Canada has several key economic announcements scheduled for this week that will set the stage for the final months of the year. Markets will continue to monitor developments in trade negotiations between Canada and the US, which were halted just over a week ago. In the meantime, Canadian Prime Minister Mark Carney made progress with China, hoping to improve their trade relationship. Economic data from the US may be limited due to the ongoing government shutdown.

• S&P Global will release data on Canada’s manufacturing sector activity today. The manufacturing sector has contracted for eight straight months, hindered by trade tensions with the US.
• Canada’s labour market data for October will be announced on Friday. Canada’s economy added 60,400 jobs in September after losing jobs in the previous two months. Canada’s unemployment rate is up to 7.1%, its highest level since August 2021.
• US manufacturing activity will be announced today. Consumer confidence is scheduled for release on Friday. Labour market data is expected to be released this week, but it could be delayed due to the government shutdown.
• Elsewhere, China’s business activity will be released on Tuesday night, European services sector activity and producer prices on Wednesday, Bank of England’s rate decision on Thursday, China’s trade balance on Thursday night and UK home prices on Friday.
• Notable earnings in Canada include Franco-Nevada, Kinross, Shopify, Air Canada, Boardwalk REIT, Suncor Energy, CGI, Sun Life, GFL, BCE, Canadian Natural Resources, Canadian Tire, RioCan, Enbridge and Constellation Software. Key earnings in the US include Pfizer, Uber, AMD, McDonald’s, QUALCOMM and ConocoPhillips.

Canada will see several key corporate earnings announcements that may provide insight into business activity and the overall health of Canada’s economy. At the end of October, the S&P/TSX Composite Index had delivered a return of over 20%, making it one of the top performers among developed economies.

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