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What To Watch In Canadian Markets This Week

ca.investing.com/analysis/what-to-watch-in-canadian-markets-this-week-200434267
What To Watch In Canadian Markets This Week
By Brenda O'Farrell/Investing.com   |  Mar 02, 2020 08:07
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As a new week begins in the wake of Canada’s main stock index suffering through its worst week since the 2008 financial crisis, investors will be looking for signs. Will it get worse? Or, will the markets rebound? The answer, in part, will hinge on how the ongoing spread of the coronavirus will unfold. As of yesterday, a total of 24 cases have been diagnosed in Canada, as the worldwide tallies continue to mount.

Interest rate decision on Wednesday

The economic impact of the deadly virus will undoubtedly play a role in the Bank of Canada’s rate decision due on Wednesday.

There is growing consensus that the central bank will announce a rate cut as the Canadian economy deals with mounting pressure on several fronts, not just the global economic impact of the virus. Canadian companies are being hurt by the rail blockades that aim to halt development of oil and natural gas projects, persistent global trade tensions and the downward pressure on oil prices.

Employment Numbers Due Friday

Statistics Canada will release the latest employment figures for February on Friday.

The previous monthly Labour Force Survey numbers revealed that the Canadian economy created 34,500 jobs in January, which pushed the unemployment rate down to 5.5% from the December mark of 5.6%. The job gains in January came primarily in the manufacturing, construction and agricultural sectors.

Morneau speaks in Toronto

Also on Friday, federal Finance Minister Bill Morneau will provide an overview of the state of the Canadian economy when he delivers a speech in Toronto.

It is expected that he will comment on the economic impacts of the coronavirus, and how it could affect the prospects for the Canadian economy for the rest of 2020, as well as how the other challenges facing Canadian businesses affected by the rail service disruptions.

Last week, the latest figures released by Statistics Canada showed that the Canadian economy ended 2019 by posting its worst results in three years. The last quarter, which ended in December, was marked by a significant economic slowdown.

Now, the first quarter of 2020 has been marked by new challenges. The coronavirus threat and prolonged disputes over natural resource projects that have sparked blockades are adding to the economic difficulties.

Tilray Reports Earnings Monday

Several Canadian companies will be reporting earnings this week.

First up on Monday is British Columbia-based cannabis producer Tilray Inc (NASDAQ:TLRY), which will unveil its fourth-quarter figures.

In November, its third-quarter results showed a four-fold increase in revenue compared with the same period in the previous year. The figures were bolstered by the company’s acquisition of Manitoba Harvest and growth in international medical marijuana markets, increasing its global footprint to 15 countries by selling product into Switzerland and Israel.

In February, however, the company announced job cuts, trimming 10% of its workforce, in order to shore up its numbers. It continues to push toward hitting positive EBITDA by the end of fiscal 2020.

Over the course of the last year, shares of Tilray have dropped almost 82%.

Other Notable Earnings Reports This Week

Other Canadian companies reporting this week include Recipe Unlimited (TSX:RECP), which owns several chain restaurants, including Swiss Chalet, Harvey’s, Second Cup and Kelsey’s; Great Canadian Gaming Corporation (TSX:GC); construction giant Aecon Group Inc. (TSX:ARE); fuel-cell manufacturer Ballard Power Systems Inc (TSX:BLDP); Calgary-based TransAlta Corp (TSX:TA); mattress retailer Sleep Country Canada Holdings Inc (TSX:ZZZ); Maritime-based Clearwater Seafoods Incorporated (TSX:CLR) and Toronto-headquartered Pizza Pizza Royalty Corp. (TSX:PZA).

What To Watch In Canadian Markets This Week
 

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What To Watch In Canadian Markets This Week

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