With summer now officially here, the scale and scope of economic data is beginning to slow, but there are still a few key events and earnings reports for investors to keep on their radar this week.
New BoC Governor Speaks Monday
First up is Tiff Macklem, the new governor of the Bank of Canada, who will be speaking to the Canadian Club and the Cercles Canadiens today. The address will be delivered by videoconference.
Last week, while addressing the House of Commons standing committee on finance, Macklem made it clear, the central bank has no intention of raising interest rates any time soon. He also signalled that he aims to move the bank’s focus to stimulating the economy and away from simply stabilizing markets.
Indigo Books Issues Earning Report
On Tuesday, Indigo Books & Music Inc. (TSX:IDG) unveils its latest quarterly earnings.
Canada’s biggest book-seller has started rehiring some staff back after laying off about 5,200 when it closed all of its stores in March due to the COVID-19 pandemic.
The shutdown has been devastating for the company, but it will be interesting to see how it has affected its online offerings.
BlackBerry Reports Wednesday
On Wednesday, BlackBerry Ltd (TSX:BB) provides its latest figures – another earnings report worth watching.
The Ontario-based company was in the news last week, when the federal government announced it was working with the software security company and Shopify Inc (TSX:SHOP), the online tech firm, to develop a mobile app to track and trace Canadians who may have been exposed to an individual who has tested positive for the coronavirus.
The company has seen its share of downward movement on its share price, but has been on a bit of an upswing since hitting a low in March. In the past year, the stock has lost almost 37.5% of its value. It closed Friday at $6.99 a share, up 1.16% on the day.
Air Canada AGM
On Thursday, stockholders are invited to listen in on Air Canada (TSX:AC)’s annual general meeting. But don’t expect it to be an uplifting experience. Like most major airlines, the losses being incurred are running in the millions every single day as international travel has all but stopped and domestic travel continues to be extremely limited due to the pandemic.
Details about how Air Canada plans to survive will be the information most will be looking for.
Canadian Pharma Firm Sets New Record on Nasdaq
Investors this week might also be interested in watching what happens with Quebec-based pharmaceutical newcomer Repare Therapeutics Inc (NASDAQ:RPTX)
The Montreal company made big headlines late last week when its IPO last Friday surpassed all expectations as it hit the US$1-billion mark, exceeding its issue price that had been revised upward just the day before. Its introduction on the Nasdaq ranked as the largest initial public offering of a Canadian biotechnology company.
Repare stock hit as high as US$34 last Friday before closing at US$30.80, putting its market capitalization at a cool $US1.1 billion.
Repare specializes in cancer treatments, including what it calls “precision oncology” drugs to fight cancerous tumours.