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January 19, 2026
Canada - BoC Q4 Business Outlook Survey - Mostly stronger
January 19, 2026 4:03 PM UTC
The Bank of Canada’s Q4 business outlook survey is mostly improved with the business outlook indicator of -1.78 from -2.27 the strongest since Q4 2024 while the index on future sales bounced to a positive 13 from -2, returning to the pre-tariff level seen in Q1 2025. The data, while improved, is n
Preview: Due January 30 - Canada November GDP - Partial reversal of October's dip
January 19, 2026 3:36 PM UTC
We expect November Canadian GDP to increase by 0.1% in line with a preliminary estimate made with October’s report, when a 0.3% decline was reported. We expect the preliminary estimate for December will also show a modest increase.
Canada December CPI - Stronger due to year ago tax holiday, BoC core rates softer
January 19, 2026 2:06 PM UTC
December Canadian CPI at 2.4% yr/yr has accelerated from 2.2% in November but the BoC’s core rates are softer. The contrast is explained by a year ago tax holiday inflating the overall figure but not the core rates, which will matter more to the BoC. Still, easing at next week’s BoC meeting rema
ECB Steady Signals, But
January 19, 2026 8:55 AM UTC
• We remain of the view that financial conditions and lending rates are worse than the current ECB depo rate level suggest and means that 2026 EZ growth does not really pick-up. Combined with a mild undershoot in inflation, this can build the case for the ECB to deliver two 25bps cuts.
