By Ketki Saxena
Investing.com -- It’s set to be a major week in both Canadian economics with three pieces of major economic data due, as well as on Bay Street, as Canadians earnings season kicks off for the third quarter. In Canadian economics, investors will be watching for a trifecta of major data and news instrumental to determining the health of the domestic economy: the Bank of Canada’s interest rate hike, a jobs report, and GDP data.
On Wednesday, the Bank of Canada is set to make its monetary policy announcements and announce an interest rate hike, which has a direct affect on the growth or slowdown of the economy. Markets widely expect a 75 bps hike from the Canadian central bank, although some economists are calling for a smaller 50 bp move.
On Thursday, investors will be watching for August’s survey of Employment, Payrolls and Hours - Canada’s jobs report, to gain an insight into Canada’s still tight but noticeably slowing labour market. The health of the labour market is also a key indicator the Bank of Canada looks at to guide its policy decisions.
On Friday, Canadian investors will look to August GDP, which is expected to slow further as the BoC’s rate hikes makes their impact felt on the economy.
On the corporate site, it’s also set to be a major week on Bay Street as Canadian earnings season kicks off. This week we’ll see earnings from some of Canada’s biggest companies and most popular stocks, including Shopify (TSX:SHOP), Air Canada, Canadian National Railway (TSX:CNR), Canadian Pacific, Cogeco (TSX:CGO), Crescent Point, Precision Drilling and more.
Week Ahead Calendar
Monday, October 24
- TSX Earnings: PrairieSky Royalty (TSX:PSK), Celestica
- No Major Canadian or US Economic Data Expected
Tuesday, October 25
- No Major Canadian Economic Data expected
- TSX Earnings: Notable earnings: Neighbourly Pharmacy, Canadian National Railway, Lundin Mining, First Quantum Minerals (TSX:FM), First National Financial
- US Economics: Notable data: S&P CoreLogic Case-Shiller Home Price Index, U.S. Conference Board Consumer Confidence Index (Oct)
- US Earnings: General Motors (NYSE:GM), General Electric (NYSE:GE), JetBlue Airways, Halliburton (NYSE:HAL), Coca-Cola (NYSE:KO), Kimberly-Clark (NYSE:KMB), Alphabet (NASDAQ:GOOGL), Visa (NYSE:V), Microsoft (NASDAQ:MSFT), Texas Instruments (NASDAQ:TXN)
Wednesday, October 26
- In Canadian Economics: BoC Policy Announcement and Monetary Policy Report; Bank of Canada Governor and the Senior Deputy Governor hold a press conference to discuss the contents of the Monetary Policy Report
- TSX Earnings: Notable earnings: Canfor (TSX:CFP), Recipe Unlimited, Crescent Point Energy (TSX:CPG), FirstService Corp, Agnico Eagle Mines (TSX:AEM), Methanex, Allied Properties Real Estate, TMX Group, Alamos Gold (TSX:AGI), Aecon Group, Canadian Pacific Railway, West Fraser Timber (TSX:WFG)
- In the US: Twitter, Boeing (NYSE:BA), Harley-Davidson, Meta Platforms, Ford Motor (NYSE:F)
Thursday, October 27
- In Canadian Economics: Survey of Employment, Payrolls and Hours (Aug),
- TSX earnings: Shopify, Whitecap Resources (TSX:WCP), Cameco, Teck Resources (TSX:TECKa), Precision Drilling, Atco, Canadian Utilities, Cogeco Communications, Yamana Gold (TSX:YRI), TFI International, Eldorado Gold
- US Economics: U.S. Initial Claims, U.S. Real GDP (Q3 A), U.S. Durable Goods Orders (Sep)
- US Earnings: Caterpillar (NYSE:CAT), Honeywell (NASDAQ:HON) Int’l, McDonald’s (NYSE:MCD), Mastercard (NYSE:MA), Hertz, Merck & Co., Apple (NASDAQ:AAPL), Intel (NASDAQ:INTC), Amazon.com (NASDAQ:AMZN),
Friday, October 28
- In Canadian Economics: Monthly Real GDP (Aug)
- TSX Earnings:: Premium Brands Holdings, Hexo (TSX:HEXO), Shaw Communications, Air Canada, Fortis (TSX:FTS)
- US Economics: U.S. Personal Income & Consumption, Employment Cost Index, U. of Michigan Consumer Sentiment Index, U.S. Pending Home Sales (Sep)
- US Earnings: Royal Caribbean Cruises, Chevron (NYSE:CVX)