The National Bank of Canada

U.S. retail sales continue to move higher. According to just-released data, retail spending is currently tracking 6.3% in real terms so far in Q4,the best showing in a year. As today’s Hot Chart...

Canada – In November, housing starts in Canada decreased sharply to 181.1K units from an upwardly revised 208.8K in October. Urban starts fell to 158.9K from 185.7K the previous month. Rural...

FACTS: Canada’s merchandise trade balance returned to a deficit of C$0.89 bn in October (top chart) versus consensus expectations for a surplus of C$0.7 bn. The prior month was revised down a...

While in NYC yesterday to discuss the Canadian economic outlook, one of members on our panel argued that the oversupply of new condominiums in Toronto posed a great risk to CMHC and the Canadian...

Heading into the ECB rate setting meeting, speculations about major policy changes were running high. Not only most people were expecting at least a 25 basis points rate cut to the interest rate on...

FACTS: Canadian housing starts decreased sharply to 181.1K units in November from an upwardly revised 208.8K in October. Urban starts decreased to 158.9K from 185.7K the previous month. Starts in...

The U.S. economy has rarely done badly when its consumers were in spending mood. The acceleration in second half growth was largely a result of consumers finding back their mojo. The economic outlook...

It has been a difficult year for equity investors having found little solace in the Canadian market particularly with a majority of its sectors trading in the red. However, not all sectors have been...

•The euro’s demise is more than just a mere possibility, particularly if the common currency’s main flaw, the lack of fiscal integration, isn’t addressed. But a fiscal union...

Summary• Conditions in the 2000s were highly conducive to keeping inflation in Canada in check. Over this period, strong service inflation was offset by very weak goods inflation. The massive...

There was much news last week that was positively received by the markets. The most significant news was a surprise announcement made on Wednesday that the U.S. Federal Reserve and five other major...

FACTS: Total employment decreased again in November (- 18.6K) following a marked deterioration of 54.0K jobs in October. Losses were observed in part-time jobs (-53.3K) while full-time jobs (+34.6K)...

Highlights• Before the $1.6 billion Harmonized sales tax (HST) transition repayment, revenues for 2011-12 are $467 million lower than budgeted, and expenses are $100 million larger. The deficit...

The 2011 Thanksgiving holiday was a success for U.S. retailers. According to preliminary data, sales were up 16% from year-ago levels this year, a marked improvement from last year when sales had...

Debt woes continue to hold the centre of the equity investment stage. Strategic focus is currently driven more by politics than by economic activity. U.S. politicians have once again refused to do the...

Canada – In September, retail sales increased 1.0% after rising 0.6% in August. Sales were up in 9 of 11 retail industries. Motor vehicle and parts dealers saw sales spring 2.8% after...