Canada recorded a slightly lower C$14.50 billion ($10.09 billion) budget deficit for the first seven months of the 2024/25 fiscal year compared to the previous year as revenues grew faster than expenditures,

Retail figures point to fading momentum in consumption as Bank of Canada policymakers are expected to keep cutting borrowing costs early next year, albeit at a slower pace than the second half of this year. The central bank has reduced borrowing costs by 175 basis points since June, with a second straight half-percentage point cut last week.

An advance estimate indicates sales were flat in November after rising for the fourth straight month in October.