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FILE PHOTO-A woman walks past a Credit Agricole logo outside a bank office in Reze near Nantes, France, May 12, 2021. The results boosted Credit Agricole SA's (CAGR.PA) stock, which was up by about 5% at 0817 GMT, making it the best performer within France's blue-chip index CAC 40 (.FCHI). Helping the positive sentiment, the investment vehicle of the mutual banks that control Credit Agricole said it would spend 1 billion euros on the bank's shares, further tightening its grip on the lender. The vehicle currently owns 60.2% of Credit Agricole SA and said it had no intention to go beyond 65%. Degroof Petercam has client assets of 71 billion euros, while Indosuez said it had assets under management of 130 billion euros at the end of 2022.

Persons: Stephane Mahe, Degroof, France's, JP Morgan, Degroof Petercam, Indosuez, Xavier Musca, Musca, Mathieu Rosemain, Geert de Clercq, Piotr Lipinski, Ingrid Melander, Augustin Turpin, Alexander Smith Organizations: REUTERS, Agricole, CAC, PARIS, Credit Agricole, Credit Agricole SA, Royal Bank of Canada, Barclays, Credit Agricole's, Indosuez, KBC, Thomson Locations: Reze, Nantes, France, Belgian

☆ Canada unexpectedly sheds jobs in July, central bank seen pausing hikes
▼ + stars: | 2023-08-04 | by ( Ismail Shakil | ) www.reuters.com time to read: +3 min

Money markets see a 28% chance of a rate hike in September, down slightly from 32% before the data. Money markets see a 60% chance of another rate hike by the end of the year, down from 80% before the data. "I think their (the Bank's) conclusion from this would be that it's probably not a bad idea to pause on the rate hike front," he said by phone. While headline figures indicated some slowness, the average hourly wage for permanent employees - a figure the Bank of Canada watches closely - rose 5.0% from July 2022. "The softer labor market data support our view that the Bank is unlikely to follow through with current market pricing by raising rates further," he said.

Persons: Chris Helgren, Doug Porter, Royce Mendes, Stephen Brown, Statscan, David Ljunggren, Dale Smith, Fergal Smith, Jonathan Oatis, Nick Zieminski Organizations: REUTERS, OTTAWA, Bank of Canada, Reuters, Statistics, The, BMO Capital Markets, U.S ., Desjardins, North, Capital Economics, Thomson Locations: Toronto , Ontario, Canada, Canadian, Statistics Canada, North America, Ottawa, Toronto

☆ Canadian dollar hits 2-month low after surprise jobs loss
▼ + stars: | 2023-08-04 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. For the week, the risk-sensitive currency was down 0.9%, its third straight weekly decline, as a jump in long-term bond yields rattled equity market investors. The Canadian economy shed 6,400 jobs in July, missing estimates for a gain of 21,100, while the jobless rate ticked up to 5.5%. Money markets see chances of another Bank of Canada rate hike this year at about 50%, down from 80% before the jobs report. Canadian government bond yields fell across the curve.

Persons: Mark Blinch, Jay Zhao, Murray, Fergal Smith, Grant McCool Organizations: REUTERS, greenback, Canadian, U.S, Bank of Canada, Monex Canada, Canada, U.S ., Thomson Locations: Toronto, TORONTO

The beat was underpinned by much lower-than-expected "cost of risk" - money set aside for failing loans - of 166 million euros. Analysts had expected 430 million euros. Dubbed a "year of transition" by Krupa's predecessor Frederic Oudea, 2023 is also marked by a severe downturn at SocGen's French retail banking division, fresh from a merger of its two local networks. The second quarter was also affected by negative exceptional items of 240 million euros, which Credit Suisse analysts said were tied to "legacy legal disputes". Retail banking outside France fared better, as did SocGen's car leasing division ALD Automotive (ALDA.PA), whose sales jumped by more than 17% thanks to the acquisition of rival LeasePlan.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, France's, Jefferies, Frederic Oudea, Intesa, LeasePlan, SocGen, Mathieu Rosemain, Augustin Turpin, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, Royal Bank of Canada, European Central Bank, Credit Suisse, Retail, ALD Automotive, Thomson Locations: French, Courbevoie, Paris, France, PARIS, Russia

☆ Big central banks hike again with end of tightening in sight
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

LONDON, Aug 3 (Reuters) - Major central banks are tentatively eyeing the end of aggressive interest rate hikes as price pressures finally show signs of abating. So far, nine developed economies have raised rates by a combined 3,865 basis points (bps) in this cycle. This may have marked the end of a 20-month hiking cycle, with economists polled by Reuters expecting the central bank to stay put for the rest of 2023. Canada's inflation rate fell to 2.8% in June. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, kept its interest rate target at -0.1% in July, but shook markets by making its yield curve control policy more flexible.

Persons: Jerome Powell, BoE, Riksbank, Nell Mackenzie, Alun John, Naomi Rovnick, Harry Robertson, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Tomasz Janowski, Toby Chopra Organizations: UNITED, Federal Reserve, ZEALAND, Reserve Bank of New, Reuters, BRITAIN, Bank of England, bps, Bank of Canada, BoC, European Central Bank, ECB, Reserve Bank of Australia, Norges Bank, Swiss, Bank of Japan, Thomson Locations: Japan, Reserve Bank of New Zealand, NORWAY, SWEDEN, SWITZERLAND Swiss, JAPAN

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. National Bank said in a statement it will acquire the C$1 billion ($752 million) loan portfolio made up of technology, life science and global fund banking sectors. National Bank already has made a number of bets in the tech space in Canada investing in fintech firms such as KOHO, Synctera and Flinks over the years. Veritas Investment Research analyst Nigel D'Souza said the deal does not restrict National Bank from acquiring Laurentian Bank (LB.TO), but that deal was now less likely. "We continue to view National Bank as the best fit among the Big Six banks for Laurentian," D'Souza said.

Persons: Chris Wattie, Michael Denham, Denham, Tuyen Vo, Nigel D'Souza, D'Souza, Jaiveer Singh, Will Dunham, Krishna Chandra Eluri, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, National Bank, National Bank's Technology, Innovation Banking, Bank, Veritas Investment Research, Laurentian Bank, Big, Thomson Locations: Ottawa , Ontario, Canada, U.S, Silicon, Bengaluru

☆ Toronto stocks start August on a weak note as commodity-linked sectors drag
▼ + stars: | 2023-08-01 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. ET (1417 GMT) on Tuesday, the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 84.12 points, or 0.41%, at 20,542.52. Data showed Canada's manufacturing sector contracted for the third straight month in July as an uncertain economic outlook held back new orders, offsetting a pickup in production. Lower oil prices dragged the energy sector (.SPTTEN) down 0.7%. In the neighboring U.S., manufacturing appeared to stabilize at weaker levels in July, data showed, amid a gradual improvement in new orders.

Persons: Mark Blinch, Brian Madden, Siddarth, Shilpi Majumdar Organizations: Toronto Stock Exchange, REUTERS, Reuters, Toronto Stock, Bank of Canada, Investment, Silvercrest Metals, Thomson Locations: Toronto, China, U.S, Bengaluru

Three of the six central banks overseeing the 10 most heavily traded currencies that met in July hiked rates, while the other three kept their benchmarks unchanged, Reuters data showed. "Chile announced a larger-than-expected rate cut, and is the first emerging market to jump on the easing bandwagon in the current cycle," said Charu Chanana, market strategist at Saxo. Twelve out of 18 central banks in the Reuters sample of developing economies had interest rate setting meetings in July. However, nine central banks opted to keep policy unchanged, with rate hikes coming from Turkey and Russia - two countries whose monetary policy circles are determined by domestic dynamics rather than global trends. On the rate cutting side, emerging market central banks have seen three cuts reducing interest rates by 160 bps in total.

Persons: Christian Keller, Costa, Charu, Karin Strohecker, Vincent Flasseur, David Evans Organizations: LONDON, U.S . Federal Reserve, Bank of Canada, European Central Bank, Fed, ECB, Barclays, Saxo, Thomson Locations: Chile, Turkey, Russia, Latin America, Costa Rica, Uruguay

☆ Canadian factory activity slows for third straight month in July
▼ + stars: | 2023-08-01 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

[1/2] Factory workers operate machine presses at Abipa Canada in Boisbriand, Quebec, Canada May 10, 2023. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 49.6 in July from 48.8 in June. "July's PMI results offered a rather mixed bag on the performance of the Canadian manufacturing sector," Paul Smith, economics director at S&P Global Market Intelligence, said in a statement. The new orders index, at 49.2, was in contraction for the fifth straight month, although up from 48.5 in June. The port strikes and wildfires limited the improvement in vendor performance, S&P Global said.

Persons: Evan Buhler, Paul Smith, Fergal Smith, Paul Simao Organizations: Canada, REUTERS, Reuters Connect TORONTO, P Global Canada Manufacturing, PMI, P Global Market Intelligence, Bank of Canada, Canada's, P Global, Thomson Locations: Boisbriand, Quebec, Canada, United States

Companies TC Energy Corp FollowJuly 28 (Reuters) - Shares of TC Energy (TRP.TO) fell nearly 5% on Friday after the Keystone pipeline operator said it would spin off its liquids business to focus on transporting natural gas. But TD Securities downgraded TC to "hold" from "buy", saying it was skeptical the spinoff would create value. TC CEO Francois Poirier said TC needed to sell another C$3 billion in assets during the next 18 months to reach its 4.75 times debt to EBITDA target. TC had 5.4 times debt to EBITDA last year and is aiming to reduce that to 5 times this year. TC's Keystone pipeline in December spilled more than 14,000 barrels of oil in Kansas.

Persons: Linda Ezergailis, Ryan Bushell, Bushell, Francois Poirier, TC, Brandon Thimer, Poirier, It's, ” Poirier, Stephen Ellis, TC's, Joe Biden, Arshreet Singh, Rod Nickel, Anil D'Silva, Mark Potter Organizations: TC Energy, Keystone, Columbia, Transmission, TC, Securities, Newhaven Asset Management, Investment, National Bank of Canada, Morningstar, Thomson Locations: Toronto, Columbia, Newhaven, United States, Kansas

☆ Canadian dollar hits 2-week low as rate hikes 'begin to bite'
▼ + stars: | 2023-07-28 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The loonie was trading 0.1% lower at 1.3240 to the greenback, or 75.53 U.S. cents, after touching its weakest intraday level since July 11 at 1.3249. The data suggests "that underlying momentum is weakening as higher borrowing costs begin to bite," Karl Schamotta, chief market strategist at Corpay, said in a note. Hopes of a soft landing for the U.S. economy boosted Wall Street and the price of oil, one of Canada's major exports. The 10-year was down 8.1 basis points at 3.536%, while it dropped 4.1 basis points further below the U.S. equivalent to a gap of 43.6 basis points. Reporting by Fergal Smith Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Karl Schamotta, Fergal Smith, Alistair Bell Organizations: greenback, U.S, Bank, Federal Reserve, Thomson Locations: TORONTO, U.S

☆ Laurentian Bank's shares fall after media report that potential top bidders bowed out
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

TD is also not bidding for Laurentian, the report added. The reported move comes weeks after Laurentian, Canada's ninth-largest bank, said it was reviewing strategic options. A spokesperson for Laurentian Bank declined to comment on the report, when contacted by Reuters, saying the bank's "strategic review is still under way" and the "board of directors is actively examining the options available." TD Bank did not immediately respond to a Reuters request for comment. Shares of Laurentian, which jumped 27% after reports of a sale earlier this month, have gained about 35% so far this year.

Persons: Rania Llewellyn, Jaiveer Singh, Balu, Shailesh Kuber, Matthew Lewis Organizations: Laurentian Bank of Canada's, Bank of Nova, Dominion Bank, Scotiabank, Globe and Mail, Laurentian, TD, U.S, Barclays, Canada's, Globe, Laurentian Bank, Reuters, TD Bank, Thomson Locations: Laurentian, Montreal, Bank of Nova Scotia, Toronto, Quebec, Bengaluru

The French lender's second-quarter net income fell 4.9% on a reported basis to 2.81 billion euros ($3.12 billion), beating the 2.49 billion euro analyst consensus compiled by the company. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk - money put aside for failing loans - was lower than expected at 689 million euros. BNP's bottom line also suffered from a set of exceptional items that totalled 723 million euros after tax. These included an 125 million euro provision for unspecified litigation. The group's 5 billion euro share buyback programme will proceed as planned, it confirmed, adding that the second tranche of 2.5 billion euros had been approved and will be launched from early August.

Persons: Italy's, Mathieu Rosemain, Christopher Cushing, Jason Neely, David Goodman Organizations: BNP, Royal Bank of Canada, Bank of, European Central Bank, Spain's Santander, Thomson Locations: PARIS, Bank, France

☆ Rate convergence keeps Canadian dollar shackled to U.S. counterpart
▼ + stars: | 2023-07-27 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

Money markets are pricing in a peak interest rate of about 5.25% for the Bank of Canada over the coming months, not much less than the 5.42% terminal rate that is priced in for the Fed. Canadian GDP data for May, due on Friday, could guide expectations for additional BoC rate hikes. The Canadian dollar was trading 0.2% lower at 1.3227 to the greenback, or 75.60 U.S. cents, after moving in a range of 1.3159 to 1.3236. "The Canadian dollar still looks cheap relative to where it should be," Osborne said, pointing to recent convergence of Canadian and U.S. yields, improved risk appetite and higher commodity prices. The Canadian 5-year yield touched its highest since December 2007 at 4.030% before dipping to 4.019%, up 13.9 basis points on the day.

Persons: Price, Shaun Osborne, Osborne, Fergal Smith, Nick Zieminski Organizations: greenback, Canadian, Bank of Canada, Federal Reserve, European Central Bank, Scotiabank, Fed, BoC, Thomson Locations: TORONTO, U.S

☆ BNP Paribas beat estimates on debt financing, cost management
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +3 min

BNP Paribas , the euro zone's biggest bank, beat estimates in the second quarter as the corporate debt financing business and strong cost management partly offset a slump in securities trading. Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk — money put aside for failing loans - came in lower than expected at 689 million euros. By contrast, sales from global banking activities within CIB - which comprise bond issues, syndicated loans and cash management — jumped by 17.5% in the second quarter at constant scope and currencies. BNP's bottom line in the second quarter also suffered from a set of exceptional items that totaled 723 million euros after tax. These included an 125 million euro provision for an unspecified litigation.

Persons: —, Italy's UniCredit Organizations: BNP, Royal Bank of Canada, Bank of, CIB, European Central Bank, Spain's Santander Locations: Bank, FICC, France

☆ Big central banks hike again with end in sight
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +5 min

To date, nine developed economies have raised rates by a combined 3,840 basis points (bps) in this cycle. Expectations for a big rate increase have eased after latest data showed inflation fell to a softer-than-expected 7.9% in June. Markets think there's a 50% chance of a 25 bps increase in September, and an equal chance of a hold. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, concludes a two-day meeting on Friday. The central bank is leaning towards keeping the dial set to dovish, Reuters reported last week.

Persons: Jerome Powell, BoE, Philip Lowe's, Michele Bullock, Riksbank, Kazuo Ueda, Nell Mackenzie, Alun John, Naomi Rovnick, Harry Robertson, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Sharon Singleton Organizations: UNITED, Federal Reserve, ZEALAND, Reserve Bank of New, Reuters, BRITAIN, Bank of England, Bank of Canada, BoC, European Central Bank, Norges Bank, bps, Swiss National Bank, Markets, Bank of Japan, Thomson Locations: Japan, Reserve Bank of New Zealand, AUSTRALIA, NORWAY, Norway, SWEDEN, SWITZERLAND, JAPAN

☆ Analysis: Is Canadian core inflation about to crack? July data could offer hope
▼ + stars: | 2023-07-25 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

The monthly increases for both measures have been 0.3% or less in seven of the last eight months. The BoC, which will release minutes from its July meeting on Wednesday, has said it doesn't want to tighten more than is needed. Canadians are particularly sensitive to higher borrowing costs after loading up on debt in recent years as house prices soared. The July inflation data is due for release on Aug. 15. Reporting by Fergal Smith; Editing by Denny Thomas and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Benjamin Reitzes, Reitzes, Royce Mendes, Mendes, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: TORONTO, Bank, Canada's, BoC, BMO Capital Markets, Reuters Graphics Reuters, Bank of Canada, Desjardins, Thomson Locations: Helpfully

☆ Canadian market participants see rates staying at 5% in 2023 -BoC survey
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, July 24 (Reuters) - The Bank of Canada (BoC) will not raise rates again and will start cutting a little later than previously anticipated, according to a survey of market participants released by the central bank on Monday. The BoC's second-quarter survey, conducted from June 8 to 19, showed a median of the participants expect the bank to hold interest rates at a 22-year high of 5.00% until the end of 2023, before starting to cut rates in March. A median of 25 participants now also predict a 0.7% gross domestic product growth at the end of 2023, instead of a 0.1% contraction forecast in the last survey. In the survey release on Monday, the median forecast for annual inflation is for 3.0% at the end of this year, compared with 2.7% previously. Expectations for the inflation rate to drop to 2.2% by end-2024 were unchanged.

Persons: Ismail Shakil, Steve Scherer, David Ljunggren, Marguerita Choy Organizations: OTTAWA, Bank of Canada, BoC, BOC, Thomson Locations: Ottawa

Copper M&A more than doubled in 2002 to $14.24 billion from the previous year, according to an S&P Intelligence report. "So the large miners are saying it is difficult to build new supply, so let's just buy companies," McDonald said. Copper prices have been gradually losing steam since hitting their strongest levels in over seven months in January when optimism abounded about the reopening of China. The lower copper price presents M&A opportunities for Hudbay, Kukielski said, but it will also get "squeezed" if the price of copper falls below $3.50. With lack of large mines up for grabs, he is expecting that large miners will be looking to expand their production by acquiring smaller mines.

Persons: Lundin, Newmont, Stuart McDonald, Taseko, McDonald, Antaike, Peter Kukielski, Kukielski, Minto Metals, Aaron Colleran, Colleran, David Lennox, Divya Rajagopal, Melanie Burton, Denny Thomas, Marguerita Choy Organizations: TORONTO, Reuters, Nippon Mining, Metals, P Intelligence, Taseko, London Metal Exchange, Reuters Graphics Reuters, Hudbay, Japan's Sumitomo Corp, Minto Metals, Yukon, Royal Bank of Canada, Quantum Minerals, Ivanhoe Mines, Capstone, Barrick Gold, Bloomberg News, Barrick, AIC Mines, AIC, Sydney, Thomson Locations: SYDNEY, Toronto, Chile, Vancouver, Arizona, China, Hudbay, Canada, Yukon, Ivanhoe, Australia, Queensland, Melbourne

☆ The dollar’s decline is yet another positive for the broad market — including AI stocks
▼ + stars: | 2023-07-22 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

A weaker dollar will continue to support a broad stock market rally that has already seen an extraordinary run-up this year. Since topping out in late last September, the ICE U.S. Dollar Index has fallen about 13%. A weaker dollar "starts to set into motion a few different dynamics," said Yung-Yu Ma, chief investment officer at BMO Wealth Management. .DXY 1Y mountain ICE U.S. Dollar Index over past year A weaker dollar typically lifts large-cap stocks that are more likely to have an international footprint. What's more, emerging market companies more easily pay back dollar-denominated debt when the greenback is weaker.

Persons: it's, Yung, Yu Ma, Shannon Saccocia, Riley Financial's Art Hogan, Hogan, Neuberger Berman's Saccocia, Saccocia, We've Organizations: ICE, BMO Wealth Management, Federal Reserve, Bank of Canada, Bank of England, European Central Bank, Vanguard FTSE Emerging

☆ Morning Bid: Britain's CPI the next frontier
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

A tentative rally in gilts is poised to extend and sterling could probably say goodbye to the strong side of $1.30. Forecasts put Britain's annual CPI falling to 8.2% in June and core holding at 7.1%. New Zealand sounded a warning in the Asia session, with food prices keeping annual headline inflation higher than expected at 6%. Netflix (NFLX.O), Tesla (TSLA.O) and Goldman Sachs (GS.N) report results later in the day. Key developments that could influence markets on Wednesday:Data: British CPI, Euro zone final CPI, U.S. housing startsSpeakers: Bank of England's Dave RamsdenEarnings: Netflix, Tesla, Goldman SachsReporting by Tom Westbrook; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Westbrook, BoE, Goldman Sachs, Morgan Stanley, Bank of England's Dave Ramsden, Muralikumar Organizations: Bank of, Traders, U.S, Netflix, Microsoft, CPI, Bank of England's, Tesla, Thomson Locations: U.S, Canada, gilts, New Zealand, Asia

☆ Canada's inflation rate drops to 27-month low; food prices still elevated
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, July 18 (Reuters) - Canada's annual inflation rate dropped more than expected in June to 2.8%, a 27-month low, though food prices remain elevated, Statistics Canada data showed on Tuesday. Grocery prices rose 9.1% year-over-year in June, a tick higher than the increase recorded in May. Prices of food from restaurants slowed slightly in June than in May. Excluding food and energy, prices rose 3.5% compared with a 4.0% rise in May. The average of two of the Bank of Canada's (BoC) core measures of underlying inflation, CPI-median and CPI-trim, came in at 3.8% compared with 3.9% in May.

Persons: Ismail Shakil, Dale Smith Organizations: OTTAWA, Statistics, Reuters, Bank of Canada's, Thomson Locations: Statistics Canada, China, Ottawa

OTTAWA, July 18 (Reuters) - Canada's annual inflation rate dropped more than expected to a 27-month low of 2.8% in June, data showed on Tuesday, led by lower energy prices while food and shelter cost increases persisted. Month-over-month, the consumer price index was up 0.1%, Statistics Canada said, which was also lower than the 0.3% forecast. "Inflation is definitely moving in the right direction, but we're seeing stickier and more persistent core measures," said Michael Greenberg, senior vice president and portfolio manager at Franklin Templeton Investment Solutions. The average of two of the Bank of Canada's (BoC) core measures of underlying inflation, CPI-median and CPI-trim, came in at 3.8% compared with 3.9% in May. "The Bank of Canada's preferred measures of core inflation, which exclude significant moves in individual categories, show that underlying price pressures remain sticky," said Royce Mendes, head of macro strategy at Desjardins Group.

Persons: stickier, Michael Greenberg, Royce Mendes, Mendes, We're, Jules Boudreau, Ismail Shakil, Steve Scherer, Fergal Smith, Nivedita Balu, Dale Smith, Will Dunham, Alexandra Hudson Organizations: OTTAWA, Reuters, Statistics, Bank of Canada's, Franklin Templeton Investment Solutions, Canada's, Desjardins Group, The Bank of Canada, Mackenzie Investments, Canadian, Alexandra Hudson Our, Thomson Locations: Statistics Canada, Mackenzie, China, Ottawa, Toronto

Macklem came under a rare attack last year from opposition politicians for misjudging inflation and locking in to a rigid forward guidance. "We are turning the corner on inflation," Macklem told reporters in January when the BoC became the first major central bank to announce a pause. The central bank's tightening campaign is a major concern for Canadians who loaded up on cheap mortgages and took on credit card and other debt in recent years. "Now maybe you're getting a certain maturity of the central bank that says, 'We're not going to do that again,'" Holt said. He assured Canadians during the pandemic that rates would rise only in 2023 when it expected the economic slack to be absorbed, but the central bank began hiking rates in March 2022 as inflation spiked.

Persons: Derek Holt, Macklem, Holt, Marc Chandler, Steve Scherer, Fergal Smith, Denny Thomas, Matthew Lewis Organizations: OTTAWA, Bank of Canada, BoC, Scotiabank ., Canadian Real Estate Association, Bannockburn Global Forex, Thomson Locations: Bannockburn, Ottawa, Toronto

Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. MORTGAGE DELINQUENCIES LOWLatest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. Bank of Montreal (BMO.TO), CIBC (CM.TO) and TD Bank (TD.TO) each allow for negative amortization as rates rise. So it is working counter to what the Bank of Canada is trying to accomplish," Briggs added.

Persons: Greg Taylor, Desjardins, Mike Rizvanovic, Rizvanovic, Darcy Briggs, Briggs, Nivedita Balu, Josie Kao, David Gregorio Our Organizations: TORONTO, Bank, Purpose Investments, Bank of Nova, National Bank of Canada, BoC, RBC, Scotiabank, National Bank, Bank of Montreal, CIBC, TD Bank, Desjardins . Royal Bank of Canada, BMO, Franklin Templeton, Bank of Canada, Thomson Locations: U.S, Canada, Bank of Nova Scotia, Franklin Templeton Canada, Toronto

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