27. November 2013 07:00
The weekly look at first time applications for jobless benefits in the U.S. is out a day early because of the long, Thanksgiving weekend. Claims fell by 10,000 to a seasonally adjusted 316,000. The four week rolling average is also down again, falling by 7,500.
Durable goods orders in the U.S. dipped 2% in October, dragged down by a significant drop aircraft sales. The measure of core durable goods, which excludes volatile items, fell by 1.2%. The ISM says factory activity was up in October and new orders increased.
North American markets were all up at the open.
Bond yields are down 2 - 4 bps.
26. November 2013 09:17
Building permits issued in the U.S. hit a five and-a-half year high in October. Permits jumped 6.2% to a seasonally adjusted rate of more than a million units. The report on housing starts has been delayed until December because of the government shutdown in Washington.
The Case-Shiller home price index in the U.S. climbed 0.7% in September. Year-over-year home prices in the 20 city index climbed 13.3%. Washington's measure of home prices rose 0.3% in September, just shy of expectations. Compared to a year ago prices are up 8.4%.
The good numbers in construction and real estate don't appear to be translating to American consumers. The Conference Board's measure of consumer sentiment took a hit this month, dropping two points to 70.4. The number creates some concern in the approach to the busy, holiday shopping season.
North American markets were mixed in the early going
Bond yields are sown 4 - 5 bps.
22. November 2013 09:16
There are two key reports on the Canadian economy today.
The October consumer price index fell to an annualized rate of just 0.7%. That's down from 1.1% in September. Lower gasoline prices led the slide. Forecasts had called for a more modest dip to 0.9%. Core inflation – which the Bank of Canada uses to set policy – slipped to 1.2% from 1.3%.
Canadian retail sales shot up 1.0% in September, more than three times faster than expectations, driven by new car sales. Sales rose in six of 11 categories. Sales volumes were also up 1.0%. Retail sales were 3.6% higher compared to a year ago.
North American markets were mixed at the open today. The TSX, NASDAQ and S&P 500 all started higher, but the Dow slipped from it's record high close yesterday and was back blow 16,000. Yesterday's U.S. economic numbers appear to have convinced investors the Fed isn't going to be tapering stimulus any time soon.
Bond yields are down 1 – 3 bps.
21. November 2013 09:19
A smattering of data from the U.S. today.
The weekly read on first time jobless claims came in lower than expected, dropping by 21,000 to 323,000. Last week's figures were revised upwards, but the four week rolling average continued to show a decline, falling more than 7,000 to 338,500.
U.S. producer prices dropped for the second consecutive month in October, falling 0.2%; in line with expectations. Core producer inflation showed a 0.2% increase in October.
North American markets were all higher in the early going. Investors appear to have shaken off concerns about U.S. Fed tapering that cropped up yesterday, following the release of the latest FOMC minutes.
Bond yields are up 1 – 6 bps.
20. November 2013 09:15
Canadian wholesale trade was up again in September, but just barely. Statscan reports a 0.2% increase over August, which was revised downward. Forecasts had called for a 0.4% rise. The modest increase was driven by agriculture and farm supplies. Sales volumes were also up 0.2%.
Consumer price inflation in the U.S. came in at an annualized rate of 1.0% for October. On a m/m basis inflation actually contracted 0.1%. Core inflation is running at 1.7% for the year.
U.S. retail sales rose 0.4% last month, compared to September. Autos, clothes and furniture saw the biggest increases. Core sales -- without cars, fuel and building materials -- rose 0.5%.
Existing home sales in the U.S. fell 3.2% in October. Single family dwellings declined 4.1% while condo sales increased 3.3%. Year-over-year resale home prices climbed 12.8%.
The U.S. Fed releases the minutes of its last meeting today. Market watchers will be looking for any hints about a time frame for tapering.
North American markets started the day mixed.
\Bond yields are up 3 - 4 bps.
19. November 2013 09:15
Another light day for data with the only scheduled release being the the U.S. employment cost index for Q3. The broadest measure of labour cost rose a modest 0.4% and it is unlikely the markets will pay much heed.
The central bankers are busy today with Bank of Canada Deputy Governor John Murray speaking. Out-going U.S. Fed chair Ben Bernanke and Chicago Fed President Charles Evans are also making speeches.
The National Association of Home Builders in the U.S. shows market sentiment remains near cyclical highs this month standing at 54, unchanged from October.
North American markets started the day mixed with the Dow and the S&P 500 still flirting with record highs.
Bond yields are down 2 - 4 bps.
18. November 2013 09:14
This will be a relatively light week for data with the highlight for Canada coming on Friday with October CPI and September retail sales. October CPI and retail sales out of the U.S. will hit Wednesday.
Today StatsCan reported that foreign investment in Canadian securities rose to $8.4 billion in September, with the focus on Canadian equities. Canadian investors reduced their holdings of foreign securities $1.5 billion, including both debt and equity securities.
In the U.S. international investors were net buyers of long-term portfolio assets in September. Demand strengthened from China and Japan. Net inflows were $25.5 billion. China raised its holdings of U.S. government debt by 2%. Japan boosted its by 2.5%.
North American markers opened higher with the Dow surpassing 16,000 for the first time and the TSX hitting a two year high.
Bond yields are down 1 - 3 bps.
15. November 2013 09:14
Canadian home sales continue to show a strong recovery from last year's weakness, even though resales declined from September to October. Month over month, October sales of existing homes fell 3.2%. On a year over year basis last month was 8.3% higher than in 2012. The Canadian Real Estate Association also says prices increased 8.5% compared to a year ago. The MLS home price index shows an annual increase of 3.5%.
The value of Canadian manufacturing shipments climbed 0.6% in September. Autos and food shipments were the main contributors. The number was slightly better than the 0.5% increase forecast by analysts. Sales volumes increased 1%.
In the U.S. the Empire State manufacturing index recorded a big miss for November dropping to -2.21 from October's 1.52. Expectations had been for a rise to 5.0.
North American markets opened higher. Investors seem to like what they heard from incoming Fed chair Janet Yellen on the continuation of economic stimulus.
Bond yields are down 1 bps.
14. November 2013 09:13
New home prices in Canada were flat in September ending 29 consecutive months of increases. Analysts had called for a modest 0.1% increase. Year-over-year Canadian new home prices are up 1.6%.
Canada's trade deficit narrowed considerably in September, shrinking by more than half, to $435 million. The decline was led by imports -- chiefly energy products, aircraft and other transportation equipment.
The U.S. trade deficit widened by 8% in September. The largest deficit in four months was led by and increase in oil and auto imports.
The weekly tally of first time claims for jobless benefits in the U.S. fell again, but not as much as expected, dropping by about 2,000. Forecasts had called for a drop of 11,000. The four week rolling average is down by nearly 6,000.
The most watched item of the day will likely be the U.S. Senate Banking Committee hearings. They mark the first public statements from Janet Yellen since she was nominated to take over as chair of the Federal Reserve. Yellen is known to favour on-going stimulus.
North American markets were mixed in early trading.
Bond yields are down 5 - 6 bps.
13. November 2013 09:13
The Teranet index of re-sale home prices edged up 0.1% in October over September. Compared to a year ago the 11 city composite is up 3.1%.
As expected finance minister Jim Flaherty announced the country's books are in better shape than estimated in the March budget. Flaherty now hopes to have a $3.7 billion surplus in two years -- up nearly $3 billion from the March forecast.
North American markets were down in the early going. Investors seem to like last week's strong employment numbers out of the U.S. but they are getting conflicting signals about the Fed's plans for tapering. In two separate speeches yesterday two officials offered both hawkish and dovish comments about the future of the bond buying program.