CANADA DATA: Charles St Arnaud of Nomura says the -0.1% m-o-m decline in
Canadian GDP was much weaker than the +0.2% m-o-m increase the market expected
and comes after a rise of +0.2% in July, with the weakness concentrated in the
manufacturing sector and in the oil and gas industry. The data suggests that the
Canadian economy will see softer growth of around +0.1% q-o-q in Q3. While some
of the weakness may be temporary (oil and gas sector), Nomura still maintains
that the BOC will not tighten until July 2013, St Arnaud says.