Bank of Canada Releases Business Outlook Monday
The Bank of Canada is set to release two surveys Monday morning – its Business Outlook and its survey of consumer expectations.
The Business Outlook survey is released four times a year and based on interviews with business leaders from about 100 companies. The purpose is to put together a broad ranges of economic perspectives to help guide the central bank.
The last report, issued on Jan. 13, provided a “broadly positive” business sentiment except in the Prairies, where indicators remained weak. In broad terms, the outlook included “expectations of healthy domestic and foreign sales.”
With the COVID-19 crisis ravaging economies across much of the globe, a more sobering outlook is expected.
Applications for Emergency Response Benefit Open
Today is also the first day Canadians affected by the coronavirus pandemic can apply for the $2,000-a-month Canada Emergency Response Benefit.
It is not known when figures on how many applications are made will be released.
Banks Host Virtual AGMs
Four of Canada’s six big banks will hold their annual meetings this week via videoconference. Scotiabank (TSX:BNS) and the Laurentian Bank Of Canada (TSX:LB) host their meetings on Tuesday, while the Royal Bank of Canada (TSX:RY) and the Canadian Imperial Bank Of Commerce (TSX:CM) are set for Wednesday.
Fallout of the COVID-19 crisis and steps toward economic recovery are expected to dominate the discussions.
Housing Starts Expected Wednesday
Canadian building permits and housing starts data will be released Wednesday. The statistics in this upcoming release will cover the month of February and, therefore, will not include the downturn caused by the coronavirus crisis that has affected most construction projects in the country.
Last month, the number of building permits issued by Canadian municipalities in January jumped 4% to hit $9.2 billion. Increases were reported in six of the 10 provinces.
Job Numbers Due on Thursday
Statistics Canada will release its Labour Force Survey, which highlights the employment figures for March, on Thursday. The report is expected to show a huge increase in unemployment as businesses deemed to be “non-essential” were ordered shut across the country in the first half of the month.
This report will be the first snapshot of the jobs hit the economy has suffered due to the pandemic.
Notable Earnings Reports
Among the notable Canadian companies revealing their latest quarterly earnings this week is communications firms COGECO on Tuesday and Shaw Communications on Thursday.
Shaw will be releasing its second-quarter numbers. The national wireless and cable provider were among the companies that closed all its retail outlets in March due to the COVID-19 crisis. It is expected that comments on the ongoing economic fallout due to the pandemic will be discussed during the conference call with financial analysts.
Markets Closed Friday
The stock markets will be closed on Good Friday, a national holiday.