The National Bank of Canada Analysis

The Collapse Of The Dutch Government Is The Latest Blow To The Eurozone By The National Bank of Canada - Apr 30, 2012 1

Bottom Line: The collapse of the government of Netherlands means that the European debt crisis is now increasingly impacting the more prosperous members of the eurozone. It also brings into sharp...

Quebec Exports Flat In February By The National Bank of Canada - Apr 30, 2012

FactsThe Institut de la statistique du Québec reports that Quebec’s trade deficit narrowed $543 million to $1.5 billion in February, after a sharp deterioration in January (top chart)....

International Uncertainty A Strain On Canadian Equity Markets By The National Bank of Canada - Apr 30, 2012

The market stage is set with what ought to be a relatively positive outlook for equity markets. In Canada, stocks look cheap and bonds look expensive. Yet conviction is generally lacking....

Provincial Economic Momentum Indexes By The National Bank of Canada - Apr 25, 2012

Following today’s release of retail sales, we updated the Provincial Economic Momentum Indexes. The index values synthesize growth rates of six monthly seasonally adjusted economic indicators.Q1...

Economic Indicators Review: April 24, 2012 By The National Bank of Canada - Apr 24, 2012

In March, Canada’s consumer price index rose 0.4% month-over-month. Three of its eight broad components saw prices decrease considerably: clothing/footwear (-0.8%, exactly reversing the prior...

Inflation In Canada Drops In March By The National Bank of Canada - Apr 22, 2012

FactsHeadline CPI inflation decreased to 1.9% in March from 2.6% in February. Core CPI also drops to 1.9% from 2.3% a month before. On a monthly basis, headline CPI was up 0.4% for a third month in a...

Why The Markets Should Pay Attention To The Upcoming French Elections And The Aftermath By The National Bank of Canada - Apr 22, 2012

With so much of the attention focused on Greece, Portugal, Ireland and, more recently, Spain, the markets have had little time to pay much attention to France. Yet, France also faces significant...

Return To Fiscal Balance Delayed To 2014-15 By The National Bank of Canada - Apr 20, 2012

HighlightsFor the 2011-12 fiscal year that just ended, the estimated deficit is $78.6 million (5.3% of revenues), or $36.6 million more than was budgeted last spring.For 2012-13, the budgeted deficit...

Curbed Spending And Increased Revenues: April 19, 2012 By The National Bank of Canada - Apr 19, 2012

HighlightsDeficit last year swelled to $1.1 billion due to flooding costs.In 2012-13, the deficit is projected at $460 million. A balanced budget is still forecasted for 2014-15.A program portfolio...

Factory Sales Were Down 0.3% In February: April 18, 2012 By The National Bank of Canada - Apr 18, 2012

FactsFactory sales dropped 0.3% in February after a 1.3% decrease in January. Sales declined in 11 of 21 industries. Durable goods increased 0.2% and non-durable goods sales declined 0.8%....

Loonie Indeed A Commodity Currency By The National Bank of Canada - Apr 18, 2012

On the exchange markets, the loonie is considered a commodity currency, as the aussie and the kiwi. Today’s Hot Chart shows that market perception about the loonie is founded. In the first two...

Bank Of Canada Warns About 'Some Modest Withdrawal' Of Stimulus By The National Bank of Canada - Apr 18, 2012

As widely expected, the Bank of Canada left interest rates unchanged at 1.00% but it now says that "some modest withdrawal" of the present considerable stimulus may become appropriate.The BoC also...

Americans Raid Their Piggy Banks To Finance Spending: April 17, 2012 By The National Bank of Canada - Apr 17, 2012

March’s retail report stateside was quite strong to say the least. The 0.8% monthly increase in retail sales was in large part due to discretionary spending, i.e. sales excluding gasoline,...

Major News this Week: April 17, 2012 By The National Bank of Canada - Apr 17, 2012

Last week the market went on a roller-coaster ride further to new fears about Spain. Indeed, between February and March Spanish banks increased their borrowing from the European Central Bank, from 152...

Canada: Why Are Home Prices Outperforming The OECD? By The National Bank of Canada - Apr 17, 2012

The media continues to point to Canada as one of the most extended markets in the world when it comes to home price appreciation since 2007. As today’s Hot Chart shows, Canadian housing prices...

Canada: Can Materials Sector Meet Earnings Expectations? By The National Bank of Canada - Apr 17, 2012

Another earnings season is underway in the U.S. with Alcoa reporting numbers that beat both sales and earnings expectations last week. Is this a harbinger for what investors should expect from the...

Canadian Merchandise Trade Balance Barely In The Black In February: April 17, 2012 By The National Bank of Canada - Apr 17, 2012

FactsCanada’s merchandise trade surplus narrowed to CAD 0.3bn in February, much softer than consensus expectations. Exports fell 3.9% with declines in resources and autos (latter down 11.9%),...