Top Five Business Trends to Watch in Canada This Week

04 Nov, 2024

Top Five Business Trends to Watch in Canada This Week

The Bank of Canada is set to release the summary of its recent interest rate deliberations on Tuesday, following a significant decision to cut the key interest rate by half a percentage point last month, lowering it to 3.75 percent. On Wednesday, senior deputy governor Carolyn Rogers will deliver a speech in Toronto, shedding light on the central bank's future outlook and strategies.

In the corporate sector, Bell Canada’s parent company, BCE Inc., will report its third-quarter results on Thursday morning. Notably, BCE recently announced a substantial deal to sell its stake in Maple Leaf Sports & Entertainment to Rogers Communications Inc. for $4.7 billion. This move aims to use the proceeds to reduce debt and facilitate future growth initiatives.

Additionally, TC Energy Corp. is scheduled to release its third-quarter results on Thursday morning as well. Last month, TC Energy completed the spinoff of its liquids pipelines business into a new entity called South Bow Corp., a strategic shift expected to impact its financial performance.

Retailer Canadian Tire Corp. Ltd. will also report its third-quarter results on Thursday, coinciding with the critical holiday shopping season. Canadian Tire's CEO, Greg Hicks, previously expressed concerns about rising debt among consumers leading to reduced spending, and he does not anticipate a quick recovery in consumer confidence.

Finally, Statistics Canada will publish its latest labour force survey for October on Friday, providing insights into the country’s employment landscape. Following a strong performance in September, where the economy added 47,000 jobs and the unemployment rate fell to 6.5 percent, the upcoming report will be closely monitored for further trends in the Canadian job market.