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Canada's Ivey PMI hits 2-1/2 year low as firms slash inventories

07 Tháng Giêng 2023

TORONTO (Reuters) - Canadian economic activity contracted in December at the sharpest pace since the early stages of the COVID-19 pandemic as firms worked to reduce their stock of inventories, Ivey Purchasing Managers Index (PMI) data showed on Friday.

The seasonally adjusted PMI fell to 33.4 last month from 51.4 in November, its lowest level since April 2020 and well below the 50 threshold that indicates a decrease in activity.

The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada.

The gauge of employment fell to an adjusted 49.8 from 54.3 in November, while the inventories index was at 43.5, down from 48.0.

It was the seventh straight month of declines for the inventories measure after peaking at 69.8 in May last year.

Higher interest rates likely increase the cost of financing inventories, while demand for goods could weaken if the economy slows as many economists expect.

The unadjusted PMI fell to 40.6 from 51.5.

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01-10-2023 11:51:05 (UTC+7)

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 EUR/USD1.0572↑ Sell
 GBP/USD1.2201↑ Sell
 USD/JPY149.38Neutral
 AUD/USD0.6438↑ Buy
 USD/CAD1.3575↑ Buy
 EUR/JPY157.92↑ Sell
 EUR/CHF0.9677Neutral
 Gold1,864.60↑ Sell
 Silver22.390Neutral
 Copper3.7340↑ Buy
 Crude Oil WTI90.77↑ Sell
 Brent Oil92.09↑ Sell
 Natural Gas2.930↑ Sell
 US Coffee C145.23↑ Sell
 Euro Stoxx 504,173.35↑ Sell
 S&P 5004,288.05↑ Sell
 DAX15,386.58↑ Sell
 FTSE 1007,608.08↑ Sell
 Hang Seng17,822.00Buy
 Small Cap 20001,785.10↑ Sell
 IBEX 359,428.00↑ Sell
 BASF42.950↑ Sell
 Bayer45.45↑ Sell
 Allianz225.70Sell
 Adidas166.62↑ Sell
 Lufthansa7.506Neutral
 Siemens AG135.66↑ Sell
 Deutsche Bank AG10.450↑ Sell
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