggren Organizations: Bank of Canada, Wednesday, BoC, Reuters, Thomson Locations: Vancouver, Reuters Ottawa

☆ The CEO of a $900 million asset manager shares 6 stocks to buy to take advantage of the coming AI revolution — and explains how investors can diversify their holdings to capitalize on emerging tech tr
▼ + stars: | 2023-05-13 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +6 min

She also oversees the Defiance Quantum ETF (QTUM), which invests in quantum computing and machine learning companies. "They're clear leaders and no matter what happens, they'll invest in artificial intelligence, data pricing, machine learning, and quantum computing," she explained. "But even if that happens, you're still okay because you have the high-quality tech companies to hedge your basket … We look at it as balance plus opportunity." Besides the Defiance Quantum ETF (QTUM), other options include Global X Robotics & Artificial Intelligence ETF (BOTZ), the ALPS Disruptive Technologies ETF (DTEC), and the iShares Robotics and Artificial Intelligence Multisector ETF (ITRBO). Amazon (AMZN) is another stock that has been propelled higher thanks to its web services and machine learning division.

☆ Bank of Canada says rates may have to remain restrictive for longer
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

OTTAWA, April 12 (Reuters) - Interest rates in Canada may have to stay restrictive for longer to ensure inflation declines to the Bank of Canada's 2% target, Governor Tiff Macklem said on Wednesday. Macklem, speaking after the bank announced that it was holding its key rate at 4.50%, said the central bank's governing council had discussed whether rates had been raised enough. Macklem said that while the bank was encouraged inflation was dropping, the job of monetary policy was not done. "We considered the likelihood that the policy rate may need to remain restrictive for longer to return inflation to the 2% target," he said. (Reporting by David Ljunggren, editing by Steve Scherer)((Reuters Ottawa bureau, david.ljunggren@tr.com))Keywords: CANADA CENBANK/MACKLEMOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Canada sees stronger 2023 growth, indicates recession risk has shrunk
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, April 12 (Reuters) - The Bank of Canada on Wednesday increased its 2023 growth forecast to 1.4%, up from the 1.0% it predicted in January, and indicated it saw less risk of a recession this year. The bank said annualised growth would hit 2.3% in the first quarter before averaging less than 1.0% for the rest of 2023. The bank dropped language saying the chances of a couple of quarters with slightly negative growth were the roughly the same as a couple of quarters with slightly positive growth. The bank cut the 2024 growth forecast to 1.3% from 1.8% in January and said the economy would expand by 2.5% in 2025. (Reporting by Steve Scherer and David Ljunggren)((Reuters Ottawa bureau; david.ljunggren@tr.com))Keywords: CANADA CENBANK/FORECASTSOur Standards: The Thomson Reuters Trust Principles.

☆ A gold miner found a mysterious grapefruit-sized fur ball. It turned out to be a 'perfectly preserved' 30,000-year-old squirrel.
▼ + stars: | 2023-04-11 | by ( Chris Panella | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +4 min

But X-ray scans have revealed this grapefruit-sized lump is actually a 30,000-year-old mummified ground squirrel from the Ice Age. A ground squirrel for the agesAn illustration of the mummified ground squirrel curled up in its burrow during hibernation. "I study bones all the time and they're exciting, they're really neat. Wolfgang Kaehler/LightRocket via Getty Images"Some people get really, really excited when they find that giant woolly mammoth leg or, you know, the big tusks or the big skulls. But for me, the Arctic ground squirrel fossils, the nests, and now this mummified squirrel, are really the coolest things that we do have.

☆ Bank of Canada 'ready to act' in event of extreme market stress
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +3 min

The failures of U.S. lenders Silicon Valley Bank and Signature Bank, followed by Credit Suisse's rescue, is prompting central bankers to closely monitor the potential for banking stress to trigger a credit crunch. "The Bank's mandate to promote the stability of the financial system means that we're ready to act in the event of severe market-wide stress and provide liquidity support to the financial system," Gravelle said. This is the first time the Bank of Canada has commented on the banking turmoil in the U.S. and Europe. For now, the banking stress in the United States appears under control. At its peak, the central bank had C$440 billion in government bonds, and it now has about $C200 billion.

☆ Factbox: Canada budget 2023-24: key measures and proposals
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

OTTAWA, March 28 (Reuters) - Here are some of the key government measures and proposals outlined in the 2023-24 budget presented by Finance Minister Chrystia Freeland on Tuesday. - Dental Care expansionProposal to introduce legislation to for a new dental care plan which will provide dental care to uninsured Canadians with family income less than C$90,000 annually. - Right to repairGovernment to work toward implementing a right to repair, aimed at making it easier and cheaper to repair home appliance and electronics. - Standard charging portGovernment to explore implementing a standard charging port in Canada for phones, tablets, cameras, laptops and other electronic devices. - Clean Technology Manufacturing Investment Tax CreditProposal for a refundable tax credit equal to 30% of the cost of investments in machinery and equipment used to manufacture or process key clean technologies, and extract, process, or recycle certain critical minerals essential to clean technology supply chains.

☆ Bank of Canada fretted inflation could 'get stuck' above 2% target, minutes show
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

On March 8, the bank became the first major central bank to pause its tightening campaign, leaving the key overnight interest rate on hold at 4.50%, as expected. It vowed to hold off on further hikes as long as inflation continued to ease in line with its forecasts. In January the bank said it expected inflation to ease to 3% at around mid-year and to slow to 2% next year. But during the deliberations ahead of the announcement, the bank noted that services inflation "is proving sticky", according to minutes from the policy-setting meeting released on Wednesday. The five-member governing council remains "concerned about the risk that inflation could get stuck materially above the 2% target," the minutes said.

☆ Bank of Canada says it needs more evidence that rates are high enough
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

By Steve Scherer and David LjunggrenOTTAWA, March 9 (Reuters) - The Bank of Canada needs more evidence to gauge if interest rates are high enough to tame inflation, in part because the economies of major trading partners are doing better than forecast, senior deputy governor Carolyn Rogers said on Thursday. She spoke a day after the central bank left its key overnight interest rate on hold at 4.50%, becoming the first major central bank to suspend its tightening campaign as inflation eases. "If evidence accumulates suggesting inflation may not decline in line with our forecast, we're prepared to do more." The economic growth and inflation outlooks for both the United States and Europe are higher than the bank had expected in January. (Additional reporting by Fergal Smith in Toronto)((Reuters Ottawa bureau; david.ljunggren@tr.com))Keywords: CANADA CENBANK/Our Standards: The Thomson Reuters Trust Principles.

☆ London Stock Exchange Group posts steady 2022 earnings, eyes buyback on Blackstone/TR stake
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

LSEG reported total income, including recoveries, of 7.743 billion pounds ($9.28 billion) in preliminary results for 2022, just above analysts' consensus of 7.733 billion pounds. It reported a basic earnings per share of 141.8 pence and a dividend per share of 107 pence, both above analysts' forecasts. It said 300 million pounds of a separate 750 million pound share buyback was executed in 2022, with the remainder to be completed by July 2023. Thomson Reuters, the parent company of Reuters News, owned about $5.6 billion worth of LSEG shares as of Jan 31. Schwimmer said the integration of Refinitiv and a strategic $2 billion partnership announced with Microsoft in December meant the group is "shifting from integration to transformation".

☆ Canada annual inflation rate slows to 5.9% in January
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Feb 21 (Reuters) - Canada's annual inflation rate fell to 5.9% in January, largely on the base year effect, as gasoline prices, mortgage interest and food prices rose, Statistics Canada said on Tuesday. Analysts polled by Reuters had expected the annual rate to fall to 6.1% in January from December. Percent changesMonth-on-month Year-on-yearJan Dec Jan DecCPI - all items +0.5 -0.6 +5.9 +6.3CPI - common n/a n/a +6.6 +6.6CPI - median n/a n/a +5.0 +5.2CPI - trim n/a n/a +5.1 +5.3Bank of Canada core +0.3 -0.3 +5.0 +5.4All items ex food/energy +0.2 -0.1 +4.9 +5.3Goods +1.0 -1.7 +6.4 +6.9Services +0.1 +0.3 +5.3 +5.6Energy +1.3 -7.9 +5.4 +7.3Seasonally adjusted +0.3 0.0 n/a n/aCore CPI, SA +0.1 +0.3 n/a n/aNOTE: Analysts in a Reuters survey had on average forecast January CPI to be 6.1% annualized, and to be up 0.7% on the month. (Reporting by Dale Smith; Editing by Ismail Shakil)((ismail.shakil@tr.com))Keywords: CANADA ECONOMY/INFLATIONOur Standards: The Thomson Reuters Trust Principles.

☆ Canada gains 150,000 jobs in January, jobless rate holds at 5.0%
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Canada's economy gained a net 150,000 jobs in January, mostly in full-time work and far ahead of analyst forecasts, Statistics Canada data showed on Friday. The jobless rate held at 5.0%, beating forecasts it would rise to 5.1%. Employment in the goods producing sector grew by a net 25,400 jobs, largely in construction. Hourly wage figures are for permanent employees. (Reporting by Dale Smith; Editing by Ismail Shakil) ((ismail.shakil@tr.com))Keywords: CANADA ECONOMY/EMPLOYMENTOur Standards: The Thomson Reuters Trust Principles.

☆ -Bank of Canada rate hike reflected labor tightness, stronger-than-expected growth
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +3 min

On Jan 25 the Bank of Canada hiked its key interest rate to 4.5%, the highest level in 15 years, and became the first major central bank to say it would likely hold off on further increases for now. On Tuesday, Governor Tiff Macklem said no further rate hikes would be needed if, as expected, the economy stalled and inflation fell. "Council wanted to convey that the bar for additional rate increases was now higher" and to "give a clear sense that they would need an accumulation of evidence to determine whether further rate increases would be required" to return inflation to target. The Bank of Canada had stood out from its peers, including the U.S. Federal Reserve, the Bank of England and the European Central Bank, in not providing some form of record of their meetings. (Reporting by Steve Scherer, editing by David Ljunggren)((Reuters Ottawa bureau; david.ljunggren@tr.com))Keywords: CANADA CENBANK/UPDATE 1Our Standards: The Thomson Reuters Trust Principles.

☆ Canada records C$3.55 bln budget deficit over first eight months of 2022/23
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Jan 27 (Reuters) - Canada recorded a C$3.55 billion ($2.67 billion) budget deficit for the first eight months of the 2022/23 fiscal year, partly due to higher debt charges, the finance ministry said on Friday. By comparison, Canada posted a C$73.70 billion deficit in the period from April to November 2021. Program expenses were down 13.9%, largely reflecting lower transfers to individuals and businesses as COVID-19 support wound down, the finance ministry said in a statement. On a monthly basis, Canada posted a deficit of C$3.38 billion in November, compared to the C$1.44 billion deficit recorded a year ago. ($1 = 1.3310 Canadian dollars)(Reporting by Ismail Shakil, editing by Steve Scherer)((ismail.shakil@tr.com))Keywords: CANADA ECONOMY/BUDGETOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: -Bank of Canada's Macklem says he is 'not even thinking' of cutting rates
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Jan 25 (Reuters) - Bank of Canada Governor Tiff Macklem on Wednesday said he was focused on whether interest rates would need to go higher and is not even considering cutting them as part of the fight against inflation. Macklem made his remarks in an interview with Reuters after earlier announcing a rate hike and saying the central bank would pause to see how the economy was reacting to tightening. "As things start to get more back to normal, at some point, yes, we probably will be thinking about some modest cuts in interest rates," Macklem said. We're not even thinking about cuts ... the question really we're asking ourselves is, 'Have we done enough?' (Reporting by Steve Scherer and David Ljunggren)((Reuters Ottawa bureau, +1 647 480 7921; david.ljunggren@tr.com))Keywords: CANADA CENBANK/MACKLEM RATESOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Canada says growth to stall through the middle of 2023
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Jan 25 (Reuters) - The Bank of Canada on Wednesday said growth would stall through the middle of this year and predicted that while inflation would come down faster than previously forecast, it would not return to the bank's 2% target until next year. Inflation is seen on average at 3.6% this year, compared with the previous forecast of 4.1%. Stalling growth during the first half means "the likelihood of a couple of quarters with slightly negative growth is roughly the same as that of a couple of quarters with slightly positive growth," it said. In 2022, the economy likely expanded by 3.6%, compared with a previous forecast of 3.3%, and expanding 1.8% next year, lower than the 2% previously forecast. The bank separately increased its overnight policy rate by a quarter of a percentage point to 4.5% and indicated it would likely pause there to monitor the impact of previous rate hikes.

☆ Bank of Canada raises rates, says it is likely to pause for now
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Jan 25 (Reuters) - The Bank of Canada on Wednesday hiked its benchmark overnight interest rate by 25 basis points to 4.5%, its highest level in 15 years, and said it would likely pause to measure the cumulative effect of previous increases. Inflation will fall to about 3% around the middle of this year, and reach target next year. If the economy evolves as forecast, "Governing Council expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases," according to a statement. "Governing Council is prepared to increase the policy rate further if needed to return inflation to the 2% target." (Reporting by Steve Scherer and David Ljunggren)((Reuters Ottawa bureau, +1 647 480 7921; david.ljunggren@tr.com))Keywords: CANADA CENBANK/RATESOur Standards: The Thomson Reuters Trust Principles.

☆ Canada posts C$174 mln deficit over first seven months of 2022/23
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Dec 23 (Reuters) - Canada recorded a C$174 million ($127.91 million) budget deficit for the first seven months of the 2022/23 fiscal year, partly due to higher debt charges, the finance ministry said on Friday. By comparison, Canada posted a C$72.25 billion deficit in the period from April to October 2021. Program expenses were down 15.6%, largely reflecting lower transfers to individuals and businesses as COVID-19 support wound down, the finance ministry said. On a monthly basis, Canada posted a deficit of C$1.90 billion in October, compared to the C$3.68 billion deficit recorded a year ago. ($1 = 1.3603 Canadian dollars)(Reporting by Ismail Shakil, editing by Steve Scherer)((ismail.shakil@tr.com))Our Standards: The Thomson Reuters Trust Principles.

☆ Bank of Canada increases rates by 50 bps, says hikes may be over
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Dec 7 (Reuters) - The Bank of Canada on Wednesday hiked its benchmark overnight interest rate by 50 basis points to 4.25%, the highest level in almost 15 years, and signalled the tightening campaign was near an end. The central bank, which has raised rates at a record pace of 400 basis points in nine months, 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 the start of the tightening cycle, dropping language that said rates would have to rise further. Gross domestic product growth in the third quarter, which grew at an annualized 2.9%, was stronger than expected and there is still "excess demand" in the economy, while labor markets remained tight, it said. (Reporting by Steve Scherer, editing by David Ljunggren)((Reuters Ottawa bureau, +1 647 480 7921; david.ljunggren@tr.com))Our Standards: The Thomson Reuters Trust Principles.

☆ Canada posts C$1.72 bln surplus over first six months of 2022/23
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, NOV 25 (Reuters) - Canada recorded a C$1.72 billion ($1.29 billion) budget surplus for the first six months of the 2022/23 fiscal year, helped by higher tax revenues, the finance ministry said on Friday. By comparison, Canada posted a C$68.57 billion deficit in the period from April to September 2021. Program expenses were down 17.9%, largely reflecting lower transfers to individuals and businesses as COVID-19 support wound down, the finance ministry said. On a monthly basis, Canada posted a deficit of C$2.16 billion in September, compared to the C$11.41 billion deficit recorded a year ago. ($1 = 1.3382 Canadian dollars)(Reporting by Ismail Shakil, editing by Fergal Smith)((ismail.shakil@tr.com))Our Standards: The Thomson Reuters Trust Principles.

☆ Canada annual inflation rate remains at 6.9% in October on gasoline and mortgage interest
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Canada's annual inflation rate held at 6.9% in October, largely on higher gasoline prices and mortgage interest, Statistics Canada said on Wednesday. Analysts polled by Reuters had expected the annual rate to remain at 6.9% in October from September. Percent changesMonth-on-month Year-on-yearOct Sep Oct SepCPI - all items +0.7 +0.1 +6.9 +6.9CPI - common n/a n/a +6.2 +6.2CPI - median n/a n/a +4.8 +4.7CPI - trim n/a n/a +5.3 +5.2Bank of Canada core +0.4 +0.4 +5.8 +6.0All items ex food/energy +0.3 +0.3 +5.3 +5.4Goods +1.2 -0.1 +8.4 +8.2Services +0.2 +0.3 +5.4 +5.6Energy +6.2 -4.4 +16.2 +14.0Seasonally adjusted +0.6 +0.4 n/a n/aCore CPI, SA +0.2 +0.4 n/a n/aNOTE: Analysts in a Reuters survey had on average forecast October CPI to be 6.9% annualized, and to be up 0.7% on the month. CPI Core was expected to be 6.0%. (Reporting by Dale Smith; Editing by Julie Gordon)((julie.gordon@tr.com))Keywords: CANADA ECONOMY/INFLATIONOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Canada: labor market can be cooled without jobless surge
▼ + stars: | 2022-11-10 | by ( Shariq Khan | ) www.reuters.com time to read: +1 min

OTTAWA, Nov 10 (Reuters) - Canada's red-hot labor market can weather an economic slump without seeing a major surge in unemployment, the central bank said on Thursday, ahead of another expected interest rate increase. The bank forecasts growth will stall through the middle of next year. Tightening monetary policy to combat inflation would push up the jobless rate, he added. "But because the labor market is so hot and we have an exceptionally high number of vacant jobs, there is scope to cool the labor market without causing the kind of large surge in unemployment that we have typically experienced in recessions," he said. (Reporting by Steve Scherer, editing by David Ljunggren)((Reuters Ottawa bureau, +1 647 480 7921; david.ljunggren@tr.com))Keywords: CANADA CENBANK/Our Standards: The Thomson Reuters Trust Principles.

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