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Top Economic Events to August 18 – Financial Post

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June 13 (Reuters) –

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Today in Washington ————————————————————- This Diary is filed daily. Indicates new events ————————————————————- MONDAY, JUNE 13 ** WASHINGTON DC – (VIA PRE-RECORDED VIDEO) Federal Reserve Vice Chair Lael Brainard discusses the Community Reinvestment Act before the National Community Reinvestment Coalition (NCRC): Just Economy Conference 2022. – 1800 GMT ** BRUSSELS – Participation by ECB vice-president Luis de Guindos in Vice-Governors of Arab Central Banks and Monetary Authorities’ meeting on “The Challenges of enhancing financial stability in the recovery phase from the Corona pandemic” organized by the Arab Monetary Fund – 1100 GMT. BRUSSELS – Belgium central bank issues economic growth forecasts for the euro zone’s sixth largest economy with ECB Governing Council member Pierre Wunsch – 0800 GMT TUESDAY, JUNE 14 ** BRUSSELS – Pre-recorded video speech by ECB Board member Elizabeth McCaul at the 26th Annual Global ABS Conference – 1445 GMT. PARIS – Speech by ECB board member Isabel Schnabel on euro area bond market fragmentation to the graduates of the Master Program in Money, Banking, Finance and Insurance of the Panthéon-Sorbonne University – 1700 GMT. FLORENCE, Italy – Speech by ECB bank supervisor Anneli Tuominen at Annual Conference organized by the European University Institute’s Florence School of Banking & Finance in Florence, Italy – 1115 GMT LONDON – Charlotte Gerken, Executive Director, Insurance at Bank of England is a Keynote speaker at the J.P. Morgan European Insurance Conference – 0800 GMT. WASHINGTON, D.C. – U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 15) WEDNESDAY, JUNE 15 BRUSSELS – Introductory statement by ECB board member Fabio Panetta at hearing on the digital euro before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels, Belgium – 1315 GMT LONDON – Participation by ECB President Christine Lagarde in conversation with José Viñals hosted by Baroness Minouche Shafik, London School of Economics, in London, United Kingdom – 1620 GMT ROME – Bundesbank President Joachim Nagel, De Nederlandsche Bank President Klaas Knot and Bank of Spain Governor Pablo Hernandez de Cos speak at the Young Factor conference in Milan. STOCKHOLM – Deputy Governor of the Swedish National Bank Deputy Governor Henry Ohlsson discusses on Monetary policy and inflation in times of war – 1600 GMT WASHINGTON, D.C. – U.S. Federal Reserve’s Federal Open Market Committee (FOMC) announces its decision on interest rates followed by statement – 1800 GMT WASHINGTON, D.C. – U.S. Federal Reserve chairperson holds a news conference – 1830 GMT THURSDAY, JUNE 16 ** MILAN, Italy – Participation by ECB vice-president Luis de Guindos at the International Conference “Young Factor, a dialog between young people, economy and finance” organized by Osservatorio Giovani-Editori – 0830 GMT. ** LUXEMBOURG – Participation by ECB President Christine Lagarde and ECB, Member of the Executive Board, Fabio Panetta in Eurogroup meeting in Luxembourg. BRUSSELS – Speech by ECB board member Fabio Panetta followed by a Q&A at the European Payments Council’s 20th anniversary event in Brussels, Belgium – 0750 GMT LUXEMBOURG – Euro zone finance ministers meet on ERM2, digital euro, fiscal rules reform, banking union – 1300 GMT. BERN – Swiss National Bank (SNB) Financial Stability Report 2022 – 0430 GMT BERN – Swiss National Bank (SNB) Monetary policy assessment with news conference – 0730 GMT LONDON – Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision – 1100 GMT TOKYO – Bank of Japan holds Monetary Policy Meeting (to June 17) FRIDAY, JUNE 17 ** BRUSSELS – European Union finance ministers meet in Luxembourg to discuss various topics, including whether to approve recovery fund money being allocated to Poland after funds were held up over rule of law issues – 0830 GMT. ** LUXEMBOURG – Participation by ECB vice-president Luis de Guindos in ECOFIN meeting in Luxembourg. ** WASHINGTON DC – Federal Reserve Chair Jerome Powell gives welcome remarks before the Inaugural Conference on the International Roles of the U.S. Dollar, in Washington – 1245 GMT. STOCKHOLM – Riksbank general council meeting – 1100 GMT. SATURDAY, JUNE 18 ** DALLAS, United States – Federal Reserve Board Governor Christopher Waller speaks on “Monetary Policy Since the Pandemic” before the Society for Computational Economics 28th Annual Conference: “Computing in Economics and Finance,” in Dallas. – 2040 GMT MONDAY, JUNE 20 ** BRUSSELS – Introductory statement by ECB President Christine Lagarde at the Hearing before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, Belgium – 1300 GMT ** FANO,Italy – Participation by ECB board member Fabio Panetta in on-stage interview with Federico Fubini at Passaggi Festival della Saggistica in Fano, Italy – 1700 GMT ** LONDON – Speech by ECB chief economist Lane at Society of Professional Economists’ (SPE) 2022 Annual Dinner in London, UK – 1930 GMT SANTANDER, Spain – Spain´s economy minister Nadia Calvino speak at summer course on Sustainability and digitalization – 0830 GMT TUESDAY, JUNE 21 BERLIN – German Finance Minister Christian Lindner speaks at the Day of Industry organized by the German Federation of Industry (BDI) followed by a panel talk with guests including Bundesbank executive board member Sabine Mauderer. – 1030 GMT HELSINKI – ECB policymaker and Finnish central bank chief Olli Rehn will hold a news conference in Helsinki to comment on Finland’s economic outlook and the European Central Bank’s rate policy. – 0800 GMT AMSTERDAM – Deputy Governor of the Swedish National Bank Cecilia Skingsley will participate in a conversation on digital currencies during the 6th Annual Macroprudential Conference, jointly organized by De Nederlandsche Bank, Sveriges Riksbank and Deutsche Bundesbank – 1000 GMT PHILADELPHIA – Federal Reserve Bank of Philadelphia issues Nonmanufacturing Business Outlook Survey for June – 1230 GMT. STOCKHOLM – Riksbank executive board meeting – 0700 GMT TOKYO – Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr. 27 and 28 – 2350 GMT WEDNESDAY, JUNE 22 ** FRANKFURT – Opening keynote speech on “Tackling the climate and environmental crises – the roles of banks and supervisors” followed by a Q&A session by Elderson at 10th Annual Conference on Bank Steering & Bank Management (Gesamtbanksteuerung) of Frankfurt School of Finance & Management in Frankfurt, Germany – 0735 GMT WASHINGTON DC – Federal Reserve Chair Jerome Powell delivers semi-annual monetary policy testimony before the Senate Banking Committee. PHILADELPHIA – Federal Reserve Bank of Philadelphia President Patrick Harker (in Philadelphia) and Federal Reserve Bank of Richmond President Thomas Barkin (virtual from Richmond) participate in macroeconomic outlook discussion before the Macroeconomic Policy to Foster Equality: Symposium with the Federal Reserve Bank of Philadelphia and the Official Monetary and Financial Institutions Forum. – 1730 GMT TORONTO, Canada – Fireside chat by Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, on “Growth and Risk – The future of the Canadian economy” – 1440 GMT. SANTANDER, Spain – European Central Bank’s vice-president, Luis de Guindos, to deliver speech at economy summer course on sustainability and digitalization – 0700 GMT CEDAR RAPIDS, United States – Federal Reserve Bank of Chicago President Charles Evans speaks on current economic conditions and monetary policy before the Corridor Business Journal Mid-Year Economic Review, in Cedar Rapids, Iowa – 1650 GMT. VILNIUS – Bank of Lithuania holds non-monetary policy meeting of the ECB Governing Council in Frankfurt BERLIN – Governing Council of the ECB holds non-monetary policy meeting in Frankfurt THURSDAY, JUNE 23 ** BRUSSELS – Opening speech by ECB bank supervisor Andrea Enria at SRB and ECB Joint Conference – “The test of time: Banking Union a decade on” in Brussels, Belgium – 1230 GMT OSLO – Norway Central Bank holds announcement of the Executive Board’s interest rate decision and publication of Monetary Policy followed by press conference – 0830 GMT BERLIN – General Council meeting of the ECB in Frankfurt. FRIDAY, JUNE 24 ** FRANKFURT – Fireside chat by ECB bank supervisor Edouard Fernandez-Bollo at the AFME/OMFIF 2nd Annual European Financial Integration Conference in Frankfurt, Germany – 1010 GMT ZURICH – Philip Lowe, Governor of the Reserve Bank of Australia, participates in a panel at the UBS Panel discussion Global Monetary Policy Challenges – 1130 GMT SANTANDER, Spain – Bank of Spain Governor Pablo Hernández de Cos in charge of the closing session for Santander economy summer course on sustainability and digitalization – 1030 GMT BERGEN, Norway – Norway Central Bank Governor Ida Wolden Bache gives a lecture for the regional network West in Bergen – 0800 GMT. SUNDAY, JUNE 26 TOKYO – Bank of Japan to release summary of opinions from board members at its Jun. 16-17 policy meeting – 2350 GMT MONDAY, JUNE 27 LISBON – Governor of the Swedish National Bank Stefan Ingves will participate in the European Central Bank Forum on Central Banking (to June 29) TUESDAY, JUNE 28 LISBON – Deputy Governor of the Swedish National Bank Cecilia Skingsley will participate in a panel discussion at the ECB Forum on Central Banking on digital currencies and the digital euro project – 1100 GMT WASHINGTON DC – Federal Reserve issues annual benchmark revisions and new seasonal factors to its industrial production and capacity use data from 1972 through latest release period. WEDNESDAY, JUNE 29 SINTRA, Portugal – Chair of Federal Reserve of U.S Jay Powell, ECB President Christine Lagarde, BOE Governor Andrew Bailey and BIS General Manager Augustin Carstens speak at the ECB Forum on Central Banking – 1230 GMT SINTRA, PORTUGAL – Federal Reserve Bank of Cleveland President Loretta Mester participates in “Panel 2: The role of inflation expectations in monetary policymaking” before the European Central Bank Forum on Central Banking, in Sintra, Portugal. – 1030 GMT STOCKHOLM – Riksbank holds monetary policy meeting 3 – 0700 GMT. THURSDAY, JUNE 30 STOCKHOLM – Swedish Central Bank announces interest rate decision. June 2022 Monetary policy report will be published – 0730 GMT.

TUESDAY, JULY 5

LONDON – Bank of England publishes Financial Stability Report July 2022 – 0930 GMT.

WEDNESDAY, JULY 6 WASHINGTON DC – Federal Open Market Committee issues minutes from its meeting of June 14-15, 2022. – 1800 GMT

BERLIN – Governing Council of the ECB holds non-monetary policy meeting in Frankfurt

MONDAY, JULY 11

STOCKHOLM – Swedish Central Bank minutes from the Executive Board’s monetary policy discussion on 29 June 2022 will be published – 0730 GMT TUESDAY, JULY 12 BRUSSELS – European Union finance ministers will set the irrevocable exchange rate at which Croatia will convert its kuna currency into euros when it adopts the singe currency on Jan 1, 2023. WEDNESDAY, JULY 13 OTTAWA – Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers hold a press conference to discuss the contents of the Monetary Policy Report – 1500 GMT. WASHINGTON, D.C. – Federal Reserve issues the Beige Book of economic condition – 1800 GMT

OTTAWA – Bank of Canada key policy interest rate announcement and Monetary Policy Report – 1400 GMT.

WELLINGTON – Reserve Bank of New Zealand holds Monetary Policy Review – 0200 GMT.

WEDNESDAY, JULY 20

TOKYO – Bank of Japan holds Monetary Policy Meeting (to July 21)

THURSDAY, JULY 21

BERLIN – Press conference following the Governing Council meeting of the ECB in Frankfurt – 1230 GMT

BERLIN – Governing Council of the ECB holds monetary policy meeting in Frankfurt

MONDAY, JULY 25

TOKYO – Bank of Japan releases Minutes of Monetary Policy Meeting held on Jun. 16 and 17 – 2350 GMT

TUESDAY, JULY 26 PHILADELPHIA – Federal Reserve Bank of Philadelphia issues Nonmanufacturing Business Outlook Survey for July. – 1230 GMT WASHINGTON, D.C. – U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to July 27)

WEDNESDAY, JULY 27

WASHINGTON, D.C. – U.S. Federal Reserve’s Federal Open Market Committee (FOMC) announces its decision on interest rates followed by statement – 1800 GMT

WASHINGTON, D.C. – U.S. Federal Reserve chairperson holds a news conference

THURSDAY, JULY 28

TOKYO – Bank of Japan to release summary of opinions from board members at its Jul. 20-21 policy meeting – 2350 GMT THURSDAY, AUGUST 4 LONDON – Bank of England to publish Monetary Policy Report – 1100 GMT. LONDON – Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision – 1100 GMT. WEDNESDAY, AUGUST 17 WELLINGTON – Reserve Bank of New Zealand holds Monetary Policy Statement and Media Conference – 0200 GMT. THURSDAY, AUGUST 18 OSLO – Norway Central Bank announces interest rate decision – 0800 GMT. —————————————————————- NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) at https://customers.reuters.com/kccontactus/telephone.aspx

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Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

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November 8, 2024

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OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.

Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.

Business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.

Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.

Friday’s report also shed some light on the financial health of households.

According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.

That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.

People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.

That compares with just under a quarter of those living in an owned home by a household member.

Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.

That compares with about three in 10 more established immigrants and one in four of people born in Canada.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.

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Health-care spending expected to outpace economy and reach $372 billion in 2024: CIHI

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November 6, 2024

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The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.

The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

This report by The Canadian Press was first published Nov. 7, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

The Canadian Press. All rights reserved.

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Trump’s victory sparks concerns over ripple effect on Canadian economy

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1 week ago

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November 6, 2024

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As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

More than 77 per cent of Canadian exports go to the U.S.

Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.

“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.

“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”

American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.

“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.

“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”

A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.

Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.

“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.

Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.

With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”

“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.

“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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