Global equity markets were relatively shaky last week in large part due to a pullback in technology stocks. Technology stocks, particularly those involved in the development of artificial intelligence, have been a key driver of equity markets over the last few years. There was some good news out of the Middle East where ships were making their way through the Strait of Hormuz, with experts predicting that shipping through the strait will bring millions of barrels of oil back into the global market. Oil prices have fallen since the US and Iran reached an interim peace agreement. Here’s what to watch for this week.

• Statistics Canada will release a report on Canada’s gross domestic product (GDP) during April on Tuesday. In March, Canada’s economy shrank by 0.1%, which was its first monthly decline since October 2025.
• Canada’s manufacturing activity in June will be announced on Thursday. Canada’s manufacturing sector has improved in 2026, benefiting from stronger demand for Canadian goods.
• In the US, labour market data for June will be released on Thursday. The US economy added 172,000 jobs in May. The unemployment rate remained unchanged at 4.3%.
• Looking elsewhere, China’s manufacturing sector activity will be released tonight, UK economic growth rate on Tuesday, Europe’s unemployment rate on Thursday and European services sector activity on Friday.
• There are just a few corporate earnings announcements in Canada this week. Key earnings in the US include those of Nike and Constellation Brands.

Canada’s GDP report may be particularly notable to see how the economy fared at the start of the second quarter of 2026. Economic activity stalled in the first quarter. The end of the review period for the Canada-United States-Mexico Agreement comes on July 1. The deal could be renewed for another 16 years, or the three countries can agree to annual renewals. A decision has not yet been made, but negotiations remain ongoing.

If you would like to discuss this economic and market update or have questions about your finances and investments, please feel free to contact me anytime.