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Organto Foods' European Unit Expands Rabobank Financing Facility

Organto Foods (OGO.V) said Thursday its European division has expanded its financing agreement with Dutch cooperative bank Rabobank to support business growth.The facility has increased from 4-million euros to 7-million euros and is based on the company's accounts receivable, with potential to grow further. It expires in November 2027 and will automatically renew each year unless ended, according to the statement.Borrowed funds will carry interest based on EURIBOR plus a margin, and Organto will place 630,000 euros on deposit as collateral, the company added."We've expanded our commercial relationships, supply depth, and operational infrastructure over the past year to support continued growth. This is now translating into tangible results, as we are now realizing weekly sales in the range of approximately C$2 million, reflecting an annual sales run rate of approximately C$100 million. With this growth comes the need for expanded operational financing facilities, and today we are pleased to announce the expansion of these facilities," Chief Executive Steve Bromley said.The company's sheres closed up $0.02 to $0.83 on the TSX Venture Exchange.

$OGO.V

Treasury158d ago

US Treasury Closing Levels

3:00 Thursday vs 3:00 Wednesday2yr 100-05 vs 100-06; 3.774% vs 3.763%5yr 99-26+ vs 99-28; 3.911% vs 3.894%10yr 98-17+ vs 98-24; 4.305% vs 4.278%30yr 97-07+ vs 97-25; 4.925% vs 4.889%2/10 52.945 bps vs 51.394 bps5/30 101.230 bps vs 99.231 bps

Treasury158d ago

Canada's Housing Market Stalls Amid Mounting Headwinds in March, Says National Bank

Canadian home sales remained stable in March, down 0.1%, from February, following four consecutive monthly declines, said National Bank of Canada.At the regional level, monthly declines were registered in six provinces: Prince Edward Island, down 16.6% month over month, New Brunswick, down 9.2%, Alberta, down 5.2%, Nova Scotia, down 3.5%, Manitoba, down 0.5% and British Columbia, down 0.4%.Conversely, sales increased in Quebec, up 0.4% month over month, Ontario, up 1.8%, Saskatchewan, up 9.6% and Newfoundland, up 10.0%.With home sales being unchanged in March, activity levels remain particularly low in the Canadian housing market, with transactions down 17.3% from their 10-year average, noted the bank.Several factors continue to weigh on the real estate market, including population decline, the weak performance of the labor market since the start of the year and economic uncertainty, and now geopolitical uncertainty as well, National Bank said.The conflict in the Middle East has even had spillover effects on the Canadian real estate market, with mortgage rates rising in March as bond yields increased due to the rise in inflation anticipated by the markets, it pointed out.Looking ahead, a pickup in activity could be possible later this year if the trade uncertainty surrounding the renewal of the USMCA trade deal is resolved, according to the bank. In the meantime, activity levels during the peak spring season are likely to remain low, leading National Bank to forecast a 5% decline in transactions in 2026 compared with the year before.

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Treasury158d ago

UBS Doesn't Think Higher March Inflation Will Tip The Bank of Canada Toward Tightening Policy

The Bank of Canada (BoC) has signaled a willingness to look through the energy-driven pick-up in headline inflation, said UBS.However, the key thing the BoC will be watching will be the breadth of inflation pressures, which could widen a touch in the March print, but should remain similar to that seen in recent months and in line with the pre-pandemic period, wrote the bank in a note to clients.Canada's central bank will also be focusing on its preferred measures of core inflation, both of which UBS expects to remain at 2.3% year over year in March.With this, the bank thinks that the March inflation data is unlikely to tip the BoC toward tightening policy and there would need to be a broader-based rise in price pressures to warrant a quick shift in the policy stance.UBS expects the BoC to remain on hold this year despite the current market pricing for +30bps of hikes.Statistics Canada is slated to release the March consumer price index on Monday.

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Treasury158d ago

There's No Spring In Canada's Home Sales Market, Says BMO

Canada's housing market has yet to come out of winter hibernation, with sales subdued and prices still drifting lower at the national level, said Bank of Montreal (BMO).Market conditions continue to vary significantly by region, but the big picture is that national housing momentum has yet to pick up, noted the bank after Thursday's Canadian Real Estate Association (CREA) data.BMO continued to wait for the spring season for a clearer view, but still expects soft activity for most of the year.Existing home sales were effectively flat in seasonally-adjusted terms in March at 0.1% month-over-month lower, and were down 2.3% from year-ago levels. The level of sales activity is still running very low, at roughly 17% below the 10-year average, with raw March activity the weakest for that month since the 2009 recession.New listings also dipped 0.2% in the month and were down 4.9% from a year ago.That left the sales-to-new listings ratio little changed at 47.8%, reflecting still-balanced overall national conditions, the bank pointed out. The coming months will be a good test of market balance, with some pent-up demand meeting pent-up listings that didn't sell since the fall.How those two sides interact will determine if the market can tighten up through the rest of the year. Suffice it to say that when you're on the floor, the next direction is, eventually, higher, added BMO.The national benchmark price slipped again in March and was down 4.7% year over year from a year ago. Short-term momentum hasn't improved much either, with the three-month annualized decline running at 7%.After the initial deep correction, prices are now in the process of slowly "bleeding" until affordability is restored, according to the bank.

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Treasury158d ago

Update: Canada's Home Sales Market "Clearly Continues to Struggle" Given March's "Soft" Performance, says TD

"Clearly, the market continues to struggle amid several headwinds, including soft job markets, economic uncertainty, falling population growth, and strained affordability," TD Economics said Tuesday after a "soft" performance in Canadian home sales for March, that following a string of four straight monthly declines.TD added: "With these challenges in place, 2026 is shaping up to be another modest year for Canadian housing. Loose supply/demand balances should keep downwardly pressuring prices in B.C. and Ontario. Elsewhere, price growth should be firmer, but likely cool as the year progresses."TD noted Canadian existing home sales were "essentially flat" in easing 0.1% month over month in March. Sales were unchanged in British Columbia, Quebec and Manitoba, declined in Alberta (down 5% month over month) while they increased in Ontario (+1.9% month over month). Elsewhere, sales rose "solidly" in Saskatchewan (+10% month over month), and fell across most of the Atlantic.New listings were also flat during the month. With new listings and sales both barely moving, the sales-to-new listings ratio stayed at 47.8% in March. "This is well below the long-term average and signals modest price growth moving forward", noted the bank.Average home prices were also flat in March, while the MLS home price index, a more 'like for like' measure, declined 0.4% m/m, and was down 4.7% on a year-on-year basis. Prices for detached units were down 0.3% m/m, while condo prices fell 0.9% m/m.

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Treasury158d ago

Canada's Home Sales Market "Clearly Continues to Struggle" Given March's "Soft" Performance, says TD

"Clearly, the market continues to struggle amid several headwinds, including soft job markets, economic uncertainty, falling population growth, and strained affordability," TD Economics said Tuesday after a "soft" performance in Canadian home sales for March, that following a string of four straight monthly declines.With these challenges in place, 2026 is shaping up to be another modest year for Canadian housing. Loose supply/demand balances should keep downwardly pressuring prices in B.C. and Ontario. Elsewhere, price growth should be firmer, but likely cool as the year progresses.TD noted Canadian existing home sales were "essentially flat" in easing 0.1% month over month in March. Sales were unchanged in British Columbia, Quebec and Manitoba, declined in Alberta (down 5% month over month) while they increased in Ontario (+1.9% month over month). Elsewhere, sales rose "solidly" in Saskatchewan (+10% month over month), and fell across most of the Atlantic.New listings were also flat during the month. With new listings and sales both barely moving, the sales-to-new listings ratio stayed at 47.8% in March. "This is well below the long-term average and signals modest price growth moving forward", noted the bank.Average home prices were also flat in March, while the MLS home price index, a more 'like for like' measure, declined 0.4% m/m, and was down 4.7% on a year-on-year basis. Prices for detached units were down 0.3% m/m, while condo prices fell 0.9% m/m.

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Treasury158d ago

UBS Projects a Headline CPI Lift of 1.1% On a Non-Seasonally Adjusted Basis In March

UBS projects a headline Canadian consumer price index increase of 1.1% on a non-seasonally adjusted (NSA) month-over-month basis in March, which is the largest monthly increase since March 2022.With this, UBS notes, 12-month inflation will jump up from 1.7% in February to 2.6% in March, and that would be the strongest rate of headline CPI since last February, when the end of the GST/ HST break mid-February boosted the annual rate of inflation. "The unwind of that effect likely depressed the headline inflation rate last month too," UBS said in an overnight note.Canada is slated to release the March CPI on Monday.UBS said the key driver of the surge in headline CPI in March is the bank's expectation that energy prices rose 12.3% over the month on an NSA basis, which would be the largest single-month increase in the component, and follows a step to a monthly increase of 2.3% in February. It noted this is a reversal in the recent trend. Energy prices had been weighing on 12-month inflation in Canada and with the strong surge energy prices will flip from being a near 0.5pp drag on annual inflation in February to adding near 0.2pp in March.In noting the recently announced suspension of the federal fuel excise tax on gasoline, diesel fuel, and aviation fuels to be enacted between April 26 and Sept. 7, UBS said this implies that the impact most likely won't show up in the inflation data until the May print.Meanwhile, UBS expects that food price inflation picks up after a softer 0.05% rise in February, to something similar to the pace seen in January, rising about 0.5% over the month in March. It noted food price inflation has been a "key part of the basket", keeping headline CPI elevated but with the projected March increase food price inflation should continue to moderate on a 12-month basis to 4.1% from 5.4% in February.UBS predicts core CPI, which excludes food and energy prices, rose 0.4% over the month on an NSA basis in March, slightly slower than the 0.5% monthly lift in February and stronger than last March. With this, the annual rate of core inflation is expected to rise to 2.17% in March from 1.96% in February. The bank estimates the annual rate of core inflation continuing to bounce above and below 2% for much of the year.

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Treasury158d ago

Fuel Costs Now Top Cost Constraint for Nearly Three in Four Small Businesses in Canada, Says CFIB

Fuel costs are now the top cost constraint on business growth, affecting nearly three in four firms, according to the latest Monthly Business Barometer by the Canadian Federation of Independent Business (CFIB), published on Thursday.Fuel costs posted the largest monthly increase, rising another 20 points in April alone, noted CFIB.In fact, CFIB said, concern over fuel costs has doubled in just two months, climbing from 36% in February to 74% in April.Other key takeaways from CFIB's monthly Business Barometer are: the average price increase plans jumped to 3.2% in April, the highest monthly change since the tariff war with the United States last March; and small business long-term optimism improved modestly to 58.5 points in April, following the sharp decline recorded in March.

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Treasury158d ago

National Bank Sees Scope For "Modest" Appreciation In GoCs Against USTs Down the Curve This Year

Government of Canada (GoC) bonds and United States Treasury levels have been "choppy" year-to-date, noted National Bank of Canada on Thursday.Having opened at -97.5 bps, two-year GoCs are "richer" on the cross-market differential since January, but little changed since the beginning of the Iran conflict, noted the bank.On policy rate convergence alone, National Bank still sees scope for "modest" appreciation against USTs down the curve this year.

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Treasury158d ago

BMO Continues To See Major Regional Variation In Canada's Housing Market

The "full suite" of resale housing market data in Canada is now out, noted Bank of Montreal (BMO).Home sales were effectively flat month to month in seasonally adjusted terms in March, or still down 2.3% from a year ago, noted the bank after the Canadian Real Estate Association (CREA) released data on Thursday.BMO also noted the benchmark price was down 4.7% year over year, "with little sign of momentum changing yet".BMO continues to see some major regional variation, with markets in the Prairies, Quebec and Atlantic Canada holding firm, even while much of British Columbia and Ontario are effectively in a housing recession.

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Treasury158d ago

Manufacturing, Wholesale Sales Improved Canada's Data Flow for February, said BMO

The February Canadian data flow just got a whole lot better on the back of manufacturing and wholesale sales data, said Bank of Montreal (BMO) after the release Wednesday of both.Manufacturing volumes jumped 3.4% in the month, although that just reverses a chunk of the 4.2% month-over-month decline seen in January with a big swing in autos, noted the bank.Wholesale volumes rose 1.1% month over month, also reversing most of the prior-month decline, pointed out BMO.BMO said retail numbers are still outstanding, but added this sets up February for growth of around 0.2%, or consistent with Statistics Canada's initial flash estimate ("work hours were down, but StatsCan also noted strength in mining in the month, which can be a wildcard)".A "sturdy" print would leave growth for all of Q1 tracking around 1.5%, with the Bank of Canada's 1.8% call well within reach, according to BMO.

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Treasury158d ago

Commerzbank on Overnight News

Commerzbank in its "European Sunrise" note of Thursday highlighted:Markets: United States Treasuries stabilized in the late New York session, edged higher in Asia. German two-year Schatz gapped higher. Equities were up, led by the Nikkei, on hopes of an Iran war ceasefire extension. The euro (EUR) was stable around $1.181. Brent was above US$96/barrel.Fed: Beige Book showed most districts saw slight to modest growth and moderate price increases. Chicago Federal Reserve President Austan Goolsbee says the Fed faces "a little bit of danger" on two fronts, the oil price rise and the tariff impact. St. Louis Federal Reserve President Alberto Musalem says rates are likely on hold for some time.Iran war: The U.S. is seeking a "grand bargain" with Iran, offering sanctions relief and support for civilian nuclear or energy program in exchange for Iran ending uranium enrichment and cutting support for militant groups (Telegraph). Iran mulls allowing free passage through the Oman side of the Strait of Hormuz (Reuters).Israel: Ceasefire between Israel and Hizbollah expected within the week, given U.S. pressure (FT).==EUROPE:ECB: European Central Bank officials are leaning towards holding rates steady at the April meeting (Bloomberg sources). Governing Council (GC) member Isabel Schnabel says the ECB can afford to take time to analyze the Iran war shock; Schnabel doesn't want to impose an unnecessary cost on the economy. GC member Francois Villeroy de Galhau says focus on April would be premature, ECB should avoid knee-jerk adjustments to policy. Madis Muller says the ECB may not have all the data to determine if rates need to be raised this month. GC member Joachim Nagel says the April move hinges on the Strait of Hormuz situation; he won't exclude anything for April.BoE: Bank of England Governor Andrew Bailey says he is in no rush to raise rates.==ASIA:China: Gross domestic product growth increased to 5.0% year over year in Q1, higher than the 4.8% consensus.

$CXY$EUR

Treasury158d ago

CREA Lowers Its Canada Home Sales Growth Forecast Amid "Tepid" Economic Start To Year, Higher Chance of Rate Hike in 2026

The Canadian Real Estate Association (CREA) on Thursday said it cut its home sales growth forecasts for this year amid a "tepid" start to the year for the economy and higher odds of a Bank of Canada rate hike later this year to tame inflation resulting from the oil price spike.Some 474,972 residential properties are forecast to be sold in 2026, representing an increase of 1% over 2025, wrote CREA in a statement. This is lower than the 5.1% increase forecast that it released in January.The national average home price is forecast to rise 1.5% on an annual basis to $688,955 this year, which is less than the 2.8% growth CREA saw in January.In 2027, national home sales are forecast to climb a further 2.1% to 485,071 units. That said, this number could be revised above the 500,000 mark should higher interest rates prove unnecessary to fight inflation, added CREA. In January, it estimated a 2027 rise of 3.5%.In a separate note on Thursday, CREA said Canadian home sales activity was little changed in March.In summary: National home sales were almost unchanged, down 0.1% month over month; Actual (not seasonally adjusted) monthly activity came in 2.3% below March 2025.The number of newly listed properties edged down by 0.2% month over month; The MLS Home Price Index (HPI) fell 0.4% month over month and was down 4.7% on a year-over-year basis; The actual (not seasonally adjusted) national average sale price was down 0.8% on a year-over-year basis in March 2026.There were 167,524 properties listed for sale on all Canadian MLS Systems at the end of March, up just 1% from a year earlier and 10.6% below the long-term average for that time of the year. Overall supply has generally been declining since May of last year, pointed out CREA.There were five months of inventory on a national basis at the end of March, unchanged from January and February and right in line with the long-term average for the measure. Based on one standard deviation above and below that long-term average, a seller's market would be below 3.6 months, and a buyer's market would be above 6.4 months.The non-seasonally adjusted national average home price was $673,084 in March, dipping 0.8% from the same month last year.

$CXY

Treasury158d ago

SocGen's Overnight Economic News Summary

Societe Generale in its early Thursday economic news summary pointed out:-- Stocks scale new highs in the United States and Asia, Brent above US$96/barrel.-- President Trump said the Iran war was very close to over; European Central Bank's Schnabel said there was no need to rush to raise rates, it can afford to take its time. Pricing for the April meeting dropped to 3bps; Bank of England's Bailey said the UK won't rush to judgments because there are a lot of uncertainties; U.S. Treasury Secretary Bessent said he is confident Kevin Warsh will be Federal Reserve chair on time.-- China Q1 gross domestic product accelerated to 5.0% year over year from 4.5% in Q4, above forecast. March retail sales +1.7% year over year and FAI year-to-date (YTD) at 1.7% year over year underwhelmed, while industrial production (IP) came in +5.7% versus 5.3% forecast. Property investment YTD -11.2% year over year. USD/CNY steady at 6.8190.-- United Kingdom February GDP growth 0.5% month over month, 0.5% three-month over/three-month, above forecast. BoE forecast 0.1% to 0.2% for Q1. Services 0.5%, manufacturing -0.1%, construction 1.0%. Trade deficit widens to 18.8 billion pounds, exports -1.5%, imports +3.2%.Australia March employment +17,900, full-time 52,500, unemployment rate steady at 4.3%. AUD/USD +0.3% at 0.7195.Day ahead: U.S. weekly jobless claims, IP, Philly Fed business outlook. Eurozone final consumer price index. ECB accounts of the March meeting. Federal Reserve speakers Miran, Williams. ECB's Kazaks, Schnabel, Rehn, Lane, Kocher, Radev, Villeroy, Nagel, Lane. BoE's Taylor. Reserve Bank of Australia's Hunter.Nikkei +2.2%, EUR 10-year IRS -2bps at 3.05%, Brent crude flat at US$94.9/barrel, Gold +0.3% at $4,816/oz.

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Treasury158d ago

US 10-Year Treasury Yield Steady at 4.28% Pre-Bell; 2-Yr Rate Slips 1.3 Basis Points to 3.75%

Treasury158d ago

US Treasury Yields Mixed Pre-Bell as Investors Await Jobless Claims, Industrial Production Amid Hopes for Iran Deal

Treasury159d ago

Tiny Extends Convertible-Debenture Issuer Bid Deadline to June 15

Tiny (TINY.TO) after trade Wednesday said it extended the deadline for its offer to buy back its 11.00% secured convertible debentures due May 12, 2030.The issuer bid, launched on Feb. 5, will now remain open until 5:00 p.m. Toronto time on June 15, unless the company decides to extend, change, or withdraw it again. All other terms of the offer remain unchanged, it said."The company is further extending the offer to continue to evaluate various options, achieve an optimal outcome for its stakeholders, and meet the objectives set out by the board of directors of Tiny. The company will continue to provide updates as necessary, and during future quarterly financial results communications," Tiny said.

$TINY.TO

Treasury159d ago

US Treasury Closing Levels

3:00 Wednesday vs 3:00 Tuesday2yr 100-06 vs 100-07; 3.763% vs 3.751%5yr 99-28 vs 100-00; 3.894% vs 3.871%10yr 98-24 vs 98-30; 4.278% vs 4.256%30yr 97-25 vs 98-04; 4.889% vs 4.867%2/10 51.394 bps vs 50.525 bps5/30 99.231 bps vs 99.445 bps

Treasury159d ago

Morgan Stanley Still Sees Bank of Canada's First Rate Hike in Q1 2027

The Bank of Canada delivered a dovish hold at its March policy meeting, said Morgan Stanley.The January Monetary Policy Report laid out a range of scenarios for the CUSMA trade deal renegotiation, framing it as the key risk for the Canadian economy going forward.The February jobs report was decidedly weak -- the Canadian economy lost 84,000 jobs and the unemployment rose by 25 bps to 6.71%.Morgan Stanley stated it continues to expect the BoC to remain on hold this year and hike rates in Q1 2027. Considerable weakness in the labor market and consumption, persistence of the oil shock and downside risks from the CUSMA review have lowered the bar for cuts at the upcoming policy meetings.

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Treasury158d ago

UBS Projects a Headline CPI Lift of 1.1% On a Non-Seasonally Adjusted Basis In March

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