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Market Wire, North America

Market Wire: Canadian Retail Sales Accelerate Into a Pothole

Canadian retail sales increased by more than expected in June, but the headline number was largely driven by stronger vehicle sales and a 6.2 percent monthly jump in oil prices – measures of core consumer spending landed much closer to consensus projections, and estimates for July are pointing to the first drop in seven months. Data released by Statistics Canada this morning showed retail sales rising 1.1 percent on a month-over-month basis in June, beating consensus expectations for a 0.4 percent gain. Sales at auto and parts dealers rose 1.8 percent, while gas station receipts jumped 3.9 percent. Sales excluding...

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Market Wire: Dovish Fed Minutes Push Dollar and Yields Lower

The Federal Reserve rate-setting committee began considering an eventual deceleration in the pace of monetary tightening at its July meeting, aligning with comments made by Chair Jerome Powell during the post-decision press conference. A record of the discussion showed no concerns raised about the loosening in financial conditions that occurred ahead of the meeting, and appears to ratify the market reaction that unfolded when Mr. Powell said “it likely will become appropriate to slow the pace of increases”. Participants remained determined to bring inflation down to target, noting that price growth “remained unacceptably high”, with several expressing reservations about the...

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Market Wire: Dollar Stable on Strong Core Retail Sales Numbers

US retail spending flatlined last month, but underlying consumer demand remained strong, keeping monetary tightening expectations aloft. According to figures published by the Census Bureau this morning, total receipts at retail stores, online sellers and restaurants were roughly unchanged on a month-over-month in July, up 10.3 percent over a year prior. Markets were expecting a 0.1 percent headline gain. Gas station sales fell -1.8 percent month-over-month as global energy prices tumbled. Motor vehicle and parts dealers posted a -1.6 percent loss. Receipts at food services operations rose 0.1 percent, and grocery store sales were up 0.2 percent, but rising food...

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Market Wire: Canadian Inflation Cools, But Broadens, Raising September Rate Expectations

Canadian headline inflation rates slumped again last month, but price pressures broadened across many services sectors, keeping the Bank of Canada on a tightening trajectory. Data released by Statistics Canada this morning showed consumer prices rising 7.6 percent year-over-year in July, with the month-over-month gain amounting to 0.1 percent, down sharply from 1.4 percent in June. Core inflation, computed as the average of the three price measures preferred by the Bank of Canada (trim, median, and common), increased an annualized 5.3 percent, up from June’s revised 5.23 percent as costs rose in a broader range of economic sectors. Core measures...

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Market Wire: US Inflation Decelerates More Than Expected

Headline US consumer prices rose by less than anticipated in July, putting downward pressure on short-term yields as market participants brace for a more cautious approach from the Federal Reserve. According to data released by the Bureau of Labor Statistics this morning, the consumer price index climbed 8.5 percent in July from the same period last year, essentially flat on a month-over-month basis. Economists polled by major data providers expected a 9.1 percent annual gain and 0.2 percent relative to June. A 4.6 percent month-over-month drop in energy prices — helped by an 7.7 percent tumble in the gasoline sub-index....

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