Friday's Q1 gross domestic product figures in Canada, including revisions, stunned everyone in consensus and at the Bank of Canada, said Scotiabank. Consensus had forecast about 1.5% quarter-over-quarter seasonally adjusted annual rate growth with a trimmed range between about 1% to 2% and the BoC's projection in the April Monetary Policy Report was 1.5%, noted the bank.
Canada's Q1 gross domestic product didn't just underperform expectations as it was "outright terrible," falling by 0.1% quarter-over-quarter annualized, said Rosenberg Research after Friday's GDP data. The consensus expectation was for a gain of 1.5%, due largely to an expected rebound in inventories after a large drawdown in Q4. Yet, GDP still fell, noted Rosenberg Research.
The Canadian Labour Force Survey this week will draw close scrutiny after it emerged that on Friday the economy slipped into a technical recession for the first time since 2020, said Societe Generale. Canada will release the LFS for May this Friday, at 8:30 a.m. ET.
The Institute for Supply Management's US manufacturing index rose to 54.0 in May from 52.7 in April, compared with expectations for a smaller increase to 53.0 reading in a survey compiled by Bloomberg as of 7:30 am ET. The index indicates faster expansion, and it is the highest reading since May 2022.
US construction spending rose by 0.4% in April, compared with a 0.3% increase expected in a survey compiled by Bloomberg and following a downwardly revised 0.2% increase in March.
Canada's manufacturing sector growth was sustained in May as output, new orders and employment all increased, said S&P Global on Monday. The seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers' Index, a composite index designed to provide a summary of operating conditions in manufacturing, remained in positive territory during May for a second successive month.
The Bank of Canada's Financial Stability Report of last week highlighted warning signs for the economy, especially from the housing sector, overextended asset valuations, and global turbulence, says Rosenberg Research.
It is rare for economists surveyed by Bloomberg to be so wide of the mark as they were in their predictions for Canada's gross domestic product released on Friday, said Commerzbank. Instead of growing by 1.5%, the real economy contracted by 0.1% in Q1 on a quarter-over-quarter annualized basis, noted the bank.
Goodyear Tire & Rubber (GT) commenced a public offering of $750 million worth of six-year senior notes, the company said Monday. Goodyear plans to use the net proceeds from this offering to pay down other debt and for general corporate purposes, the company said. MT Newswires does not provide investment advice.
Canadian Q1 gross domestic product showed the economy effectively stalled, contracting 0.1% quarter-over-quarter annualized, undershooting expectations, said TD after Friday's GDP data. The weakness was broad-based, noted the bank. Overall, the economy continues to muddle along with limited forward momentum, stated TD.
Canada's economy had a soft start to 2026, with real gross domestic product growth disappointing consensus expectations, while GDP was broadly unchanged in Q1 and the unemployment rate edged higher, RBC said.
Growth momentum continued to soften in Q1 as downside risks persist in Canada, said Nomura after Friday's Q1 gross domestic product data. Real GDP fell 0.1% quarter-over-quarter annualized in Q1 after a revised 1.0% contraction in Q4, below consensus and the Bank of Canada's expectation, noted Nomura.
Societe Generale in its early Monday economic news summary pointed out: -- Brent +2.5% to US$93.5/barrel, 10-year United States Treasury yield +3bps at 4.47%, Germany's Bund +3bps at 2.97%. U.S.-Iran exchanged messages seeking changes to the draft agreement, including a ceasefire extension and reopening the Strait of Hormuz.
National Bank of Canada on Friday raised its price target on the shares of Minera Alamos (MAIFF) to C$9.50 from C$8.50 per share while maintaining its outperform rating. The analysts said the company has completed a major restructuring with a clean capital structure and a clear multi-year growth plan.
RBC Capital Markets said next week's key Canadian economic release will be the May Labour Force Survey on Friday, with its economists expecting employment growth and a modest decline in the unemployment rate. In its CAD Weekly Soundbites report, RBC said it expects a 25,000 increase in employment in May and a decline in the unemployment rate to 6.8% from 6.9% in April.
Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index rising 0.3% and the State Street Financial Select Sector SPDR ETF ahead 0.8%. The Philadelphia Housing Index added 0.9%, and the State Street Real Estate Select Sector SPDR ETF shed 0.7%. Bitcoin was decreasing 0.2% to $73,361, and the yield for 10-year US Treasuries decreased 1 basis point to 4.445%...
Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index rising 0.3% and the State Street Financial Select Sector SPDR ETF ahead 0.6%. The Philadelphia Housing Index added 0.9%, and the State Street Real Estate Select Sector SPDR ETF shed 1%. Bitcoin was decreasing 0.2% to $73,361, and the yield for 10-year US Treasuries decreased 1 basis point to 4.445%. ...
Two Federal Reserve officials offered mixed views on whether the oil price shock could be considered transitory, with Michelle Bowman in favor of looking through such developments and Jeffrey Schmid saying inflation is too hot to ignore.
Fed Vice Chair for Supervision Michelle Bowman said that more clarity is needed on the situation in the Middle East before overreacting to a what could be a one-time spike in energy prices.
Advance data for April showed the international trade deficit narrowed to $82.4 billion from $85.27 billion in March, reflecting a large increase in exports offset by a smaller increase in imports. In the same report, wholesale inventories rose by 0.5% in April after a 1.5% gain in March, while retail inventories increased by 0.7% after a 0.7% gain.
According to Avery Shenfeld, the "surprisingly" weak Q1 GDP readings today actually explained more about why the jobs numbers this year have been "so ugly", rather than necessarily implying we're due for more of the same in May. CIBC sees a net addition of 15K to the ranks of the employed next Friday, compared to a consensus 10k gain, and Shenfled said this might only be enough to hold the unem...
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF ahead 0.9%. The Philadelphia Housing Index was climbing 1.1%, and the State Street Real Estate Select Sector SPDR ETF shed 0.8%. Bitcoin was increasing 0.7% to $74,012, and the yield for 10-year US Treasuries was decreasing one basis points...
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF ahead 0.9%. The Philadelphia Housing Index was climbing 1.2%, and the State Street Real Estate Select Sector SPDR ETF shed 0.6%. Bitcoin was increasing 0.8% to $74,154, and the yield for 10-year US Treasuries was decreasing 1.9 basis points...
A sharp jump in Treasury yields following the Middle East conflict is unlikely to dampen investor appetite for equities, given corporate earnings growth and excitement surrounding artificial intelligence, Wells Fargo Investment Institute said in a note.
National Bank of Canada on Friday removed Tamarack Valley Energy (TNEYF) from restriction, raising its price target to C$16.50 from $15 with an outperform rating. The target price increase reflects the high-graded fundamentals of the business, specifically lower sustaining capital and higher associated free cash flow, the bank said.
Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday that she is looking for more clarity on the Middle East conflict before determining the monetary policy path forward, noting the risks of overreaction to temporary factors.
Canada's economy "remained ice cold" throughout the early days of 2026, says Royce Mendes over at Desjardins, but even though the early economic results for 2026 "aren't encouraging" the Bank of Canada may be hesitant to put cuts back on the table, he adds. Mendes noted Friday's economic data showed quarterly GDP declined 0.1% in Q1, in sharp contrast to expectations for 1.5% growth.
Kennametal (KMT) completed a series of financing transactions aimed at boosting liquidity, extending debt maturities and supporting near-term tungsten-related working capital needs, the company said Friday. The company completed a $300 million offering of 5.800% senior unsecured notes due 2036 and a cash tender offer for $300 million of 4.625% senior notes due 2028, it said.
The Canadian economy continued to struggle in Q1 as gross domestic product posted another decline, said CIBC after Friday's GDP data. The 0.1% annualized drop was in stark contrast with the consensus for a rebound to 1.5%, noted the bank.
Canadian real gross domestic product edged down 0.1% month over month in March, partially offsetting February's increase of 0.2% and driven by contractions in goods-producing industries, said the country's statistical agency on Friday. March's contraction was worse than a 0.1% month-over-month consensus expansion provided by MUFG.
The Canadian gross domestic product report for Q1 is the key release of Friday, at 8:30 a.m. ET, said Bank of Montreal. The bank notes that the Canadian economy seemed to regain its footing at the start of the year. Swings in trade -- like that in March -- can drive larger-than-normal differences between measures of GDP by industry and by expenditure, stated BMO.
Societe Generale in its early Friday economic news summary pointed out: -- Brent tumbles to a six-week low of US$92.4/barrel, off 27% from April peak, support US$91/US$90/US$86/barrel. -- Japan: Tokyo May consumer price index slows to 1.4% year over year, below forecast. -- France HICP up to 2.8% year over year in May from 2.5% in April, below forecast. -- Day ahead: Germany HICP.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. We raise our 12-month target price by CAD25 to CAD330, 18.7x our FY 27 EPS view of CAD17.63, a wider risk premium than the peer average of 13.9x given its scale and superior earnings profile. MT Newswires does not provide investment advice.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. We raise our 12-month target by USD16 to USD239, 18.7x our FY 27 EPS view of CAD17.63, a wider risk premium than the peer average of 13.9x given its scale and superior earnings profile. MT Newswires does not provide investment advice.
National Bank of Canada initiated coverage on the shares of Rio2 (RIOFF) with an outperform rating and a C$5.50 target price, with a focus on the company's Fenix and Condestable mines. The company's flagship asset is the Fenix Gold mine in Chile's Atacama Region, which achieved first gold pour on Jan. 23.
The Toronto Stock Exchange closed higher on Thursday, its first winning session since Monday's record close, with the resource-heavy index buoyed by improved commodity prices, a continuing belief among investors that equity market fundamentals are strong, bullish comments from Canada Prime Minister Mark Carney in New York and cautious positivity on the economy from the Bank of Canada.
The US economy expanded at a slower rate in the first quarter than previously estimated as consumer spending growth decelerated, the Bureau of Economic Analysis' second estimate showed Thursday. Real gross domestic product increased at a 1.6% annualized rate in the March quarter, down from a 2% increase reported in the initial estimate.
Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index decreasing 0.6% and the State Street Financial Select Sector SPDR ETF down 0.3%. The Philadelphia Housing Index eased 0.4%, and the State Street Real Estate Select Sector SPDR ETF shed 0.4%. Bitcoin was falling 1.3% to $73,401, and the yield for 10-year US Treasuries decreased 2.6 basis points to 4.455...
Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index decreasing 0.6% and the State Street Financial Select Sector SPDR ETF down 0.3%. The Philadelphia Housing Index eased 0.4%, and the State Street Real Estate Select Sector SPDR ETF shed 0.4%. Bitcoin was falling 1.3% to $73,401, and the yield for 10-year US Treasuries decreased 2.6 basis points to 4.455...
Fed Vice Chair Philip Jefferson said that he remains focused on bringing inflation down to the 2% goal but would not comment on the future path of monetary policy, saying that he is taking a meeting-by-meeting approach. Fed Governor Lisa Cook said that she is prepared to raise interest rates if inflation remains elevated but said that she is expecting inflation to slow without rate increases.
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