Canada – Manufacturing shipments dropped 0.8% in October as sales fell in 15 of the 21 broad industries. In real terms, sales sank 1.7% while inventories fell 0.7%, which do not bode well for October GDP. The quarter isn’t looking great either. Assuming flat sales in November and December, real factory shipments are on track to contract in the fourth quarter, i.e. consistent with a return to soft GDP growth after Q3’s rebound.
International securities transactions data showed foreign investors increasing their holdings of Canadian securities by C$15.8 bn in October, with net buying of bonds (+C$6.3 bn), equities/investment funds (+C$1.8 bn) and money market instruments (+C$7.7 bn). The bond net inflows were spread among corporates (+C$4.1 bn), federal government bonds (+C$1.1 bn), provis (+C$0.9 bn), and munis (+C$0.1 bn).
The Teranet–National Bank House Price Index rose 0.2% in November thanks to gains in 7 of the 11 metropolitan regions covered. On a year-on-year basis, the national index was up 11.9%, driven by Vancouver (+19.3%), Toronto (+18.5%), Victoria (16.3%) and Hamilton (+16.3%). The seven remaining regions were below the national average with year-on-year price changes as follows: Winnipeg (+3.1%), Halifax (+2.6%), Ottawa- Gatineau (+1.3%), Montreal (+0.1%), Edmonton (-0.2%), Quebec City (−0.7%) and Calgary (−1.7%).
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