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iShares MSCI Canada ETF (EWC)

  • Jan. 10, 2014, 9:09 AM
    • The loonie quickly dives to new multi-year lows vs. the greenback after Canada reports a loss of 45.9K jobs in December and a 0.3 point rise in the unemployment rate to 7.2%. Consensus had called for a gain of 14K jobs.
    • FXC -0.6% premarket and the loonie is buying just $0.9146 - the least since mid-2009.
    • Canada ETFs: EWC, FXC, CAD, CNDA, FCAN, EWCS
  • Dec. 23, 2013, 10:52 AM
    • Canada posts October GDP growth of 0.3%, the 4th monthly increase in a row and better than 0.2% expected.
    • The loonie (FXC +0.6%) gains, now buying $0.9446.
    • The iShares MSCI Canada Index (EWC +0.7%)
    • Related ETFs: CAD, CNDA, FCAN, EWCS
    | Comment!
  • Dec. 6, 2013, 9:35 AM
    • Canada added 21.6K jobs in November, well ahead of expectations for 12K and against a 13.2K gain in October. The unemployment rate held steady at 6.9%. The average monthly job growth over the last six months is11K vs. 23.3K seen in the previous six-month window (May's 95K gain fell off the measure).
    • The loonie - which dropped sharply after the big U.S. jobs number - has returned to where it was prior to 8:30 ET, flat on the session around a multi-year low of $0.9390.
    • Canada ETFs: EWC, FXC, CAD, CNDA, FCAN, EWCS
    | Comment!
  • Dec. 4, 2013, 11:41 AM
    • The loonie (FXC -0.4%) slips to a multi-year low after the Bank of Canada - as expected - leaves its overnight rate at 1%, but sounds a dovish note, noting inflation has moved further beneath the 2% target, "held down by significant excess supply and by the effects of heightened competition in the retail sector, which look to be more persistent than anticipated."
    • "The downside risks to inflation appear to be greater."
    • The TSX is off 0.3%.
    • Canada ETFs: EWC, FXC, CAD, CNDA, FCAN, EWCS
    | Comment!
  • Dec. 2, 2013, 9:58 AM
    • Canada's November PMI slips a hair from October, but is still a speedy 55.3 - about the highest level in more than two years. "Recent reports suggest that the fourth-quarter hit to U.S. growth will be limited following a solid gain in the third quarter," says RBC's Craig Wood. "A slow and steady increase in U.S. growth will play a big role in setting the stage for a continuation in the recent momentum we have seen in Canadian manufacturing activity over the past few months.” 
      • Most interesting about the quick pace of activity in Canada is that it comes with the loonie (FXC) at about a 2-year low, now buying just $0.9406.
    | Comment!
  • Nov. 29, 2013, 8:39 AM
    • Growth rebounded in Canada in Q3, with GDP growing 2.7% on an annualized basis, near the top end of the 2.3%-2.8% expected range. Q2's growth was revised to 1.6% from 1.7%. Exports were a weak spot however, falling 0.5% in Q3.
    • The loonie (FXC) strengthens a few pips, now buying $0.9468.
    • Canada ETFs: EWC, FXC, CAD, CNDA, FCAN, EWCS
    | Comment!
  • Nov. 27, 2013, 7:27 AM
    • "Significant external imbalances have built up in the Canadian economy," says Goldman, recommending a short of the loonie (vs. the greenback) as its 2014 trade idea #3 (earlier ideas are here). The current account - in surplus prior to the financial crisis - has consistently been in deficit since by about 3% since, thanks to a big decline in manufacturing exports.
    • Energy has been unable to pick up the slack as boosted crude production from the tar sands of Alberta has been offset by the decline in value of natural gas exports.
    • Previously easy funding of the current account deficit changed for the worse in 2013, says Goldman, noting capital inflows have slowed rapidly over the past few quarters. One key reason: Emerging market central banks are no longer diversifying their forex holdings as quickly as before.
    • Canadian ETFs: EWC, CAD, CNDA, FCAN, EWCS
    • The loonie: FXC
    | 1 Comment
  • Nov. 8, 2013, 8:48 AM
    | Comment!
  • Oct. 23, 2013, 10:18 AM
    • The loonie (FXC -0.8%) slips about 45 pips after the Bank of Canada leaves its benchmark rate unchanged at 1%, but is decidedly dovish in its accompanying statement (though this was somewhat expected).
    • The global economy's "near-term dynamic has changed and the composition of growth is now slightly less favorable for Canada ... Uncertain global and domestic economic conditions are delaying the pick-up in exports and business investment, leaving the level of economic activity lower than the Bank had been expecting."
    • "The fact that inflation has been persistently below target means that downside risks to inflation assume increasing importance."
  • Oct. 18, 2013, 7:10 AM
    • Canada and the European Union reach an agreement in principle on a free-trade deal that will give Canadian businesses preferential access to an EU market of 500M consumers.
    • Canada expects duty-free access of its seafood, lumber, manufacturing, beef, pork, wheat and mineral sectors to the EU would generate ~$12B in the Canadian economy; Europe would face eliminated tariffs on exports including clothing, cheese, wine, dairy products and more.
    • While many major Canadian companies and exporters lobbied hard for the pact, others such as dairy producers in Quebec and Ontario are opposed.
    • ETFs: EWC, FCAN.
    | 1 Comment
  • Oct. 1, 2013, 9:52 AM
    • Canada's RBC PMI rises to a 15-month high of 54.2 in September, up from 52.1 in August. New export orders rose to their highest level in two and one half years.
    • "The global economy is gaining traction, and, with that, we are seeing increasing demand for Canadian exports - particularly from the manufacturing sector," says RBC's Craig Wright.
    • The loonie (FXC) shows little reaction, flat and buying $0.9694.
    • Equity ETFs: EWC, FCAN, CNDA, EWCS.
    | Comment!
  • Sep. 30, 2013, 8:55 AM
    • Canadian GDP growth of 0.6% in July surpasses expectations of 0.5% and is the strongest print since July 2011. Before getting too excited, it's worth remembering GDP slid 0.5% in June - the biggest decline since the 2009 recession.
    • On a year-over-year basis, GDP rose 1.4% in July, up from 1.1% in June.
    • The headline is good for a 20 pip pop in the loonie (FXC), now +0.15% and buying $0.9720.
    • Canadian ETFs: EWC, FCAN, CNDA, EWCS, CNPF, CAD.
    | Comment!
  • Sep. 6, 2013, 9:03 AM
    • Canada added 59K jobs in August, nearly tripling expectations of 20K. The unemployment rate fell to 7.1% from 7.2%. Over the last 6 months, employment gains have average 12K/month vs. 29K/month in the preceding six month period.
    • The loonie parties, +1% and buying $0.9613. FXC +0.8% premarket.
    • Canada-related ETFs: EWC, FCANCNDA, EWCS, CNPF, CAD.
  • Sep. 4, 2013, 10:22 AM
    • As expected, the bank leaves its benchmark overnight rate at 1%. The "dynamic" of global expansion has moderated, goes the statement.
    • "Uncertain global economic conditions appear to be delaying the anticipated rotation of demand in Canada towards exports and investment."
    • The loonie is trading a bit stronger than before the announcement and buying $0.9530. FXC +0.15%.
    • Canada ETFs: EWC, FCAN, CNDA, EWCS, CNPF, CAD.
    | Comment!
  • Aug. 30, 2013, 9:10 AM
    • June GDP contracted by 0.5% against expectations for -0.4% and +0.2% in May. For all of Q2, GDP grew at an annualized pace of 1.7% vs. 2% expected and 2.2% (revised from 2.5%) in Q1.
    • The loonie (FXC) adds about 15 pips on this seriously aged data, now unchanged on the session and buying $0.9494.
    • Canada ETFs: EWC, FCAN, CNDA, EWCS, CNPF, CAD.
    | Comment!
  • Aug. 16, 2013, 1:06 PM
    • Screening for income ETPs to 1) Hold up against a rising yield curve 2) Offer dividend income 3) Exhibit low volatility, Ned Davis' Neil Leeson pulls up several MLP funds, a few international stock ETFs, and a private-equity tracker.
    • MLPs include YMLI, AMU, MLPY.
    • The private-equity find is the PowerShares Global Listed Private Equity Portfolio (PSP).
    • The international funds include Canada (EWC), U.K. (EWU), and the iShares Global Energy ETF (IXC).
    • The quick take is these exchange one set of risks for another, writes Brendan Conway - unlike bonds, each of these funds got crushed (or would have been crushed if it existed) during the financial crisis.
    | 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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