CANADA: Population Growth Slows For First Time Since 2020
Sep-25 12:59
- Population +0.6% in Q2 vs +0.8% in same quarter last year, StatsCan says Wed.
- It was still the fastest Q2 population growth since 1972, with 96% of the gain coming from immigration.
- Non-permanent residents grew at the smallest pace since Q1 2023.
- Bank of Canada has focused on implications of population gains for inflation, saying that while new workers boost the economy's potential output there are some signs of short term pressures on housing costs.
- Government recently moved to scale back some short-term student visas amid political pressure over housing costs while saying it's committed to more immigration overall.
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FRANCE T-BILL AUCTION RESULTS: 12/15/28/50-Week BTFs
Aug-26 12:56
| Type | 12-week BTF | 15-week BTF | 28-week BTF | 50-week BTF |
| Maturity | Nov 20, 2024 | Dec 11, 2024 | Mar 12, 2025 | Aug 13, 2025 |
| Amount | E3.594bln | E597mln | E1.898bln | E1.695bln |
| Target | E3.2-3.6bln | E0.2-0.6bln | E1.5-1.9bln | E1.3-1.7bln |
| Previous | E3.592bln | E595mln | E1.797bln | E1.497bln |
| Avg yield | 3.477% | 3.372% | 3.285% | 2.999% |
| Previous | 3.502% | 3.602% | 3.456% | 3.029% |
| Bid-to-cover | 3.34x | 2.58x | 3.45x | 4.57x |
| Previous | 2.47x | 5.76x | 4.27x | 3.85x |
| Previous date | Aug 19, 2024 | Jul 15, 2024 | Jul 29, 2024 | Aug 19, 2024 |
US DATA: Away From Aircraft Noise, Durable Goods Disappoint
Aug-26 12:50
- Core durable goods orders were softer than expected in preliminary July data, falling -0.1% M/M (cons 0.1) after a downward revised 0.5% (initial 0.9%).
- The underlying trends are weak, the year-ago rate was just 0.7% Y/Y (albeit the strongest pace since March – SA data to adjust for trading day differences) and 3m/3m orders slipped to -1.9% annualized.
- A cautionary word on overall orders, which were much stronger than expected as they jumped 9.9% (cons 4.9) after -6.9% (initial -6.7%).
- Recall that nondefense aircraft orders plunged to a rare negative reading in June owing to what we thought at the time was linked to a Boeing cancellation. Indeed, nondefense aircraft orders swung to $23.4bn in July from -$4.2bn in June and $15.6bn in May, which meant that total transportation orders swung from -21% M/M to 35% M/M in July.
- Core shipments meanwhile were more notably weaker than expected, -0.4% M/M (cons 0.2) after a downward revised 0.0% (initial 0.2).
- It left core shipments at -0.1% Y/Y and -2.7% annualized on a 3m/3m basis.
US TSYS: Post-Durables/Cap Goods React
Aug-26 12:49
- Treasury futures briefly extended session lows slightly after Durable Goods Orders beat expectations by a wide margin (prior revised slightly more negative) -- have rebounded to modestly higher across the board, curves scaling back early steepening.
- As noted earlier, heavy Sep'24 volumes (TYU4> 1M) is due to rolling to Dec'24 futures ahead of Friday's "first notice".
