2025-11-28 15:04

Q3 growth led by crude oil exports, government spending GDP grew by 0.2% in September on month-over-month basis Advanced estimate shows GDP to decline 0.3% in October Business capital investment stayed flat in third quarter OTTAWA, Nov 28 (Reuters) - Canada's economy grew at a much faster pace than expected in the third quarter as crude oil exports and government spending boosted economic activity, data showed on Friday, even as business investments and household consumption disappointed due to the lingering uncertainty over U.S. tariffs. Third-quarter annualized gross domestic product grew 2.6%, Statistics Canada said, escaping what could have been a technical recession after a contraction in the previous quarter of a downwardly revised 1.8%. Sign up here. The data strengthened economists' view that the Bank of Canada will not cut interest rates on December 10. The quarterly GDP reading is calculated based on income and expenditure, unlike the monthly GDP which is derived from industrial output. The statistics agency said the third-quarter number could be subjected to a larger-than-normal revision in February because foreign merchandise trade data was not available due to the recent U.S. government shutdown. Analysts polled by Reuters had forecast annualized growth of 0.5% in the third quarter and monthly GDP growth of 0.2% in September. On a month-over-month basis, the economy matched analysts' predictions following a deceleration of an upwardly revised 0.1% in the prior month, StatsCan said, primarily driven by a 1.6% expansion in manufacturing output. However, an advance estimate showed GDP might decline by 0.3% in October, signaling a negative start to the fourth quarter. U.S. tariffs on critical sectors have hit Canadian exports hard. They have resulted in job losses, dampened hiring and subdued business and consumer sentiment, leading to forecasts of a near-recessionary environment. But a 6.7% increase in crude oil and bitumen exports, along with a 2.9% increase in government capital investments, helped cushion some of the impact and higher crude oil exports also helped boost corporate income in the third quarter, StatsCan's data showed. An increase in spending on weapon systems and non-residential structures such as hospitals led the jump in government investments. A rise in residential resale activity and renovations also helped. The report "should quash recession chatter for now," Doug Porter, chief economist at BMO Capital Markets, wrote in a note. The Bank of Canada said last month that it will keep its key interest rate on hold at 2.25% and only take action when there is a significant change in the economic outlook. The underlying impact of tariffs, however, continues to be reflected in business and consumer sentiment, the GDP data showed. Business capital investment was unchanged in the third quarter and household final consumption expenditure dropped 0.1%. New residential construction also declined 0.8% in the period, StatsCan added. The Canadian dollar rose 0.34% to 1.3982 to the U.S. dollar, or 71.52 U.S. cents. The yield on two-year government bonds was up 31.4 basis points to 2.402%. https://www.reuters.com/world/americas/canadas-third-quarter-annualized-gdp-surprises-with-growth-26-2025-11-28/

2025-11-28 14:57

MUMBAI, Nov 28 (Reuters) - The Reserve Bank of India increased its short dollar positions in the FX market by $4.2 billion in October, data showed on Friday, marking a second consecutive month of expansion and underlining heightened efforts to counter pressure on the rupee. The RBI's short-dollar forward book, which had peaked at $88.7 billion in February, shrank over the next few months, falling to $53.3 billion by August, suggesting that the central bank was content to scale back its forward market footprint. Sign up here. That trend reversed in September, when the book expanded by about $6 billion. Analysts said the pickup points to renewed reliance on the forward market to manage pressure on the rupee, which has been hurt by prolonged U.S.–India trade deal talks, subdued portfolio inflows and a gold-driven surge in the trade deficit. In October, the RBI held the rupee above the 88.80 level through regular intervention, but it slipped to a record low of 89.49 against the dollar on November 21. RBI'S FX FORWARD PLAY The expansion in the RBI's forward book in October indicates that the central bank's spot intervention was being supplemented by forward market activity, which limits volatility and smoothens the impact of FX interventions on rupee liquidity in the local banking system. The liquidity drain from net FX intervention, across both spot and forwards, by the RBI in October surged to 1.5 trillion Indian rupees ($16.77 billion), underscoring a jump in net spot intervention, said Gaura Sen Gupta, economist at IDFC First Bank. However, the liquidity impact from FX operations in November was much lower, which might indicate increased use of interventions in non-deliverable forwards and the continued use of forwards to sterilise the RBI's spot intervention, Sen Gupta said. Selling dollars in the forward market allows the RBI to smooth demand-supply imbalances without an immediate impact on its FX reserves. The currency settled at 89.4575 per dollar on Friday, down 0.6% on the month. ($1 = 89.4700 Indian rupees) https://www.reuters.com/world/india/india-central-banks-fx-forward-book-swells-2nd-month-underscoring-greater-rupee-2025-11-28/

2025-11-28 13:31

OTTAWA, Nov 28 (Reuters) - Canada's economy expanded by 2.6% on an annualized basis in the third quarter, exceeding analysts' expectations, as exports outpaced imports and capital investment was driven by government spending, Statistics Canada data showed on Friday. September's GDP grew 0.2% compared to August, in line with analysts' expectations, while October GDP was likely to decrease by 0.3%, StatsCan said in a flash estimate. Sign up here. Following are seasonally adjusted figures for gross domestic product, in percent. With the exception of the price index data, they are adjusted for inflation. Q3 Q2 Q1 Annualized change +2.6 -1.8 +2.2 Change from previous quarter +0.6 -0.5 +0.5 Quarterly change in GDP implicit price index +0.8 +0.1 +0.9 NOTE: The median forecast of analysts in a Reuters poll was for a 0.5% annualized increase in the third quarter and for September GDP to be up 0.2%. Keywords: CANADA ECONOMY/GDP https://www.reuters.com/world/americas/canadas-economy-up-26-annualized-q3-oct-gdp-likely-down-03-2025-11-28/

2025-11-28 13:19

Nov 28 (Reuters) - Exchange operator CME Group (CME.O) , opens new tab said on Friday that its Globex futures and options markets pre-opened at 07:00 Central Time (1300 GMT) and open at 07:30 CT, after an earlier halt caused by a cooling issue at its data centres. The world's biggest exchange operator by market value had paused activity across several markets earlier in the day as it worked to resolve the issue. Sign up here. CME, which offers trading in benchmark products spanning rates, equities, metals, energy, cryptocurrencies and agriculture, first reported the outage at 0240 GMT on its website. https://www.reuters.com/business/finance/cme-says-globex-futures-options-markets-open-730-ct-2025-11-28/

2025-11-28 12:53

BOGOTA, Nov 28 (Reuters) - Colombian state-run energy firm Ecopetrol (ECO.CN) , opens new tab will invest between 22 trillion and 27 trillion pesos ($5.88 billion-$7.21 billion) next year, it said late on Thursday, roughly in line with 2025 as it pledged "disciplined" capital allocation. Ecopetrol plans to drill between 380 and 430 development wells - 95% in Colombia and 5% in the United States - and eight to 10 exploratory wells, mostly in Colombia, it said in a statement. Sign up here. The energy company expects to produce between 730,000 and 740,000 barrels of oil equivalent per day next year, earmarking about 17.2 trillion pesos of its investments for that, or around 70% of the total. "This plan maintains investment levels compared with projected 2025 year-end figures, under capital discipline criteria for each business line," Ecopetrol added. The investment plan was based on a projected Brent crude price of $60 per barrel and an average exchange rate of about 4,050 pesos per U.S. dollar. ($1 = 3,742.7400 Colombian pesos) https://www.reuters.com/business/energy/colombias-ecopetrol-invest-up-72-billion-2026-2025-11-28/

2025-11-28 12:45

LONDON, Nov 28 (Reuters) - Russia failed on Friday to win enough votes to rejoin the U.N. shipping agency's governing council despite urging countries to back its nomination for a seat it lost in 2023. The outcome is another blow for Russia which also failed to secure enough support in September to get elected to the United Nations aviation agency's governing council , opens new tab, seen as a rebuke of Moscow over its 2022 invasion of Ukraine. Sign up here. The London-based International Maritime Organization (IMO) is responsible for regulating the safety and security of international shipping and preventing pollution, and comprises 176 member states. Moscow has been an IMO member since 1958 and consistently re-elected to the IMO Council before 2023. Russia's transport ministry did not immediately respond to a request for comment on Friday. Russia was among 48 countries seeking 40 spots for a two-year term on the council which supervises the work of the body. It was the only candidate rejected in the category of 10 "states with the largest interest in providing international shipping services", which included the United States and China. Russia had written in a note to the IMO countries prior to the election that it "openly and actively participates in the work of all IMO bodies". "The IMO has begun to deviate from its ... impartial role in international affairs, devoting greater attention to political matters largely outside its clearly defined mandate," Russia said in an IMO submission. Ukraine, which has been vocal in its opposition to Russian efforts at various U.N. agencies and was not standing for election for the IMO Council, urged IMO member states not to support the candidacy , opens new tab saying Moscow "undermines global shipping safety and ... cannot claim a leading role in global maritime governance". https://www.reuters.com/world/russia-fails-win-back-seat-un-shipping-agencys-governing-council-2025-11-28/