After extremely disappointing U.S. GDP and Durable Goods Orders figures released yesterday, Canadian GDP numbers for July will be front and centre this morning. Annualized growth is expected to slow to 2% and markets are anxious; poor results could seriously hurt the loonie, which was rallying yesterday.
Meanwhile in Europe, the Spanish government is attempting to stay the course through the current turmoil. The budget released early this morning contains major cuts, with ministries seeing their funds slashed by 8.9% on average. In a brave gesture, a new consumption tax was also introduced, even as thousands of demonstrators surrounded parliament and violence continued to escalate.
Markets have reacted positively to these austerity measures, even though the deficit target of 6.3% of GDP, which is more than double the eurozone authorized maximum, may well be impossible to meet. The impending publication of stress testing results for Spanish banks is also keeping markets on tenterhooks.
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Canada GDP Numbers To Be Released
Published 09/28/2012, 04:48 AM
Updated 05/14/2017, 06:45 AM
Canada GDP Numbers To Be Released
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