CANADA DATA: Foreign Investors Piled Into Canadian T-Bills In November
Jan-17 14:11
- Foreign holdings of Canadian securities increased a further C$16.4bn in Nov after two strong months of C$21.6bn in Oct and C$29.7bn in Sept.
- The press release notes it was led by “an unprecedented investment in money market instruments”.
- Indeed, the C$15.3bn of net purchases in T-bills dwarfed the next largest single monthly increase of C$11.8bn from May 2023.
- It saw net foreign investment in Canadian government bonds sum to C$108bn in the first eleven months of the year vs the previous recent high of C$81bn at this point in 2020. The federal govt bonds equivalent sums to C$89bn vs a previous high of C$52bn.
- Canadian investors meanwhile increased their holdings of foreign securities by C$17.8bn in Nov, the most since Mar 2024.
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Dec-18 14:11
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EUROPEAN INFLATION: Key ECB Underlying Inflation Metric Remained At 2% in Nov
Dec-18 14:10
The ECB’s Persistent and Common Component of Inflation (PCCI) metric, which is regarded by staff as having the highest predictive power of medium-term inflation pressures, remained at 2% in November. The importance of this measure in providing the ECB confidence that inflation is returning to target was highlighted by Chief Economist Lane in today’s webcast with the MNI Policy Team.
- President Lagarde also noted on Monday that recent progress in underlying inflation was a contributing factor in the decision to drop the ECB’s pledge to keep policy “sufficiently restrictive” in the December policy statement.
- The “core” PCCI metric (i.e. excluding energy and food) softened 10bps in November to 1.85%.
- The weighted median measure fully unwound the 30bp uptick seen in October, returning back to 2.4%. Meanwhile, the 10% trimmed mean measure rose 10bps to 2.3% and the 30% metric remained steady at 2.5%.
- Supercore - a model based measure which picks out the items that are estimated to co-move with the business cycle – has shown more limited progress in recent months, held at 2.8% for the fourth consecutive month.
US TSY OPTIONS: 2yr outright call buyer
Dec-18 14:04
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