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☆ BoC to keep up pace with 50 basis point December rate hike -economists
▼ + stars: | 2022-12-01 | by ( Indradip Ghosh | ) www.reuters.com time to read: +4 min

Fourteen said the BoC would dial down its pace to 25 basis points. Of the large Canadian banks, Scotiabank, CIBC and National Bank expected a 50 basis point move with no further hikes afterward. RBC forecasts a 25 basis point hike and then a pause, while BMO expects 50 and then another 25 in early 2023. The Fed, by contrast, is expected to raise its federal funds rate to a minimum of 4.75%-5.00% early next year, with the risks around forecasts skewed toward a higher rate. "The latest BoC research on household vulnerability and flexible mortgage rates support the idea that the BoC terminal rate will end at least 50 basis points below the U.S. Federal Reserve," said Sebastien Lavoie, economist at Laurentian Bank.

The pan-European STOXX 600 index (.STOXX) slipped 0.50% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.71%. Emerging market stocks (.MSCIEF) dropped 0.94%. In currencies, the safe-haven Swiss franc and Japanese yen gained, while the Aussie dollar and Chinese yuan underperformed. CHINA FEARSIn Treasuries Benchmark 10-year notes were down 2.8 basis points to 3.674%, from 3.702% late on Friday. The 30-year bond was last down 2.7 basis points to yield 3.725%, from 3.752%, while the 2-year note was down 3.9 basis points to yield 4.4402%.

☆ NHL roundup: Flames hold off Kings 6-5
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Mandatory Credit: Sergei Belski-USA TODAY SportsNovember 15 - Tyler Toffoli and Elias Lindholm each had a goal and two assists for the Calgary Flames in a 6-5 win against the visiting Los Angeles Kings on Monday night. Adam Ruzicka had a goal and an assist, and Jacob Markstrom made 24 saves for the Flames, who have won two in a row. Jonathan Huberdeau, Andrew Mangiapane and Brett Ritchie also scored for Calgary, and Nazem Kadri registered two assists. Anze Kopitar and Adrian Kemp added Los Angeles' other goals, and Drew Doughty logged two assists. Jordan Binnington had 45 saves and Pavel Buchnevich added two assists for the Blues, who have won three straight.

☆ Chile inflation slows to 8-month low in positive surprise
▼ + stars: | 2022-11-08 | by ( Fabian Cambero | ) www.reuters.com time to read: +2 min

SANTIAGO, Nov 8 (Reuters) - Chile's inflation slowed to its lowest level in eight months in October, official data showed on Tuesday, a positive surprise likely to reinforce the central bank's take that its aggressive monetary tightening cycle has come to an end. According to INE, inflation last month was boosted mainly by higher food and non-alcoholic beverage prices, as well as transportation costs. Scotiabank's Chile senior economist Anibal Alarcon, on the other hand, said he already forecasts an aggressive rate cut of between 100 and 200 basis points in January 2023 after October's "true disinflationary surprise". "We expect the market to align with our view very quickly with significant falls in nominal rates," Alarcon added. Reporting by Fabian Andres Cambero and Gabriel Araujo; Editing by Steven Grattan and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Instead, "the onus is still squarely, fully, 100% on the Bank of Canada to tighten," he said. The BoC's policy rate is seen peaking at 4.5% in early 2023. "I think they're going to struggle to see any improvement in the coming fiscal year," said Doug Porter, chief economist at BMO Capital Markets, adding that the fiscal measures were working at a slight crosscurrent to monetary policy. The fact that Prime Minister Justin Trudeau's government depends on the left-leaning New Democrats to pass legislation like the fiscal update helps explain the new spending, said Jimmy Jean, chief economist at Desjardins. ($1 = 1.3499 Canadian dollars)Reporting by Steve Scherer; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Canada posts blowout job gain in October, unemployment rate unchanged
▼ + stars: | 2022-11-04 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

[1/2] A help wanted sign at a store along Queen Street West in Toronto Ontario, Canada June 10, 2022. The economy added a net 108,300 jobs last month, easily beating forecasts for 10,000 new jobs, while the jobless rate was unchanged at 5.2%. The blowout gain was entirely in full-time work, spread across both the goods and services sectors. The Bank of Canada raised its policy rate by 50 basis points to 3.75% last week and said while more increases would still be needed, it was nearing the end of its tightening campaign. The core-age unemployment rate stands at 4.2%, slightly above July's record low, but in a historically tight range last seen in the 1970s.

☆ VIEW Canada cuts 2023 GDP forecast but says economy to avoid recession
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

TORONTO, Nov 3 (Reuters) - Canadian Finance Minister Chrystia Freeland on Thursday unveiled an economic update, slashing 2023 real GDP forecast to 0.7%, but said the economy would avoid a recession, while announcing C$11.3 billion ($8.2 billion) in new spending this fiscal year and next. The so-called Fall Economic Statement also proposes a refundable tax credits for clean technologies, a 2% tax on share buybacks, among others. STORIES: read more read moreLINK:https://budget.gc.ca/fes-eea/2022/report-rapport/FES-EEA-2022-en.pdfCOMMENTSRANDALL BARTLETT, SENIOR DIRECTOR OF CANADIAN ECONOMICS AT DESJARDINS"As expected - big windfall to revenues coming from higher inflation and a stronger economy, tighter labour market." We know that once you add in provinces we're up closer to C$23 billion (in affordability measures)." Reporting by Fergal Smith, Ismail Shakil Editing by Denny ThomasOur Standards: The Thomson Reuters Trust Principles.

OTTAWA, Nov 3 (Reuters) - Canada's government will outline its new fiscal forecasts and update its spending plans on Thursday against the backdrop of a stalling economy brought on by a steep rise in interest rates. The financial market turmoil caused by Britain's now-abandoned tax-cut plan, still-high inflation and rising interest rates are reasons for Canada to be very cautious about adding stimulus, analysts said last month. The Liberal government's updated fiscal plans come as the economy is sinking into three quarters of near-zero growth, according to Bank of Canada forecasts, and as the central bank continues its historic tightening campaign. Inflation in Canada has slowed to 6.9% in September from a peak of 8.1% earlier in the year, but core measures remain sticky. "Policy risk is particularly elevated with still-high inflation and an uncertain interest rate path that has markets on edge," said Rebekah Young, an economist at Scotiabank.

Inflation has edged down over the last three months to 6.9% in September from 8.1% in June. The fiscal update showed "significantly weaker growth" next year that previous forecast, but the baseline numbers did not foresee a recession. It also cut its deficit forecast for this fiscal year by almost a third to C$36.4 billion from the C$52.8 billion deficit forecast in April. The update also included a tax on corporate stock buybacks similar to a measure introduced by United States. The fiscal update document forecast Canada's debt-to-GDP ratio would be 42.3% in 2022/23, versus 45.1% forecast in April, falling to 37.3% in 2027/28.

Rogers' launched the deal to buy Shaw in March 2021, but the competition bureau blocked it saying it would lessen competition in a market which has among the highest wireless prices in the world. He said since the competition bureau sits under the minister, it is a signal to the bureau to settle. The competition bureau did not reply to an email seeking comment. Champagne's announcement comes as the companies start a two-day mediation process starting Thursday at the Competition Tribunal. Competition bureau has said the sale of Freedom Mobile to Quebecor is not sufficient to overcome its concerns about market concentration.

☆ Chile's Entel to sell fiber optic assets for $358 million
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +1 min

SANTIAGO, Oct 22 (Reuters) - Chilean telecoms giant Entel (ENTEL.SN) said on Saturday it would sell the assets of its fiber optic business, which provides services to homes, to local company ON*NET Fibra in a deal worth $358 million. Entel and ON*NET Fibra signed an agreement as part of the deal that will enable Entel to continue offering internet services for residences on ON*NET's network, Entel said in a statement. Following the closing of this transaction, ON*NET Fibra is expected to reach more than 4.3 million homes in 2024. Entel has operations in Chile and Peru and has more than 20 million mobile subscribers. Register now for FREE unlimited access to Reuters.com RegisterReporting by Fabian Cambero in Santiago Writing by Cassandra Garrison Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ NHL roundup: Sabres top Flames behind Alex Tuch's hat trick
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +8 min

Mandatory Credit: Sergei Belski-USA TODAY SportsOctober 21 - Alex Tuch produced his first career hat trick to help the visiting Buffalo Sabres earn a 6-3 win against the Calgary Flames on Thursday. Dylan Cozens and Casey Mittelstadt each added a goal and an assist while Rasmus Dahlin also scored for the Sabres. Register now for FREE unlimited access to Reuters.com RegisterTuch extended his goal streak to three games 46 seconds into the second period. Dahlin has scored in each of the Sabres' first four games, the longest season-opening goal streak by a blue-liner in NHL history. The Canadiens also got first period goals from Josh Anderson, Cole Caufield and Brendan Gallagher to get off to a 5-0 start.

☆ 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.

☆ 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.

☆ These 3 Canadian banks offer the most in-demand emerging mobile feature
▼ + stars: | 2022-10-19 | by ( Insider Intelligence | ) www.businessinsider.com time to read: +5 min

This is a preview of Insider Intelligence's 2021 Canada Mobile Banking Emerging Features Benchmark, available exclusively to subscribers. The Canadian banks that offer the most desirable mobile banking app features in 2021 are RBC, TD Canada, and BMO, according to the inaugural Insider Intelligence Canada Mobile Banking Emerging Features Benchmark. The Insider Intelligence 2021 Canada Mobile Banking Emerging Features Benchmark examines the offerings of the seven largest Canadian FIs by assets to determine which banks best meet customer demand for advanced mobile banking features. The Insider Intelligence 2021 Canada Mobile Banking Emerging Features Benchmark ranks the seven largest Canadian financial institutions by assets according to the strength of their mobile banking capabilities. The Canada Mobile Banking Emerging Features Benchmark covers Banque Nationale, BMO, CIBC, Desjardins, RBC, Scotiabank, and TD.

☆ Sterling dips as market trims BoE rate hike bets, yen scrabbles off 32-yr low
▼ + stars: | 2022-10-18 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The battered Japanese yen traded near a 32-year trough to the dollar at 149 yen, putting the major psychological barrier of 150 in focus. ING expects now a 75 basis-point rate hike in November rather a full-point move expected before the fiscal policy U-turn, Smith added. The euro was volatile weakened against the dollar following German investor sentiment data, which albeit less pessimistic than expected, still painted a bleak picture of Europe's biggest economy. The dollar index which measures its performance against six major currencies, including sterling, the euro and the yen - was last down 0.1% at 112.00. Britain's policy U-turn saw the risk-sensitive New Zealand dollar surge more than 1%, already lifted by hotter-than-expected consumer inflation data, boosting bets for further rate hikes.

☆ Dollar climbs as case for U.S. rate hikes firms
▼ + stars: | 2022-10-09 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

U.S. unemployment unexpectedly fell last month, Friday figures showed, and inflation data due on Thursday is forecast to show headline inflation at a hot 8.1% year-on-year. Westpac strategist Sean Callow said the data and rising yields in response was a "robust combination for the dollar." Register now for FREE unlimited access to Reuters.com Register"It's further evidence that the U.S. economy is not cratering," he said. The U.S. dollar index was steady at 112.83, off lows around 110 last week and creeping back toward last month's 20-year high of 114.78. Chinese markets reopen after a week-long holiday, and ahead of that the offshore yuan was steady at 7.1310 per dollar.

☆ Pound rebounds as traders turn to BoE response
▼ + stars: | 2022-09-27 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

As the dollar eased, the pound rose 1% in Asia to $1.0805 and is up nearly 5% from Monday's low at $1.0327. The kiwi also rose 1%, its first gain in seven sessions, the euro rose 0.5% and the Aussie rose 0.7%. "More BoE rate hikes could only briefly boost the pound but not on a sustainable basis," said Gao. As the pound fell on Monday, the dollar surged to new highs on the euro and many more. The Aussie and kiwi hit 2-1/2 year lows on Monday and were due for a rebound, with the Aussie up 0.6% to $0.6500 and the kiwi up 1.2% to $0.5703.

☆ Scotiabank names Thomson as chief executive officer
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA person walks infant of a sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos OsorioSept 26 (Reuters) - Bank of Nova Scotia (BNS.TO) said on Monday it appointed Scott Thomson to succeed Chief Executive Officer Brian Porter, at a time when the Canadian banking sector is struggling with market turmoil and rising interest rates. Thomson, who has been a member of the board of Bank of Nova Scotia since 2016, will initially start as president from Dec. 1, overseeing Canadian banking, global banking and markets, global wealth management and international banking at the bank. Register now for FREE unlimited access to Reuters.com RegisterAt Finning, Thomson helped boost return on invested capital in all business units, particularly in Latin America. read moreLast month several brokerages aggressively downgraded the largest Canadian bank as profits at its international banking segment fell below estimates and risks rose from modest net interest margin expectations.

☆ These 3 Canadian banks offer the most in-demand emerging mobile features
▼ + stars: | 2021-05-05 | by ( Tyler Brown | ) www.businessinsider.com time to read: +5 min

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