Five Canadian business stories to watch this week

Canadian dollar
Canadian dollar

Parade of bank earnings continues

Three more of Canada’s big banks report second-quarter earnings: Scotiabank comes out on Tuesday followed by Bank of Montreal and National Bank on Wednesday. Last week, results from CIBC, Toronto-Dominion Bank and Royal Bank of Canada beat the analyst estimates.

At this rate…

The Bank of Canada reveals its latest interest rate decision on Wednesday. Economists generally expect the central bank’s key overnight interest rate target to remain at 1.25 per cent, where it has been since rising a quarter point on Jan. 17.

Canada’s pipe dream

Also Wednesday, Finance Minister Bill Morneau speaks about securing Canada’s economic future at the Calgary Chamber of Commerce. It comes one day ahead of Kinder Morgan’s deadline for resolving political uncertainty about the prospect of completing the Trans Mountain pipeline expansion from Alberta to Vancouver.

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Statistics Canada’s GDP reports

Statistics Canada releases its main report on the country’s first-quarter economic performance on Thursday, as well as its monthly GDP report for March. Economists estimate Canada’s gross domestic product grew by 0.4 per cent in March and at an annualized rate of 1.7 per cent for the quarter ended March 31, according to Thomson Reuters Eikon.

Steeling for U.S. tariffs

American tariffs on imported steel (25 per cent) and aluminum (10 per cent) could kick in on Friday unless the Trump administration delays imposing the penalties or extends exemptions beyond June 1.

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