Posthaste: Get ready for the economic equivalent of the Super Bowl, the World Series, and Wimbledon finals all crammed into a few days
Get ready for the economic equivalent of Super Bowl, the World Series, the Stanley Cup, and Wimbledon finals all crammed into a few days.
Economists are excited about the a big week for the global economy. For the first time since the Bank of Canada began fixing the date of its interest rate announcements in late 2000, we have rate decisions scheduled from the BoC and the Fed on the same day on Wednesday, writes BMO economist Doug Porter.
“Imagine if the Super Bowl, the World Series, the Stanley Cup, and Wimbledon finals were all scheduled in the same 24-hour period. Well, we pretty much have the economics equivalent of that in the coming week,” Porter said in a note to clients.
The U.S. Fed is widely expected to cut for the third time in a row, but Stephen Poloz will likely be unmoved. Analysts will get a chance to hear Poloz expound on the state of the Canadian economy — and many wonder how long the Bank of Canada can stay an outlier.
Then there is the Brexit, that state of limbo that has the once Great Britain in political paralysis. The European Union allowed the U.K. a three-month Brexit delay to Jan. 31, as Prime Minister Boris Johnson pushes a vote in the House of Commons today to trigger an early general election.
Note that October 31 — Halloween — was supposedly the UK’s exit day. It’s also the day when U.K. House Speaker John Bercow — he of the ‘Orderrrr‘ fame — will be stepping down.
And that’s just half time. Play resumes with the release of the U.S. GDP and employment numbers on Wednesday. Canadian GDP for August and important macroeconomic data and a Bank of Japan meeting comes down the pipe on Thursday.
If that’s not enough, it’s another big week for earnings this week, with 164 S&P500 companies and another 263 corporate earnings events on the Canadian exchanges.
Here’s what you need to know this morning:
In Banff, Royce Chwin, CEO, Travel Alberta will discuss what the industry needs to do differently to grow provincial tourism revenue to $20 billion by 2030
A federal-provincial-industry consortium discusses start-up clean energy company G4 Insights Inc. and how it converts wood into renewable natural gas in Edmonton
Syncrude Managing Director Doreen Cole to announce Syncrude achieving a major production milestone
Carbon Positive Clean Technology conference in Edmonton
Notable Earnings: Restaurant Brands International Inc., Capital Power Corp, PrairieSky Royalty Ltd First Quantum Minerals Ltd, Hexo Corp., Alphabet
The outlook is upbeat for housing in Canada next year with construction starts, sales and prices expected to rebound on the back of economic and demographic support, according to the country’s largest public mortgage provider.
Housing starts will range between 194,000 and 204,300 next year, showing a return to form after two years of declines, Canada Mortgage and Housing Corp. said in its annual housing market outlook, writes Colin McClelland.