CANADA DATA: Apr Industrial Prices +2% YOY On Gold, Seventh Straight Increase
May-22 12:57
- Canada's April Industrial Product Price Index +2% YOY, seventh straight increase driven by gold, silver and aluminum.
- Gasoline was a key moderator of gains due to a base effect amid rising crude prices.
- IPPI dropped for the first time after six straight monthly gains, -0.8% MOM in April. The decline was partly due to CAD-USD changes and was led by lower energy and oil prices.
- StatsCan's Raw Material Price Index -3.6% YOY, following five consecutive YOY increases. The decline was mainly due to lower crude prices. Higher prices for precious metals, cattle and crops moderated the YOY drop in April.
- RMPI -3% MOM in April, the largest drop since September last year, led by lower crude prices amid concerns weakening oil demand and increasing OPEC supply.
- Influence of U.S. tariffs seen in some monthly industrial price declines: "Prices for softwood lumber (-11.1%) posted their largest month-over-month decrease since June 2022 (-29.4%) and were the main driver for the monthly decline in April 2025. Many buyers decided not to increase their inventory due to potential tariffs" StatsCan said. “Prices for motorized and recreational vehicles fell 0.9% on a monthly basis in April, posting their largest monthly decline since June 2020 (-1.2%).”
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FRANCE T-BILL AUCTION RESULTS: 13/24/26/52-week BTFs
Apr-22 12:56
| Type | 13-week BTF | 24-week BTF | 26-week BTF | 52-week BTF |
| Maturity | Jul 23, 2025 | Oct 8, 2025 | Oct 22, 2025 | Apr 22, 2026 |
| Amount | E3.191bln | E485mln | E1.685bln | E1.998bln |
| Target | E2.8-3.2bln | E0.1-0.5bln | E1.3-1.7bln | E1.6-2.0bln |
| Previous | E3.195bln | E1.798bln | E1.798bln | |
| Avg yield | 2.121% | 2.021% | 2.027% | 1.893% |
| Previous | 2.192% | 2.101% | 2.013% | |
| Bid-to-cover | 2.72x | 5.81x | 2.42x | 2.67x |
| Previous | 3.11x | 3.4x | 3.43x | |
| Previous date | Apr 14, 2025 | Apr 14, 2025 | Apr 14, 2025 |
US DATA: Philly Service Providers Unable To Pass Large Cost Increases On
Apr-22 12:55
The Philly Fed non-manufacturing index was weak across the board although that included more pronounced signs of limited pricing power. Responses were collected from Apr 7-17 which should give a good assessment of latest US trade policy gyrations.
- The Philly Fed non-mfg activity index, which specifically asks respondents their assessment of business activity for the region rather than their own firm, fell further in April to -42.7 from -32.5 in Mar, -13.1 in Feb and -9.1 in Jan.
- It was last lower in Apr and May 2020 and otherwise would be a low for a series that started in 2011.
- The firm-specific activity index meanwhile sounds less pessimistic at -26.7 after -17.5, but it tells the same relative story at it third lowest on in the series history.
- There’s a similar story in six-month ahead expectations as well, with both regional and firm-level activity at levels only seen more pessimistic in the depths of the pandemic.
- Back to current conditions, company new orders saw some relative improvement as they increased from -19.5 (lowest since Apr 2023) to -6.9 although full-time employment saw a second consecutive decline (-7.2 in Apr after -7.5 in Mar for largest declines since Aug 2024).
- Importantly though for a Fed that is increasingly saying it will focus on inflation in event of a dual mandate trade-off, prices paid increased further to 46.5 (highest since Feb 2023) but there is clear difficultly at passing these higher costs on with prices received at -0.1 after 8.4 in March.
MNI: US REDBOOK: APR STORE SALES +7.0% V YR AGO MO
Apr-22 12:55
- MNI: US REDBOOK: APR STORE SALES +7.0% V YR AGO MO
- US REDBOOK: STORE SALES +7.4% WK ENDED APR 19 V YR AGO WK
