Market News: Week Ending April 24, 2026

Market News– Week Ending April 24, 2026

Statistics Canada reported that the consumer price index rose 0.5% (seasonally adjusted) in March. On a year-over-year basis, the CPI was up 2.4%, a considerable jump from the 1.8% pace posted in February. This move in the pace of inflation was due largely to the surge in energy prices as a result of the conflict in the Middle East. Five of the eight main CPI subgroups moved higher during the month. Transportation reported the largest monthly advance (2.4%). Clothing and footwear (-0.7%) reported the larger of the two declines and the alcoholic beverages, tobacco products and recreational cannabis sub-index was unchanged in March. The three Bank of Canada core inflation measures were also mixed during the month. They ranged from 2.2% to 2.6% on a year-over-year basis. CPI common, which the central bank says is most closely correlated with the output gap moved higher from 2.4% to 2.6% in this report. The greater inflationary pressures were anticipated and are unlikely to influence the Bank of Canada at its pending policy meeting, scheduled for April 29. 

The U.S. Census Bureau announced that retail and food services sales jumped 1.7% (seasonally adjusted) in March following a 0.7% gain in February. Overall sales were up 4.0% compared to March 2025. Excluding autos, sales were up 1.9% during the month and up 5.5% on a year-over-year basis. This report was somewhat stronger than the market’s broad expectations. Since consumer spending accounts for roughly two-thirds of U.S. economic activity, it is critical to overall GDP results. 

Statistics Canada announced that its New Housing Price Index (NHPI) fell 0.2% in March, following a revised 0.3% gain in February. Regardless, on a year-over-year basis, the index is now down 2.3%, the weakest figure reported since the global financial crisis (-2.7% y/y in September 2009). Price weakness continues to contrast sharply with the apparent demand for housing. These results are considerably weaker than consensus expectations. 

Statistics Canada reported that its Industrial Product Price Index (IPPI) climbed 2.4% in March while its Raw Materials Price Index (RMPI) jumped 12.0% during the month. A 27.4% surge in energy prices at the industry level was the primary driver. Similarly, at the raw material price level, a 41.1% gain in crude energy prices was the largest advance. On a year-over-year basis, the IPPI is up 7.8% and the RMPI is 23.6% higher. The IPPI and RMPI data are closely watched as they indicate relative inflationary pressures at the industry and raw materials levels and will apply those pressures to consumer prices. 

The U.S. Department of Labor announced that initial jobless claims totalled 214,000 (seasonally adjusted) in the week ending April 18, an increase of 6,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 207,000 to 208,000. The 4-week moving average was 210,750, an increase of 750 from the previous week's revised average. The previous week's average was revised up by 250 from 209,750 to 210,000. These results are in line with market estimates. 

Statistics Canada reported that retail sales rose 0.7% (seasonally adjusted) in February, following a revised 1.2% advance in January (previously reported as +1.1%). February sales were stronger in seven of nine main subsectors, with General Merchandise (+1.2%) reporting the largest advance. Building Materials (-0.6%) reported the largest monthly decline. On a year over year basis, overall sales were up 3.8%. The monthly advance was smaller than the 0.9% gain that was estimated for February by the data agency in the prior report. The advance estimate for March is for a 0.6% increase in sales. Since consumer spending accounts for over 60% of Canadian economic activity, it is critical for overall GDP results. 

 

Regards,

Glenn

Note:
All index performance is in Canadian dollars.

IMPORTANT DISCLAIMERS
The information in this letter is derived from various sources, including CI Global Asset Management, CRA, Bloomberg, National Post, Globe and Mail, Wall Street Journal, Bloomberg, Reuters, Investment Executive, Advisor.ca, MarketWatch, Toronto Sun, The Guardian, MSN.ca and Statistics Canada at various dates. This material is provided for general information and is subject to change without notice. Before acting on any of the above, please contact me for individual financial advice based on your personal circumstances. Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI Global Asset Management has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in this document.