{"id":19474,"date":"2012-08-10T20:01:09","date_gmt":"2012-08-11T00:01:09","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=19474"},"modified":"2012-08-10T20:01:09","modified_gmt":"2012-08-11T00:01:09","slug":"august-10-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=19474","title":{"rendered":"August 10, 2012"},"content":{"rendered":"

No great joy in the Canadian jobs number<\/a>:<\/p>\n

Canadian job creation hit a stumbling block in July after two months of modest gains and following an impressive number of new jobs added earlier in the year.<\/p>\n

A hefty 51,600 part-time positions were eliminated over the month, with women over 55 feeling the brunt of the job losses, according to Statistics Canada data released Friday. Employment for all other age groups remained roughly the same as the month before, and full-time employment increased by 21,300 jobs in July, compared with 29,300 new full-time jobs in June.<\/p><\/blockquote>\n

Some are calling for rate cuts<\/a>; others aren’t:<\/p>\n

\u201cAll things considered,\u201d David Madani of Capital Economics told clients in a note, \u201cthis jobs report provides further support to our long-held view that the Bank of Canada may eventually be forced to cut interest rates.\u201d<\/p>\n

Mr. Madani\u2019s analysis assumes policy makers will focus on the headline number, which suggests that Canada\u2019s economy has slid into a soft patch, as job creation was paltry in May and June. The unemployment rate rose to 7.3 per cent in July from 7.2 per cent the previous. Canada now has lost an average of about 5,000 jobs over the past three months.
…<\/b>
Policy makers keep an eye on changes in the average hourly wage rate of permanent employees to gauge whether inflation pressure is building. That number jumped 3.9 per cent in July from a year ago, to $24.49, the fastest since April, 2009.<\/p>\n

Bigger wages will support consumer demand. But all things equal, any increase in purchases will put upward pressure on prices. \u201cThis\u2026could be a source of concerns for the Bank of Canada if it proves persistent,\u201d Nomura\u2019s Charles St-Arnaud, a former Bank of Canada economist, said in his analysis of Friday\u2019s jobs report.<\/p><\/blockquote>\n

It was a mildly negative day for the Canadian preferred share market, with PerpetualPremiums down 4bp, FixedResets off 1bp and DeemedRetractibles losing 6bp. Volatility was negligible. Volume was DEAD. You hear me? DEAD! I’ve seen more life in a regulator’s office!<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2198 %<\/td>\n2,317.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2198 %<\/td>\n3,466.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.14 %<\/td>\n3.18 %<\/td>\n66,397<\/td>\n19.24<\/td>\n3<\/td>\n0.2198 %<\/td>\n2,502.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.76 %<\/td>\n2.33 %<\/td>\n32,184<\/td>\n0.86<\/td>\n5<\/td>\n-0.1225 %<\/td>\n2,534.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.46 %<\/td>\n5.04 %<\/td>\n64,412<\/td>\n4.63<\/td>\n3<\/td>\n0.0665 %<\/td>\n2,769.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1225 %<\/td>\n2,317.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.30 %<\/td>\n4.08 %<\/td>\n103,196<\/td>\n1.14<\/td>\n28<\/td>\n-0.0410 %<\/td>\n2,271.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.98 %<\/td>\n4.98 %<\/td>\n98,835<\/td>\n15.43<\/td>\n3<\/td>\n-0.2512 %<\/td>\n2,509.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.99 %<\/td>\n3.09 %<\/td>\n177,033<\/td>\n3.98<\/td>\n71<\/td>\n-0.0114 %<\/td>\n2,422.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.95 %<\/td>\n2.93 %<\/td>\n135,656<\/td>\n1.18<\/td>\n46<\/td>\n-0.0578 %<\/td>\n2,353.4<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.12
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n55,350<\/td>\nScotia sold 20,000 to anonymous at 25.27.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n42,200<\/td>\nScotia crossed 40,000 at 25.80.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-08-10
\nMaturity Price : 23.57
\nEvaluated at bid price : 25.85
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n40,240<\/td>\nScotia crossed 30,000 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-08-10
\nMaturity Price : 23.27
\nEvaluated at bid price : 25.31
\nBid-YTW : 3.32 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n30,173<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-08-10
\nMaturity Price : 23.18
\nEvaluated at bid price : 25.24
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n14,175<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-08-10
\nMaturity Price : 23.23
\nEvaluated at bid price : 25.39
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
HSB.PR.E<\/td>\nFixedReset<\/td>\n12,900<\/td>\nDesjardins bought 11,100 from National at 26.90.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.92
\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n
There were 1 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.29 – 26.65
\nSpot Rate : 0.3600
\nAverage : 0.2369<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.29
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n

HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.72 – 26.48
\nSpot Rate : 0.7600
\nAverage : 0.6394<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-09-09
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.72
\nBid-YTW : 1.32 %<\/td>\n<\/tr>\n

ELF.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.57 – 26.10
\nSpot Rate : 0.5300
\nAverage : 0.4254<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.57
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n

PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.41 – 26.67
\nSpot Rate : 0.2600
\nAverage : 0.1833<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.41
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset<\/td>\nQuote: 25.59 – 25.80
\nSpot Rate : 0.2100
\nAverage : 0.1368<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.59
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n

TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\nQuote: 50.93 – 51.19
\nSpot Rate : 0.2600
\nAverage : 0.1884<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-15
\nMaturity Price : 50.00
\nEvaluated at bid price : 50.93
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

No great joy in the Canadian jobs number: Canadian job creation hit a stumbling block in July after two months of modest gains and following an impressive number of new jobs added earlier in the …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-19474","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19474"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19474\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}