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Canada reported a larger than expected trade surplus earlier today.  At C$0.8 bln, it was four times larger than expected and the December figures were revised to show a C$0.1 bln surplus instead of a C$0.2 bln deficit.  Canada also reported a strong rise in Q4 capacity utilization rate to 70.9% from a revised 68.7% [...]

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Chilean Quake Likely Shifted Earth’s Axis, NASA Scientist Says – Bloomberg.com
Strong demand for 30 year gilt auction | Business | guardian.co.uk
GM to recall 1.3 million cars in North America
FT.com / Europe – Spanish jobless rate hits 19% as recession spreads
FT Alphaville – Tracy Alloway – On the non-existent basis of a [...]

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The following is a post by Marc Chandler, head of Brown Brother Harriman’s Currency Strategy Team. For more of BBH’s currency views, visit the website here.
Canada reported a somewhat disappointing Q4 09 current account data today, but this is not sufficient to change our preference to buy Canadian dollars on weakness.
The current account shortfall [...]

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David Rosenberg took your questions on housing – The Globe and Mail
What happens at absolute zero? – New Scientist
Don’t criticize your employees in front of consumers: It’s bad for business – Science Daily
Kühne Hoffnung: Deutschen Staatsanleihen drohen Kursverluste | FTD.de
Goldman Sachs, Greece Didn’t Disclose Swap Contract – Bloomberg.com
FT.com – Martin [...]

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Commenting about the recent Wall Street Journal article “Housing rebound in Canada spurs talk of new bubble,” Rolfe Winkler of Reuters says
Last week Paul Krugman toasted the sobriety of Canadian banks. Among other things, he said that low rates aren’t enough to cause a bubble since Canadian rates are low and, well, they don’t have [...]

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This is an update on trade and protectionism because the last posts I wrote on protectionism were in December. Since then, the only two major events on the protectionist front happened last Friday.
Canada and the Buy American Fiasco
The National Post of Canada trumpeted Protectionism ‘breakthrough’ reached on Friday because Canada received an exclusion to the [...]

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If you asked me this question last year, I would have said yes but not it’s not as bad as Ireland or the U.S. However, the Canadian economy and Canadian banks have weathered the storm brilliantly. So most people think the answer is now no.
Nevertheless, house prices are high and rising and this has David [...]

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This comes via Deal Book at the New York Times.
The company’s chief executive, Fritz Henderson, called the repayment plan “a personal commitment.” The Obama administration, wardens of the 60 percent taxpayer stake in the company, declared itself “encouraged” by the news. Many commentators followed suit. But in the premature rush to herald the beginning of [...]

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An article in the National Post suggests General Motors may look to divert some of its bailout money to Europe in the wake of a chill in German government support for subsidies. Talk of using taxpayer money to benefit workers in other countries is sure to raise ire, especially in the United States where the [...]

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The Canadian daily National Post has a good piece out today that highlights how the ‘Buy American’ provision is being seen in Canada.  Many see it as an affront that America could and would favor domestic firms over those of its largest trading partner and next-door neighbor despite the North American Free Trade Agreement.
For the [...]