Krishen Rangasamy News
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Canada’s Ivey purchasing managers’ index rose for a second month in January as a measure of delivery times reached the highest in almost four years, signaling a rebound in economic growth.
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The Bank of Canada may drop its bias for raising interest rates as a slowing global economy reduces demand for the nation’s exports such as metals and fertilizer, ending its outlier status among the Group of Seven.
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Canadian factory sales fell faster in October than economists forecast on declines in aircraft and automobiles, while inventories reached the highest in almost four years.
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Canadian retail sales increased less than economists forecast in September as gains at new car dealers were offset by declines at department stores and gasoline stations.
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Employment and housing figures released today confirm that Canada’s economy is cooling faster than the central bank had forecast, indicating the Bank of Canada will refrain from raising interest rates until next year, economists said.
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Canada’s slowest inflation rate in more than three years and meager output growth signal the fourth-quarter economic rebound will fall short of central bank governor Mark Carney’s forecast.
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Canadian factory sales rose a second month in September on aerospace gains while most other industries, including automobiles, declined.
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Canadian consumer prices advanced less than economists forecast last month, suggesting Bank of Canada Governor Mark Carney doesn’t need to emphasize raising interest rates at next week’s decision.
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Canada’s current account deficit widened to a record in the third quarter as a strong currency pared exports and led companies to boost machinery and equipment imports.
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The Bank of Canada kept its benchmark interest rate at 1 percent and boosted its growth forecast, while reiterating that future interest-rate increases would be “carefully considered” because the recovery is threatened by a strong currency and Europe’s fiscal crisis.
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