Morning Market Brief: Monday, May 15, 2023

A fuller picture of Canada’s inflation and more this week

Market attention will turn from last week’s mixed US data to critical ongoing negotiations about increasing the US debt ceiling. In Canada, attention will focus on inflation trends as Statistics Canada provides its April update. Inflation fell from 5.2% in February to 4.3% in March.  

• Canada’s final wholesale sales reading for March will be released on Monday. Data from Statistics Canada showed sales increased by 6.1% in January 2023 but declined in February.
• China’s retail sales year on year for April are also available Monday from the National Bureau of Statistics. Sales rose by 10.6% year on year in March. 
• Tuesday is a full day of North American economic announcements. Canada’s inflation rate will be in the spotlight and the latest US retail sales will also be released.
• On Thursday, Japan’s inflation rate will provide insight into the impact of the Bank of Japan’s monetary policy on maintaining price stability. Annual inflation nudged up to 3.2% in March.

The trends in price stability and unemployment are some of the data points likely to be considered by major central banks as policymakers consider their next move. Its important for investors to be equally prepared to make timely investment decisions based on a good awareness of the economic updates likely to move the market.

At CIBC Private Wealth, we aim to take a comprehensive approach to managing, building and protecting your wealth. If you'd like to discuss this market and economic update in more detail, please get in touch with your advisor any time.