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iShares MSCI Canada ETF (EWC)

- NYSEARCA
  • Fri, Jan. 23, 3:29 PM
    • TD Bank (TD +1.4%) has no plans to cut its prime rate in line with the central bank's 25 basis point rate cut this week, and Royal Bank of Canada (RY +1.2%) is also holding off, at least for now.
    • "Like the others," says RBC CEO David McKay, "[we] were completely caught off guard ... I need to catch up with my team and digest what’s going on in the market and figure out what we’re going to do from here.”
    • Bank of Montreal (BMO +0.6%) and CIBC (CM -0.1%) are keeping mum about their plans at the moment, and Scotiabank (BNS +0.3%) says there will be an announcement if there's any change to report.
    • The purpose of the BOC rate cut, says Canaccord's Gabriel Dechaine, was to ease the affordability of Canadians' very high debt loads. He believes there will be "regulatory pressure" for the country's big banks to follow suit.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    • Previously: Unexpected rate cut for Canada (Jan. 21)
    | 5 Comments
  • Wed, Jan. 21, 10:21 AM
    • The loonie (NYSEARCA:FXCplunges 1.3% to just $0.8150 after the Bank of Canada shocks markets by cutting its benchmark overnight rate by 25 basis points to 0.75%. It's the first move by the bank since September 2010, and it wasn't long ago markets were pricing in rate hikes.
    • The cut, of course, comes after the crash in the price oil, which the bank believes will be negative for both growth and underlying inflation.
    • BoC Governor Stephen Poloz has a press conference set for 11:15 ET.
    • The S&P/TSX Index is higher by 1.1%.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | 15 Comments
  • Wed, Jan. 14, 12:47 PM
    • "However things play out, we have the tools to respond," said Bank of Canada Deputy Governor TImothy Lane, wrapping up a speech yesterday. The speech dealt with the effect of the collapse in oil prices on Canada (pretty unequivocally negative if you ask the BoC), and that final line has analysts suggesting a rate cut could be on the agenda.
    • Forward markets are now pricing in a 4% chance of a rate cut sometime over the next year vs. an 8% chance of a hike just two days earlier.
    • Signs: December's jobs report was well weaker than expected with 4.3K jobs lost on top of November's 10.7K lost. And real estate sales in Calgary - one of the country's hottest housing markets - are down 34% Y/Y in January, while listings are up 22%.
    • Previously: Bank of Canada's Lane: Falling oil prices bad for Canada (Jan. 13)
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN, FXC
    | Comment!
  • Tue, Jan. 13, 3:06 PM
    • We see important risks to Canada’s economic outlook stemming from the recent decline in the price of oil and other commodities,” says Bank of Canada Deputy Governor Tim Lane. Not too concerned with cheap oil's effect on inflation, Lane says the bank is more interested in what oil's crash will mean for the country's growth, and hinted the BoC may have more to say on this matter after its Jan. 21 policy meeting.
    • The central bank's dour view is particularly interesting given that's it's more bearish than some private sector outlooks. RBC, for example, says the boost to consumer spending and exports can more than offset the drop in investment.
    • The loonie (NYSEARCA:FXC) is flat on the session, hovering near crisis-era lows vs. the greenback. The S&P/TSX Index is down 0.9%.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | 1 Comment
  • Fri, Jan. 9, 9:04 AM
    • Canada shed 4.3K jobs in December vs. expectations for a 15K gain and a loss of 10.7K in November. The unemployment rate held steady at 6.6%.
    • It's the first back-to-back job losses since mid-2009 when the economy was mired in a deep recession.
    • The loonie (NYSEARCA:FXC) takes out new multi-year lows following the number, now down 0.3% at $0.8424.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    • Previously: Unemployment rate in U.S. tumbles to 5.6% (Jan. 9)
    | 9 Comments
  • Tue, Jan. 6, 3:07 PM
    • That's the consensus coming from the Economic Club of Canada's annual forecast breakfast held earlier today. BMO's Doug Porter says investment in oil and gas accounts for roughly one-third of residential investment in Canada, and he's expecting a double-digit decline in that spending. He sees growth in Canada at about 2.2% this year vs. 3.1% in the U.S.
    • RBC's Craig Wright, however, sees lower oil prices as a slight net positive for Canada, as slowing investment in oil and gas is offset by stronger exports and boosted consumer spending power.
    • Wright may be on to something. Weaker again today, the loonie (FXC -0.5%) is back to its crisis-era lows.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | 1 Comment
  • Dec. 31, 2014, 11:34 AM
    | Comment!
  • Dec. 19, 2014, 4:15 PM
    | Comment!
  • Dec. 10, 2014, 4:16 PM
    • Another 2.5% decline today brings the S&P/TSE Composite into correction territory - off 12% from the 2014 highs and now barely in the green for the year.
    • The loonie (FXC -0.4%) gave up more ground to the dollar, and now buys just $0.87 - the lowest in 66 months.
    • "I think it's basically a sell-Canada mentality," says an analyst. "Whatever the rate of growth that was forecast, says two months ago, is going to be revised down."
    • EWC -2.65%
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    • Previously: Double-whammy for Canadian banks (Dec. 10, 2014)
    | Comment!
  • Dec. 8, 2014, 4:55 PM
    • Canada's S&P/TSX Composite Index suffered its biggest one-day loss in more than three years, plummeting as much as 462 points before settling for a 350-point beat-down, as resource stocks took a deep dive amid weakening crude oil prices.
    • Purpose Investments' Som Seif says the selloff suggests investors are growing even more worried about how the resource heavy-Canadian economy will fare in light of the collapse in oil prices: "We still have lower to go for oil, and so there is the potential for energy stocks to see an even further decline from these levels.”
    • Among today's worst performers: Lightstream Resources (OTCPK:LSTMF) -19%, Surge Energy (OTCPK:ZPTAF) -14.2%, MEG Energy (OTCPK:MEGEF) -14.1%, Crew Energy (OTCPK:CWEGF) -12.3%, Pacific Rubiales Energy (OTCPK:PEGFF) -11.2%.
    • ETFs: EWC, FCAN, QCAN
    | 8 Comments
  • Dec. 5, 2014, 8:52 AM
    | 1 Comment
  • Nov. 28, 2014, 9:00 AM
    • Canadian GDP grew at an annualized pace of 2.8% in Q3 vs. expectations for 2.1%. GDP grew 3.6% annualized in Q2.
    • The news was enough to send the slumping loonie higher for a few moments, but the currency has resumed its slide alongside the plummeting oil price. One loonie buys just $0.8757 vs. $0.8888 when we went to bed on Wednesday. FXC -1.2% premarket
    • The TSX Composite (NYSEARCA:EWCfell 0.8% yesterday as energy stocks tumbled the most in three years.
    • Previously: Energy names sharply lower as oil dives below $70
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | Comment!
  • Nov. 7, 2014, 10:26 AM
    • Canada reported an October jobs gain of 43.1K vs. expectations for just 5K. The unemployment rate fell to a six-year low of 6.5% from 6.8%.
    • It's been a yo-yo year for Canadian jobs, with four of the 2014's 10 months so far printing negative numbers, but October's gain marks two large advances in a row. "The see-saw pattern is gone," says CIBC's Avery Shenfeld. "The employment rebound in the past two months is a refreshing dose of reassurance on growth."
    • The loonie (NYSEARCA:FXC) jumps nearly 100 pips on the news, now up 0.6% and buying $0.8812. The TSX 200 approves, up 0.75% early in the session.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | 1 Comment
  • Oct. 22, 2014, 11:24 AM
    • The loonie (NYSEARCA:FXC) has reversed earlier retail sales-related losses and turned slightly higher vs. the greenback after the Bank of Canada stays on hold, but warns over bubbly housing markets in Ontario, Alberta, and British Columbia.
    • “Housing activity has been more robust than anticipated, buoyed by continued very low mortgage rates and exhibiting strength beyond a rebound from weather-depressed levels earlier in the year," says the bank. "Sales of existing homes have picked up noticeable since the beginning of the year, to a four-year high … This is contributing to sizable increases in house prices."
    • In other news, the bank has canceled its post-meeting press conference as the Canadian parliament goes on lockdown after a shooting at the National War Memorial. This video shows police exchanging gunfire inside a Parliament Hill building.
    • The TSX Composite is lower by 0.8%. EWC -0.6%
    • Previously: Disappointing Canadian retail sales sends loonie even lower
    | Comment!
  • Oct. 22, 2014, 9:14 AM
    • Pulled down by lower gasoline prices, and sales of new cars and food, Canadian retail sales fell 0.3% in August vs. a forecast of no change. It's the 2nd consecutive monthly drop in retail sales.
    • After removing the effect of price changes - particularly for gasoline - retail sales in volume terms slipped 0.1%.
    • Time to book that trip to Whistler? The news sends the loonie (NYSEARCA:FXC) lower by 60 basis points, now off 0.6% on the session and buying just $0.8861.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | 1 Comment
  • Oct. 14, 2014, 3:53 PM
    • Down 1.3% today amid tumbling energy prices, Canada's S&P/TSX is now off more than 10% from a high hit on September 11. The index is dominated by energy and materials stocks - a combined weighting of 71% - good news in a strong global economy, and bad news when oil drops $15 per barrel in a month.
    • Earlier, the IEA slashed its estimate for global oil demand and crude is down more than 4% on the session to the lowest in over two years.
    • The MSCI Canada Index ETF (EWC -1.1%) is off a similar amount to the TSX over the same time frame. Five of its top-10 holdings are banks, but beyond that there's a lot of energy and materials.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | Comment!
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EWC Description
The iShares MSCI Canada Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Canadian market, as measured by the MSCI Canada Index.
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Country: Canada
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