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Weekly Commentary
Lower Oil Prices: Really? - Nov 20, 2014
By Peter G. Hall, Vice-President and Chief Economist, Export Development Canada
The planet was on red alert. No, not a threat of imminent invasion. Not a global epidemic. And it wasn’t about a geopolitical unraveling. Not even impending economic and financial collapse. It was all about energy. In early 2008, the messages were clear. We are running out of oil. All the easy stuff has been discovered. A larger share of production is in politically difficult countries. Higher oil costs spell the end of globalization. The messages flashed across the globe repeatedly, and were so believable that speculation heightened the havoc. But the bubble burst, and six years on, prices are south of $90 per barrel and falling. Do lower prices make sense, or is this just temporary?
First off, we need to understand the hyperanalysis of 2008. Oil prices began to rise in early 2007 from the low-$50 level to just under $75 by the fall. That’s pretty dramatic, although prices had hit $75 in 2006. Yet those gyrations paled in ...     More >>

Daily Update (Source: RBC Financial Group)
US existing home sales unexpectedly rise in October
Nov 20, 2014
- Existing home sales in the US unexpectedly rose to a 13-month high of 5.26 million annualized units in October 2014 from 5.18 million reported in September. Market expectations had been for sales to decline to 5.15 million.
- The inventory of homes available for sale declined by 2.6% to 2.22 million units, which combined with the rise in sales, resulted in the months’ supply of unsold homes falling to 5.1 months in October from 5.3 months in September.
- The median price of existing homes rose by 5.5% on a year-over-year basis, which was modest acceleration from the 5.3% recorded in the previous month.
- An above five-million unit pace was sustained for the fifth consecutive month in October as existing home sales continued to rebound from a slowing that ....     More >>

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