There is no US data out this morning, but there is some Tier I Canadian information. Inflation numbers for November were more tame than the market expected: MoM CPI growth was +0.1% (+0.3% exp.), and YoY growth was 2.0% (2.2% exp.). The ‘Core’ CPI numbers similarly fell short of modest expectations. Weaker inflation expectations, all things equal, would help push bond yields lower.
Also, Canadian Retail Sales for October were released at +0.8%, which beat expectations of +0.5%. This sounds reasonably strong but it is noted that MoM Sales growth was negative after stripping out sales at Gasoline Stations [which were up 7.4%]. Also, the September numbers were revised lower.
There is still some material data to come out during the course of this week, including:
US: Existing Home Sales (Wed); Durable Goods Orders, Personal Income / Expenditures, Consumer Sentiment, New Home Sales, Initial and Continuing Jobless Claims (Thu).
Canada: Real GDP – October (Thu)
by First National Financial LP
21. December 2010 04:34