The National Bank of Canada

U.S. equity markets have done well in recent weeks but this performance notwithstanding, retail investors remain wary of adding to their positions. According to preliminary data published by the...

Germany has managed to outperform the rest of the euro zone for thirteen quarters in a row. In Q2, the 0.3% q/q (not annualized) GDP expansion was in sharp contrast with the 0.4% contraction for the...

Last week was practically a washout in terms of any political news that could move the market. In the absence of news from Europe or much in the way of economic data, the Canadian dollar fluctuated in...

Canada – In July, the Labour Force Survey flew in the face of consensus expectations, posting a net loss of 30K jobs instead of a net gain of 6K. As a result, the unemployment rate ticked up to...

The Chinese. export sector is showing uncanny weakness. According to just-released data, total exports grew only 1% year/year in July, the worst showing since the beginning of 2012. The big difference...

FACTS: The Labour Force Survey showed a 30K decrease in Canadian employment in July (top chart). That was miles below consensus expectations. Quebec and BC accounted for the bulk of Canada’s job...

With Q2’s ugly trade results, we’re guaranteed a 15th consecutive quarterly deficit on the current account in the second quarter, putting Canada on track this year to top even last...

FACTS: In Canada, for an eighth month in a row, housing starts exceeded 200K units at an annual rate in July (top chart), reaching 208.5K, a 13.6K or 6.1% drop from June. In July, urban starts...

FACTS: Canada’s merchandise trade deficit widened to C$1.8 bn in June, much worse than consensus expectations. That's the largest deficit since September 2010. There was also a downward revision...

Consumer credit expanded an annualized 3.1% in June on the back of yet another solid increase in nonrevolving credit which rose to a new record high. Historically, such a development would have been...

The S&P/TSX Composite index’s Q2 earnings season is well under way with over 100 constituents having reported. However, results so far point to another disappointing outcome. Earnings for...

There is a widely-held view among the leaders of Europe’s traditional mainstream parties and the global business and financial elite that the debt and growth crisis can only be solved by a more...

It is one thing for central banks to pledge to act more forcefully if economic conditions worsen but at the end of the day, success will ultimately depend on the actual transmission of monetary policy...

Once again the central banks took centre stage last week. First the Federal Reserve—much as expected— brought nothing new to the table when it kept rates unchanged and repeated that it was...

Canada – In May, real GDP swelled 0.1% after expanding 0.3% in April. Activity remained essentially unchanged in the goods-producing sector (0.0%) after jumping 0.7% the previous month. In the...

Just released data from the Canadian Federation of Independent Businesses indicates that small and medium businesses confidence is being particularly hit in the current economic context filled with...