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Unhealthier German Economy, IMF's Advice, China Exports: Eco Day – BNN

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(Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.

Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Olaf Scholz is about to become chancellor of an unhealthier German economy than the one he looked set to inherit when his party won elections in late September
  • European Central Bank Governing Council member Robert Holzmann supports decoupling any decision to increase interest rates from the institution’s use of asset purchases, according to an interview with Handelsblatt
  • The ECB should stick with its ultra-supportive stance as long as the current bout of surging consumer prices appears to be temporary, the International Monetary Fund said
  • Bloomberg Economics’ base case for the global recovery remains robust. But with the virus refusing to quit, the Fed preparing for liftoff, and China attempting to deflate a McMansion size real estate bubble, a lot could go wrong
  • The U.K. is moving forward on trade engagement with individual American states, and stands ready to resume talks with Washington on a broader federal deal, Secretary of State for International Trade Anne-Marie Trevelyan said
  • China’s exports and imports grew faster than expected in November, with both hitting records as external demand surged ahead of the year-end holidays and domestic production rebounded on an easing power crunch
    • Separately, China’s policy makers moved to expand support for the nation’s economy
  • India will likely keep its key lending rate at a record low on Wednesday, with a new virus variant seen as the latest threat
  • Australia’s central bank kept its monetary settings unchanged on Tuesday, citing uncertainty from the omicron strain of the coronavirus while highlighting positive signs in the labor market and broader economy
  • President Recep Tayyip Erdogan’s push for lower borrowing costs aims to transform the economy into a job-creation engine that’ll keep him in power when elections come around in 2023, but it’s ordinary Turks who are so far paying the price
  • Japan’s household spending continued to grow in October after virus restrictions were eased, a gain that further underlines the importance of keeping Covid under control to ensure the economy returns to growth
  • Read the U.K.’s latest returning to the office trends from the Pret Index

©2021 Bloomberg L.P.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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September 13, 2024

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Statistics Canada reports wholesale sales higher in July

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September 13, 2024

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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September 12, 2024

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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