TORONTO — Five things to watch for in the Canadian business world in the coming week:
BoC rate announcement:
The Bank of Canada is scheduled to release its latest interest rate decision and its quarterly monetary policy report on Wednesday. September’s inflation rate came in at 4.4 per cent — the fastest annual pace since February 2003 — according to Statistics Canada, though Bank of Canada governor Tiff Macklem said last week that recent inflation readings are “transitory,'' and that rate adjustments would only be spurred by more long-term pressures.
Suncor Energy Inc. is set to release Q3 results on Wednesday. The Calgary-based company said on Oct. 1 that it had assumed operatorship of the Syncrude oilsands project — one of the largest operations in the oilsands — in a bid to improve its performance.
Shopify Inc. is expected to release Q3 results on Thursday. The e-commerce company posted record revenue and product volumes in Q2, which it attributed to the reopening of stores, restaurants and favourite locales shuttered due to the COVID-19 pandemic.
August GDP numbers:
Statistics Canada is scheduled to release gross domestic product by industry data for August on Friday. The agency reported on Oct. 1 that the economy shrank 0.1 per cent in July, following a 0.6 per cent rise in June. Its initial estimate for August suggests a rise of 0.7 per cent for the month, which would put total economic activity about one per cent below pre-pandemic levels.
Shaw Communications Inc. is set to release its Q4 and full-year results on Friday. CEO Brad Shaw reiterated on Friday his support for Rogers Communication Inc.’s $26 billion agreement to acquire Shaw amid a power struggle between Edward Rogers and other members of the Rogers board over who should lead the telecommunications giant.
This report by The Canadian Press was first published October 24, 2021.
The Canadian Press