By Ketki Saxena
Investing.com -- It’s set to be a busy week on Bay Street, with Canadian banks set to report q3 earnings. BNS kicks off the week on Tuesday followed by RBC and NA on Wednesday, and CIBC (TSX:CM) and TD on Thursday.
Earnings from less major Canadian Western Bank (TSX:CWB) are also expected Thursday, while the last of the big six Canadian banks, BMO (TSX:BMO), will report earnings next week.
Major Canadian economic data this week will include payroll employment, vacancies, and wages on Thursday; while U.S. jobs data will be due Friday.
The major stories in U.S. economics this week - and those likely to dominate markets - include the second U.S. Q2 GDP reading and the annual Jackson Hole symposium from the Federal Reserve.
Investors will hope for GDP numbers that contradict the initial reading (which by the oft-cited 2 quarters rule places the U.S. in a technical recession) and a dovish pivot from the Fed in Wyoming - although this seems increasingly unlikely given hawkish Fed speak subsequent to/despite a cooling in headline U.S. inflation.
Here’s what to watch for in North American markets in the week Ahead.
Monday, August 22
- No Major Canadian Data
- In the US: Earnings from Zoom Video Communications
Tuesday, August 23
- No Major Canadian Economic Data
- TSX Earnings: Bank of Nova Scotia (TSX:BNS)
- In the U.S. New home sales; Earnings from Nordstrom (NYSE:JWN), Macy's (NYSE:M)
Wednesday, August 24
- No major Canadian economic data:
- TSX earnings: Royal Bank of Canada (TSX:RY); National Bank of Canada (TSX:NA)
- In the U.S.: Durable goods orders’; Tesla (NASDAQ:TSLA) three-for-one stock split takes effect after the close of trading; Earnings from Salesforce, Nvidia
Thursday, August 25
- In Canadian Economics: Canadian manufacturing sales (flash estimate); Payroll employment, earnings and hours, and job vacancies
- TSX Earnings: CIBC; Toronto-Dominion Bank (TSX:TD)
- In the U.S.: Three-day Jackson Hole Economic Symposium begins; U.S. initial jobless claims; GDP (Q2 second reading); Earnings from Dollar Tree (NASDAQ:DLTR), Dollar General (NYSE:DG), Peloton Interactive, Gap
Friday, August 26
- No Major Canadian economic Data Expected
- TSX Earnings: Canadian Western Bank
- In the U.S.: personal income, spending, and PCE deflator; Jerome Powell delivers speech at Jackson Hole Economic Policy Symposium