Economy

Italian Economy Unexpectedly Grows in Boost to New PM Meloni – BNN Bloomberg

Published

2 years ago

October 31, 2022

(Bloomberg) — Italy’s economy unexpectedly expanded, defying expectations of energy-driven stagnation in a boost to new Prime Minister Giorgia Meloni.

Third-quarter output advanced 0.5% from the previous three months, the national statistics institute said Monday. That’s more than any analyst polled by Bloomberg had estimated.

Gains in services and inventories were behind the growth surprise, with trade acting as a drag. The number still represented a big slowdown from 1.1% between April and June — mirroring a trend seen in France and Spain.

Inflation is partly to blame for that. It averaged 9% in the third quarter before hitting an all-time high of 12.8% in October, squeezing consumer spending and increasing costs for businesses.

The government’s latest forecasts see gross domestic product rising 3.3% this year but only 0.6% in 2023. Many analysts predict a recession.

For now, the figures will buoy Meloni’s efforts to balance slowing growth with continued fiscal aid to households and businesses struggling amid the energy crunch caused by Russia’s invasion of Ukraine.

She’s already under pressure from coalition allies Silvio Berlusconi, who heads Forza Italia, and League party boss Matteo Salvini, to spend more, while at the same time trying to reassure international investors that she’ll keep the public finances in check.

The government must present a revised draft budget by year-end, and plans to aid the economy will mean a wider deficit than projected by the previous administration, according to people familiar with the matter, who see it at 3.9%-4.5% of output.

–With assistance from Giovanni Salzano, Jerrold Colten and Harumi Ichikura.

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Economy

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

Published

13 hours ago

September 13, 2024

Anne Joseph

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)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

20 hours ago

September 13, 2024

Anne Joseph

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.

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Economy

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

Published

2 days ago

September 12, 2024

Anne Joseph

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)

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