The U.S. Air Force’s inventory of high-end munitions is sufficient, as the service moves to field lower-cost, $100,000 models in the coming years to bolster capacity to deter China and […]

Officials from the U.S., Canada, and Finland on Wednesday signed a memorandum of understanding (MoU) that formally launches a trilateral effort to share resources and knowhow to develop and produce […]

Anduril Industries this week said its Lattice operating system was used to integrate multiple third-party sensors into a single dashboard during a recent exercise to provide a common operating picture […]

The Navy awarded Norway’s Kongsberg a $961 million multiyear contract for the Naval Strike Missile (NSM), also known as the Over the Horizon-Weapons System encanistered missiles. NSMs are currently deployed […]

Starfish Space on Wednesday announced a new funding round that will allow it to complete development and build of three spacecraft that will be used for on-orbit docking and maneuvering […]

The Pentagon on Wednesday disclosed additional capabilities selected for its Replicator initiative to get after fielding innovative technology rapidly at scale, which includes small drones from an Army program, loitering […]

The Heating, Refrigeration and Air Conditioning Institute of Canada (HRAI) announced that it received a notice from Enbridge indicating a change to its carbon monoxide (CO) alarm response policy that will align Enbridge with industry-established best practices and will trigger the fastest response time possible. 

Aquatherm North America has announced B&B Trade Distribution Centre as its newest distribution partner. B&B services the HVACR and sheet metal trades across Ontario from locations in Toronto, Oakville, Hamilton, London, and Windsor.

Airtron Canada announced that it has been selected to perform HVAC and building automation systems (BAS) maintenance services for more than 600 Ontario government buildings. That translates into 21 million square feet of facilities in buildings such as office buildings, laboratories, and correctional facilities.

Panasonic Eco Solutions Canada Inc. announced that it has received a Canadian Solar Industries Association (CanSIA) Game Changer Award, the Energy Management Award, as part of the annual Game Changer Awards Gala.

Distech Controls, a provider of energy management solutions, announced it was named the Provincial Laureate, SME Exporter category, at the 21st edition of National Bank’s SME Awards. The company noted it has the honor of being a two-time award recipient, having been named Bronze Laureate in the same category in 2014.

The U.S. Green Building Council (USGBC) announced that Canada has topped its international rankings of the Top 10 Countries for LEED. The list highlights countries outside of the U.S. that are making significant strides in sustainable building.

Wyse Meter Solutions and Certified Building Systems (CBS) have announced a strategic partnership to give condominium owners more control over utility expenses. Wyse and CBS said they will integrate their capabilities in energy management, creating opportunities to reduce energy use by 25-to-40 percent.

GDI Integrated Facility Services Inc. announced that it has completed the acquisition of Ainsworth Inc., a subsidiary of CEDA International Corp. The acquisition unites GDI’s cross-Canada commercial janitorial services platform with Ainsworth’s cross-Canada HVACR, mechanical, electrical, and technical services business.

TMI Climate Solutions, a manufacturer of advanced air handling, hydronic systems, and custom HVAC solutions, has announced a new subsidiary, TMI Climate Solutions Canada Inc. The company also announced completion of a new 200,000-square-foot manufacturing plant in Pointe-Claire (Montreal), Quebec.

Panasonic Eco Solutions Canada Inc. announced it won the 2016 Canadian Solar Industries Association (CanSIA) Game Changer Award in the “Project Finance Category,” presented at the Game Changer Awards Gala. This is Panasonic’s second CanSIA Game Changer Award.

Belimo Americas was the recipient of the Atlantic Canada Mechanical Exhibitors (ACME) Innovation Award for its Belimo Energy Valve™. The Energy Valve is a two-way pressure independent control valve that optimizes, documents, and proves water coil performance.

The County of Bruce has selected Ecosystem as the winning bidder to provide integrated energy performance contracting (IEPC) services in four of the county’s buildings. The $3.4 million project is expected to generate annual energy savings of $273,288 and receive $251,800 in incentives.

Ameresco Inc. announced that it has partnered with the National Research Council of Canada (NRC) on a new energy savings project. The $3.9 million (CAD) comprehensive energy efficiency and facility renewal project at NRC research facilities is expected to save over $330,000 annually in utility costs.

GDI Integrated Facility Services Inc. has announced the appointment of Stéphane Lavigne, CPA, as senior vice president and chief financial officer. Lavigne was most recently with IPL Inc., where he was executive vice president and CFO, and president and CEO following the sale of the company.

Posted by Nanog News on Nov 13

Paul Davis Restoration pledges $1 million to the American Red Cross Annual Disaster Giving Program in response to Hurricanes Helene and Milton. This proactive donation ensures the Red Cross is equipped to meet the needs of those affected by disasters across the U.S. Discover how this significant contribution, along with volunteer efforts, supports disaster relief and community resilience. 

The latest version of Xactware’s estimating software contains enhanced features to make estimating renovation and repair costs faster, easier, and more effective.

The 90-minute LeadSafe Video Solutions “RRP Lead Safe Practices” video and manual offer real-world examples of lead-safe practices to help embrace the new RRP rules

Prochem says that the tool’s advanced design speeds jobs and all at a cost that’s 75% less than a traditional ride-on extractor.

KILZ MAX Interior Water-Based Primer features a unique water-based “epoxy” technology that offers all the performance of an oil-based primer, including the ability to block the most severe stains. 

Access locations your competitors can’t and save extraction time and increase your profits with this winning combination of productivity tools.

When it comes to management software for restoration contractors, DASH beats every competitor hands down!

11/18/2024 - 6:30 PM - Venue: Pueblo West Library

11/18/2024 - 6:00 PM - Venue: Rawlings library

FPSA foundation also supported food-insecure communities through the DEFEAT HUNGER initiative.

In May 2014, the American Frozen Food Institute (AFFI), McLean, Va., launched a national effort to encourage consumers to take a fresh look at frozen foods.

As professionals in the packaging industry return from their well-deserved summer vacations, they will be able to kick-off the fall by finding the newest technologies at PROCESS EXPO.

FSX 2025 is designed as a platform for knowledge-sharing, professional growth, and collaboration among key stakeholders in the food industry.

NZD/USD not a lot changed. The kiwi$ lost ground with the broad US dollar bid.

---

The New Zealand Food Price Index (FPI) is a measure of the changes in the average price of food items sold in New Zealand.

• calculated and published monthly by Statistics New Zealand
• the FPI tracks the prices of a basket of food items that represent the typical spending patterns of New Zealand households
• the FPI is an important indicator of inflation in New Zealand, as food prices account for a significant portion of household expenditure

Chinese media, Global Times, citing a state media report (CCTV):

• China’s annual production of new energy vehicles surpassed 10 million units on Thursday, info via China Association of Automobile Manufacturers.
• the first country to reach this milestone globally
• output for the whole year is expected to reach 12 million

The US and EU have quickly built walls (tariffs and other imposts) to protect domestic vehicle producers. This is not usually a recipe for thriving industry.

Noting this, report comes from Japan media (Sankei) via Reuters:

• Japanese government to compile a supplementary budget of about 13.5 trillion yen ($87 billion)
• to fund a stimulus package to help low-income households and offset rising prices
• government would provide 30,000 yen to low-income households that are exempt from residential taxes and 20,000 yen per child for households with families

There is just one to take note of, as highlighted in bold. But dollar domination is the name of the game now, so just be wary that the expiries aren't going to matter all too much.

The one highlighted is for EUR/USD at the 1.0550 level. However, it isn't one that holds any technical significance now that the pair has broken below the April low of 1.0601. The 1.0500 mark is next on the cards with the October 2023 lows beckoning below that closer to 1.0450.

The monthly chart for the pair highlights how we've been in a range between roughly 1.0500 to 1.1200 since the start of 2023. So, there is some key technical focus towards the downside support there and that's the more important level to pay attention to with the dollar continuing to push upwards.

For more information on how to use this data, you may refer to this post here.

And that is thanks to Beijing disappointing markets once again with a failure to live up to stimulus announcements. It was the case right after the Golden Week holiday and it was the case again on Friday last week. With the drop today, the CSI 300 index closes down by 1.7% to post its lowest close this week.

It's been a rather back and forth last few days but the feeling is that there are hints of exhaustion when it comes to Chinese equities at the moment. That especially since Beijing has not followed up on the rallying momentum prior to the Golden Week holiday.

In the bigger picture, China is a very, very attractive opportunity as valuations are cheap and price levels are low at the moment. And that provides an alluring proposition for any investor, that is if you can ride this wave out. I'm definitely keeping an eye out but I'm not entirely convinced that this is where the turning point is, especially since local authorities have not delivered in recent weeks.

The technical breakout at the end of September is a good starting point but I fear that with a lack of convincing, China stocks might slip back into old habits and slide down again in the weeks ahead. The warning signs are definitely building to say the least: It's not a pretty picture in China

Why it's important?

The ranges of estimates are important in terms of market reaction because when the actual data deviates from the expectations, it creates a surprise effect. Another important input in market's reaction is the distribution of forecasts.

In fact, although we can have a range of estimates, most forecasts might be clustered on the upper bound of the range, so even if the data comes out inside the range of estimates but on the lower bound of the range, it can still create a surprise effect.

Distribution of forecasts for PPI

PPI Y/Y

• 2.4% (11%)
• 2.3% (68%) - consensus
• 2.2% (16%)
• 2.0% (5%)

PPI M/M

• 0.4% (2%)
• 0.3% (13%)
• 0.2% (74%) - consensus
• 0.1% (7%)
• 0.0% (2%)
• -0.1% (2%)

Core PPI Y/Y

• 3.1% (12%)
• 3.0% (47%) - consensus
• 2.9% (35%)
• 2.7% (6%)

Core PPI M/M

• 0.3% (57%) - consensus
• 0.2% (40%)
• 0.1% (3%)

Analysis

We can ignore the headline PPI as the market will focus on the Core figures. We can notice that the expectations are skewed to the downside, so a higher than expected reading would be taken as more hawkish and likely give the US Dollar another boost. Conversely, a soft print could trigger a pullback.

The US Dollar remains in an uptrend as the market continues to price out the rate cuts expected in 2025. Right now we have another 25 bps cut priced for December and just two 25 bps cuts priced in 2025 which is already much lower than the Fed's projection of four.

Therefore, there's still a couple of rate cuts to price out in 2025 if the data continues to run hot, but at that point we would need a real acceleration in inflation to have the market pricing in a rate hike. For now, the bar for rate hikes is really high as the maximum the Fed is willing to do is to pause the easing cycle.

• Prior +1.8%; revised to +1.5%

Looking at the details, the drop here is largely driven by a decline in capital goods (-3.8%) and energy production (-1.5%). The former is seen declining back after a surge higher in August (+3.8%). The declines for the month are partially offset by increases in output for durable consumer goods (+0.5%) and non-durable consumer goods (+1.6%). The production for intermediate goods was flat on the month.

Rate cuts by year-end

• Fed: 20 bps (81% probability of rate cut at the upcoming meeting)

2025: 75 bps

• ECB: 34 bps (62% probability of 25 bps rate cut at the upcoming meeting)

2025: 145 bps

• BoE: 4 bps (85% probability of no change at the upcoming meeting)

2025: 56 bps

• BoC: 33 bps (67% probability of 25 bps rate cut at the upcoming meeting)

2025: 95 bps

• RBA: 2 bps (92% probability of no change at the upcoming meeting)

2025: 40 bps

• RBNZ: 55 bps (80% probability of 50 bps rate cut at the upcoming meeting/20% for a 75 bps cut)

2025: 170 bps

• SNB: 32 bps (72% probability of 25 bps rate cut at the upcoming meeting)

2025: 70 bps

Rate hikes by year-end

• BoJ: 13 bps (51% probability of 25 bps rate hike at the upcoming meeting)

2025: 44 bps

*where you see 25 bps rate cut, the rest of the probability is for a 50 bps cut

• Risks to the jobs market have remain unchanged or have fallen
• Fed may be on the 'last mile' to price stability, inflation expected to converge to 2% over the medium term
• Monetary policy well posited, Fed can 'judiciously and patiently' judge income data to decide on further rate cuts
• Strong economy on track for a 'solid' fourth quarter
• Growth is broad-balanced and driven by consumption, income growth, productivity, supportive financial conditions and wealth effects
• Recent high productivity could prove durably structural but that remains uncertain
• Core inflation remain elevated
• Pressure in services industries slowly abating

This is the third Fed official who has floated some more-hawkish hints. It's hardly a signal of a pause in December but early 2025 is going to be interesting. There are meetings in January, March and May. Assuming a cut in Dec, there is one cut fully priced in for that period (and a smidge more).

That sounds about right based on the comments and data but that's going to swing based on the next set of numbers and beyond.

More hawkish comments from the St Louis Fed President

• Inflation data is also stronger but has not yet changed view that policy is on a path to neutral
• There is likely space for a gradual easing of policy towards neutral rate
• Stronger data likely pushing Treasury yields higher
• Too soon to understand new administration
• Rising bond yields also offer a sense of higher inflation risk and some sense the Fed may not cut as much

UBS remain upbeat on further Federal Reserve interest rate cuts to come. Analysts at the bank acknowledge heightened concerns about inflation in the market, and also trimmed market pricing for cuts ahead.

Ahead of Wednesday's CPI report (Forexlive Americas FX news wrap 13 Nov: US CPI comes out as expected. USD continues rise) UBS points:

• Economic data signals a stronger-than-expected economy. Concerns about inflation remain

• Market expectations lean towards a slower pace of Fed rate cuts

• Fed officials view the current rate as restrictive but are balancing employment and inflation goals. A major inflation surprise would be required to shift policy outlooks.

• The Fed is likely to continue rate cuts, with a potential 25 basis point cut in December and further easing expected in 2025.

And, the data result was not enough to dissuade analysts at UBS from expecting further cuts from the FOMC ahead, referring to the in line CPI print not changing the underlying fundamentals and economy narrative.

***

The latest from FedWatch shows a solid expectation for a 25bp cut on December 18:

Citi analysts suggest that while the USD/JPY may briefly surpass ¥155, any sustained rally in the dollar against the yen could be capped by potential intervention from the Japanese government and anticipated rate hikes by the Bank of Japan.

• USD/JPY breach of ¥155, Citi notes that the Bank of Japan may have a stronger incentive to raise rates to 0.5% in its upcoming December meeting to counterbalance yen weakness.

• Despite current dollar strength, Citi maintains a bearish outlook for the USD/JPY in the longer term, suggesting limited upside for the pair heading into next year.

Reserve Bank of Australia Governor Bullock

• bond markets pretty well behaved globally
• bond markets reflecting increasing government debt
• think we are restrictive enough, will stay there until confident on inflation

More:

• recent inflation had both supply- and deand-sdie components
• aim is to lower inflation
• prices not going back to pre-covid level, that would be deflation and not going to have that

• Inflation has come down quite a lot
• Recent data on prices are heading towards our 2% goal
• If inflation converges towards our goal, then monetary policy will respond accordingly

This just reaffirms their current stance and market pricing for a rate cut in December. The question now is, how much will the ECB move by? The odds of a 25 bps rate cut are at ~63% with the remainder pinned to a 50 bps move instead.

Commercial Changes / Commercial viability

Unexpected increase in consumer demand