The National Bank of Canada

Canada – Retail sales rose 0.3% in November, topping consensus expectations. Excluding autos, sales were still up 0.3%. Gains in sales of gasoline, clothing, health/personal care more than...

Standard & Poor’s made a splash early in the year with its downgrade of the credit of nine euro countries. The markets were little moved by its pronouncement, an indication that investors...

To no one’s surprise, the Bank of Canada left its overnight rate unchanged at 1% at its January ratesetting date. In Governor Carney’s view, the global economic outlook has deteriorated...

Prime Minister Harper delivered a very important speech in Davos this week on the need to adopt new measures to ensure the long-term sustainability of social programs in Canada. After his recent...

FACTS: The Institut de la statistique du Québec reports that Quebec’s trade deficit widened $472 million in November to $1.71 billion (top chart). The value of exports fell $263 million...

Fed projects low levels for the federal funds rate at least through late 2014As expected the FOMC announced it is keeping its target rate unchanged but now see that economic conditions are likely to...

FACTS: The Institut de la statistique du Québec (ISQ) reports that October real GDP at basic prices was flat in Quebec, as in Canada, after a 0.4% advance in September (Canada +0.2%) following...

FACTS: The Teranet–National Bank National Composite House Price IndexTM declined 0.2% in November after having been flat in the two previous months. Prices dropped in 8 of the 11 metropolitan...

It’s been a difficult year for the global economy. We see continuing deceleration in 2012. The crisis of public finances in the euro zone has undercut the economy of the region: the fiscal...

Canada – In October, retail sales increased 1.0%, double the consensus forecast. The result was all the more impressive coming as it did on the heels of a 1.0% advance in September. Sales were...

Global industrial production growth has come to a stall over the last couple months with European activity in contraction mode. Europe is looking like an extended recession is unavoidable, raising...

FACTS: The Teranet–National Bank National Composite House Price IndexTM was flat in October for the second month in a row (top chart). October prices were up 0.8% in Toronto, 0.4% in Winnipeg,...

FACTS: Retail sales increased 1.0% in October, following a 1.0% increase in September. Sales increased in 7 of 11 retail industries. Motor vehicles and parts sales were up 2.0%, after a 3.3% rise in...

Housing starts bounced back sharply with a 9.3% increase to 685K in November (from 627K in the prior month). That's the highest in a year and a half. While it is true that the gains were driven by...

FACTS: Headline CPI remained unchanged at 2.9% in November. Core CPI also remained unchanged at 2.1. On a monthly basis, headline CPI rose 0.1%, following an increase of 0.2% in October. Core prices...

We have been through another volatile week, with the loonie losing 200 points against the greenback. This surge in the U.S. dollar was caused by Ben Bernanke’s comments following the Federal...