Canada Economy Likely Grows 2.5%, Missing First Quarter Forecast [BNN Bloomberg (Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: BNN Bloomberg
Preliminary data suggest gross domestic product was unchanged in March as gains in utilities and real estate were offset by declines in manufacturing and retail trade, Statistics Canada reported Tuesday in Ottawa. That followed 0.2% growth in February, missing expectations for a 0.3% increase in a Bloomberg survey of economists. Taken together with a downwardly revised 0.5% expansion in January, the industry-based GDP numbers point to an increase of 2.5% annualized in the first quarter, slightly below the central bank's forecast of 2.8%. The Canadian dollar tumbled after the report, trading as low as C$1.3728 per US dollar, down about 0.5% on the day. Yields on two-year Canadian government bonds rose about three basis points to 4.323% as of 8:45 a.m. Ottawa time. The report was released at the same time as hotter-than-expected data on US employment costs. Overall, the report shows an economy that has no material risks of a sharp downturn but at the same time shows little sign
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Earnings
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