Today's Economy

The U.S. economic calendar was empty on Friday, but the impact of tariffs is emerging elsewhere.

Despite the fanfare, the U.S.-U.K. agreement does not constitute a comprehensive trade deal.

Independence may not solve Alberta's provincial trade woes.

Spain and Italy post upbeat industrial production data, but the outlook is still weak.

Commentary

Following a 0.1% decline in prices in March, we expect inflation picked up in April, rising 0.2%.

The negotiations with the U.K. are more symbolic than economically material.

Mexican industrial production likely posted a modest annual increase of 0.8% in March.

The U.K. is headed for moderate growth in the first quarter, but further prospects are still weak.

Today's Economic Indicators

Norway
Consumer Price Index
Apr. 2025: 2.5% y/y
Norway’s CPI inched lower to 2.5% y/y in April from 2.6% in March.

Spain
Industrial Production
Mar. 2025: 0.9% m/m
Spain's industrial production rose 0.9% month over month in March after adjusting for seasonal and calendar variations.

Italy
Industrial Production
Mar. 2025: 0.1% m/m
After falling in February, Italy's industrial production ticked up 0.1% month over month in March, beating our forecast of a 0.6% drop.

Brazil
Consumer Price Index
Apr. 2025: 5.53% y/y
Brazil’s inflation moved up a little further in April, affected mainly by the comparison base of last year, since prices continued to moderate.

Canada
Labor Force Survey
Apr. 2025: 6.9%
Signs of a slowdown continue to emerge.

Peru
Monetary Policy
May. 2025: 4.5%
The Central Reserve Bank of Peru delivered a 25-basis point cut in its May meeting, bringing the policy rate down to 4.5% and bucking our forecast for no change.

China
Consumer Price Index
Apr. 2025:

China
Producer Price Index
Apr. 2025: