Photo: The Canadian Press
Governor of the Bank of Canada Tiff Macklem.
Five things to watch in the Canadian business world over the coming week:
BoC rate announcement:
The Bank of Canada is due to release its latest interest rate decision and quarterly monetary policy report on Wednesday. September’s inflation rate stood at 4.4% – the fastest annual rate since February 2003 – according to Statistics Canada, although Bank of Canada Governor Tiff Macklem said last week that recent inflation readings are “transient” and that rate adjustments would only be spurred by longer-term pressures.
Suncor Energy Inc. is expected to release its third quarter results on Wednesday. The Calgary-based company said on Oct. 1 that it had taken over operation of the Syncrude oil sands project – one of the largest operations in the oil sands – in an effort to improve performance.
Shopify Inc. is expected to release its third quarter results on Thursday. The e-commerce company saw record revenue and product volumes in the second quarter, which it attributed to the reopening of favorite stores, restaurants and places that were closed due to the COVID-19 pandemic.
August GDP figures:
Statistics Canada is due to release data on gross domestic product by industry for August on Friday. The agency reported on October 1 that the economy shrank 0.1% in July, after rising 0.6% in June. Its initial estimate for August suggests a rise of 0.7% for the month, which would put total economic activity about 1% below pre-pandemic levels.
Shaw Communications Inc. is due to release its fourth quarter and full year results on Friday. CEO Brad Shaw on Friday reiterated his support for Rogers Communication Inc.’s $ 26 billion deal to acquire Shaw amid a power struggle between Edward Rogers and other members of Rogers’ board of directors for find out who should lead the telecommunications giant.