Economy News

Bank of Canada Governor Poloz takes part in news conference upon release of Monetary Policy Report in Ottawa

Bank of Canada watchers lament lack of anchors in Poloz era

By Leah Schnurr and Randall Palmer OTTAWA (Reuters) - Bank of Canada Governor Stephen Poloz has made life more challenging for financial market forecasters, with an approach some say lacks enough guideposts to allow them to properly model the path of future interest rate moves. In addition to ditching the forward guidance pioneered in Canada by predecessor Mark Carney, now governor of the Bank o…

  • Canada's trade gap widens to $2.5B … CBC - 8 hours ago

    The decline of oil prices is eating into Canada’s hopes for improving exports, as the value of crude oil and bitumen exports declined by a whopping 23 per cent in the … More »Canada's trade gap widens to $2.5B …

    The decline of oil prices is eating into Canada’s hopes for improving exports, as the value of crude oil and bitumen exports declined by a whopping 23 per cent in the past year. The hit mainly came from a drop in energy products, which were down 14 per cent from the previous year, but there also was an eight per cent drop …

  • U.S. unemployment falls to 6-year low … CBC - 9 hours ago

    U.S. job creation powered ahead in February, with unemployment falling to a six-year low of 5.5 per cent. An estimated 178,000 people gave up looking for work or dropped … More »U.S. unemployment falls to 6-year low …

    U.S. job creation powered ahead in February, with unemployment falling to a six-year low of 5.5 per cent. An estimated 178,000 people gave up looking for work or dropped out of the labour force, another indication that there is still slack in the U.S. labour market. The U.S. Federal Reserve is looking closely at indicators …

  • Railcars move through the CN railyards in Edmonton
    Low oil prices push up Canadian trade … Reuters - 10 hours ago

    By David Ljunggren OTTAWA (Reuters) - Canada's trade deficit in January more than doubled to a near-record C$2.45 billion ($1.94 billion), Statistics Canada said on … More »Low oil prices push up Canadian trade …

    Railcars move through the CN railyards in Edmonton

    By David Ljunggren OTTAWA (Reuters) - Canada's trade deficit in January more than doubled to a near-record C$2.45 billion ($1.94 billion), Statistics Canada said on Friday, amid a slump in oil prices that has crimped the resource-dependent economy. Crude prices have recently recovered a little after having dropped by …

  • Apple to be added to Dow Jones Industrial … CBC - 11 hours ago

    Apple is going to be added to one of the world's most closely watched stock indicators on March 18, when it is added to the Dow Jones Industrial Average. The biggest … More »Apple to be added to Dow Jones Industrial …

    Apple is going to be added to one of the world's most closely watched stock indicators on March 18, when it is added to the Dow Jones Industrial Average. The biggest public company in the world will be added to the Dow at the close of trading that day, taking the place of telecom company AT&T. The Dow Jones Industrial …

  • File photo of a tugboat pulling a transport truck on a barge crosses the harbour beside the container port in Vancouver
    Canada trade deficit more than doubles … Reuters - 12 hours ago

    OTTAWA (Reuters) - Canada's trade deficit in January more than doubled to a near-record C$2.45 billion ($1.96 billion), Statistics Canada said on Friday, amid a slump … More »Canada trade deficit more than doubles …

    File photo of a tugboat pulling a transport truck on a barge crosses the harbour beside the container port in Vancouver

    OTTAWA (Reuters) - Canada's trade deficit in January more than doubled to a near-record C$2.45 billion ($1.96 billion), Statistics Canada said on Friday, amid a slump in oil prices that has crimped the resource-dependent economy. The deficit - considerably wider than the C$1 billion shortfall expected by analysts - …

  • Hong Kong Chief Executive Leung Chun-ying arrives at news conference part of National People's Congress, the country's parliament, in Beijing
    Hong Kong chief urges residents to go … Reuters - 13 hours ago

    By Clare Jim and Paul Carsten HONG KONG/BEIJING (Reuters) - Hong Kong must consider the rights of mainland Chinese as well as the economic impact of any changes to its … More »Hong Kong chief urges residents to go …

    Hong Kong Chief Executive Leung Chun-ying arrives at news conference part of National People's Congress, the country's parliament, in Beijing

    By Clare Jim and Paul Carsten HONG KONG/BEIJING (Reuters) - Hong Kong must consider the rights of mainland Chinese as well as the economic impact of any changes to its visitor policy, Chief Executive Leung Chun-ying said on Friday, amid mounting anger in the former British colony against hordes of mainland shoppers. Leung …

  • A man inserts a fuel smart card to start a pump at a petrol station in northwestern Tehran
    Iran would sell more oil if Western … Reuters - 14 hours ago

    Iran said oil prices would not rise above $60 a barrel until 2016 and that it would increase crude exports if Western sanctions over its nuclear program were lifted, … More »Iran would sell more oil if Western …

    A man inserts a fuel smart card to start a pump at a petrol station in northwestern Tehran

    Iran said oil prices would not rise above $60 a barrel until 2016 and that it would increase crude exports if Western sanctions over its nuclear program were lifted, the semi-official Mehr news agency reported on Friday. "We're not expecting oil prices to go over $60 until 2016. What will happen after that is not clear," …

  • Journalists raise their hands to ask questions to China's Finance Minister Lou Jiwei at a news conference  in Beijing
    China's finance minister flags wider … Reuters - 17 hours ago

    By Koh Gui Qing and Judy Hua BEIJING (Reuters) - China will pursue an expansionary fiscal policy this year to prevent its economy from stalling, Finance Minister Lou … More »China's finance minister flags wider …

    Journalists raise their hands to ask questions to China's Finance Minister Lou Jiwei at a news conference  in Beijing

    By Koh Gui Qing and Judy Hua BEIJING (Reuters) - China will pursue an expansionary fiscal policy this year to prevent its economy from stalling, Finance Minister Lou Jiwei said on Friday as he assured investors that authorities are keeping an eye on heavily-indebted local governments. Asked how China would manage its …

  • Employees work at a factory run by PIKO, a model railway manufacturer, in the eastern German town of Sonneberg
    German industrial output rises for fifth … Reuters - 17 hours ago

    By Michael Nienaber BERLIN (Reuters) - German industrial output rose more than expected in January, notching up its fifth straight monthly increase and providing reassurance … More »German industrial output rises for fifth …

    Employees work at a factory run by PIKO, a model railway manufacturer, in the eastern German town of Sonneberg

    By Michael Nienaber BERLIN (Reuters) - German industrial output rose more than expected in January, notching up its fifth straight monthly increase and providing reassurance that Europe's largest economy got off to a strong start in 2015 after industrial orders data cast some doubt. Economy ministry data on Friday showed …

  • Photo illustration of logo of car-sharing service app Uber on a smartphone over a reserved lane for taxis in a street in Madrid
    Uber halts low-cost ride service in … Reuters - 18 hours ago

    Online taxi service provider Uber Technologies Inc said on Friday it would suspend its low-cost uberX ride service in South Korea, in another concession by the U.S.-based … More »Uber halts low-cost ride service in …

    Photo illustration of logo of car-sharing service app Uber on a smartphone over a reserved lane for taxis in a street in Madrid

    Online taxi service provider Uber Technologies Inc said on Friday it would suspend its low-cost uberX ride service in South Korea, in another concession by the U.S.-based firm trying to avoid a total ban in Asia's fourth-largest economy. Uber said the decision to suspend the service in Seoul, effective Friday, was part …

  • San Francisco Federal Reserve Bank President Williams speaks during an interview with Reuters in Washington
    Fed should not be too patient on rate … Reuters - 21 hours ago

    Federal Reserve policymakers should not wait too long to raise interest rates, a top U.S. central banker said on Thursday, because doing so could mean "drastically" overshooting … More »Fed should not be too patient on rate …

    San Francisco Federal Reserve Bank President Williams speaks during an interview with Reuters in Washington

    Federal Reserve policymakers should not wait too long to raise interest rates, a top U.S. central banker said on Thursday, because doing so could mean "drastically" overshooting on inflation and forcing the Fed to hike rates dramatically. "I think that by mid-year it will be the time to have a serious discussion about …

  • TSX ekes out gain as ECB rally fades; … Reuters - Thu, 5 Mar, 2015

    By Alastair Sharp TORONTO (Reuters) - Canada's main stock index rose in a broad but shallow rally on Thursday, led by a 5 percent jump in shares of Canadian Natural … More »TSX ekes out gain as ECB rally fades; …

    By Alastair Sharp TORONTO (Reuters) - Canada's main stock index rose in a broad but shallow rally on Thursday, led by a 5 percent jump in shares of Canadian Natural Resources Ltd after the major oil and gas producer surprised investors with strong quarterly results. "Investors are starting to pick through the rubble …

  • Traders work at their screens in front of the German share price index DAX board at the stock exchange in Frankfurt
    Euro sinks to 11-1/2-year low, bonds … Reuters - Thu, 5 Mar, 2015

    By Richard Leong NEW YORK (Reuters) - The euro fell to an 11-1/2-year low against the dollar on Thursday as U.S. and euro zone bond prices rose, after the European Central … More »Euro sinks to 11-1/2-year low, bonds …

    Traders work at their screens in front of the German share price index DAX board at the stock exchange in Frankfurt

    By Richard Leong NEW YORK (Reuters) - The euro fell to an 11-1/2-year low against the dollar on Thursday as U.S. and euro zone bond prices rose, after the European Central Bank spelled out its 1 trillion-euro stimulus plan that begins next Monday. European stock prices rose to seven-year highs in advance of the ECB's …

  • The logo of Carrefour is pictured during the company's 2013 annual results presentation in Paris
    Europe firms may draw fire by joining … Reuters - Thu, 5 Mar, 2015

    By Lionel Laurent LONDON (Reuters) - European companies are likely to join a boom in share buybacks as central bank cash floods the economy, risking criticism that they … More »Europe firms may draw fire by joining …

    The logo of Carrefour is pictured during the company's 2013 annual results presentation in Paris

    By Lionel Laurent LONDON (Reuters) - European companies are likely to join a boom in share buybacks as central bank cash floods the economy, risking criticism that they are recycling capital rather than investing to promote growth. European firms are already cheering financial markets by increasingly following their U.S. …

  • Job quality in Canada at 25-year low, … CBC - Thu, 5 Mar, 2015

    A new study by CIBC Economics says you may have ample reason. CIBC says its index of Canadian employment quality is at a 25-year low, and nothing the Bank of Canada … More »Job quality in Canada at 25-year low, …

    A new study by CIBC Economics says you may have ample reason. CIBC says its index of Canadian employment quality is at a 25-year low, and nothing the Bank of Canada can do to adjust interest rates is likely to fix the situation. In fact, its job quality index has been trending down for the past 25 years and is 10 per …

  • Draghi ties ECB's Greek funding … Reuters - Thu, 5 Mar, 2015
    ECB President Draghi arrives to take part in a plenary debate on the ECB's Annual Report 2013 at the EU Parliament in Brussels

    By John O'Donnell and Angeliki Koutantou NICOSIA/ATHENS (Reuters) - The European Central Bank will resume normal lending to Greek banks only when it sees Athens is complying with its bailout program and is on track to receive a favorable review, ECB President Mario Draghi said on Thursday. He also made clear the euro …

  • Exclusive: Nigeria's central bank … Reuters - Thu, 5 Mar, 2015

    (Reuters) - Nigeria's central bank has fixed the rate at which banks can buy dollars from oil companies at not more than 2 naira spread to its clearing rate, dealers said, its latest attempt to prop up the currency hit by the drop in oil prices. The central bank has pledged to stabilize the naira and has been deploying …