Friday News Summary

+ Canada July CPI up 0.5% m/m vs a decline of 0.1% in June; the increase was due to energy and HST; ‘Core’ CPI up 1.6% on a y/y

+ Alberta July CPI up 0.5% m/m and y/y up 1.5%; Edmonton July CPI up 0.7% M/M and y/y up 1.4%

+ European Central Bank member, Axel Weber, says the ECB should start exiting from extraordinary stimulus in Q1 2011.

New NBF Geopolitical Report “Challenges of Structural Changes”

(Pierre Fournier and Angelo Katsoras)

+ Conclusion: Our problems are structural rather than cyclical. Emerging markets will continue to outperform developed markets, US will outperform most other advanced economies with likely exception of Canada and Australia as commodities will outperform.

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