CANADA DATA: Canada Q4 GDP Annualized +2.6% Beats BOC's +1.8% Estimate
Feb-28 13:30
- Canada Q4 annualized GDP +2.6%, beating BOC's +1.8% estimate. Increase driven by household spending suggests boost from two-month tax holiday and BOC's six rate cuts that started June. Exports and business investment also led gains but imports and inventories were drags.
- Jan flash estimate +0.3% MOM led by mining, quarrying, oil and gas, wholesale trade and transportation but decline in retail partially offset gains. This suggests momentum into Q1.
- Dec GDP rebounds +0.2% MOM from Nov -0.2%. Dec increase driven by retail +2.6%, largest monthly gain since June 2021, supported by tax holiday.
- Investors find it difficult to see continued strength as BOC has said trade threats are already a drag on investment.
- StatsCan revised Q3 GDP to +2.2% from +1.0%; Q2 to +2.8% from +2.2%. StatsCan says increase due to government spending and lower imports.
- Dec manufacturing down for sixth time in seven months, suggesting weakness before Trump threats.
- Per capita GDP -1.4% in 2024 and -1.3% in 2023.
- Investors still have March 6 trade report and Mar 7 jobs data before the BoC rate decision on Mar 12. Economists have been switching to say BOC is unlikely to cut rates next month given domestic momentum and above-target core inflation.
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MNI EXCLUSIVE: MNI Speaks To Riksbank Governor Thedeen
Jan-29 13:27
Riksbank Governor Erik Thedeen speaks to MNI about policy lags and dissenting votes -On MNI Policy MainWire now, for more details please contact sales@marketnews.com
EQUITIES: Large Blockm trade in EU Bank Index
Jan-29 13:24
Large EU Bank Block trade, suggest Buyer:
- CAH5 15k at 162.00.
Also note that the Cash SX7E continues to clear the 162.00 figure, printed a 162.26 high, key initial level remains at the 2014 high.
US: MNI POLITICAL RISK - Dems Plot Response To Trump's Exec Orders
Jan-29 13:21
- House Republican leaders will deliver a press conference this morning at around 08:15 ET 13:15 GMT to kick off the final day of the House Republican policy retreat in Florida.
- A US District Judge blocked a freeze on federal spending, ordered by the White House Office of Management and Budget, minutes before it was set to go into effect yesterday. House Democrats will gather for an emergency meeting today to devise a "comprehensive three-pronged counteroffensive" to the order.
- House Speaker Mike Johnson’s (R-LA) ambitious agenda is in doubt as the GOP attempts to resolve a long list of issues, including government funding, raising the debt limit, and reaching consensus on a budget resolution to unlock reconciliation.
- The Senate will vote to wrap up debate on two of Trump’s key Cabinet nominees – Lee Zeldin for EPA administration and Doug Burgum for Interior Secretary. Both are central to Trump’s plans to cut environmental regulation to bolster his energy agenda.
- Trump’s Commerce Secretary nominee, Howard Lutnick, will appear before the Commerce Committee at 10:00 ET 15:00 GMT for his nomination hearing.
- US and British ships are returning to the Red Sea after the Houthi Rebels said they would stop targeting commercial vessels.
- Israeli Prime Minister Benjamin Netanyahu will travel to Washington for a White House meeting with President Trump on February 4.
- Poll of the Day: Trump's executive orders get lukewarm support from voters.
Full article: US DAILY BRIEF
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