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The Daily Chase: BOC to release Business Outlook Survey; Crypto firms navigate market turmoil

Today, we will have a better sense of whether inflation expectations are easing in this country. The Bank of Canada will release a Business Outlook and Consumer Expectations Survey at 10:30 am. This includes up-to-date information on how corporate leaders and the average Canadian feel about the central bank’s ability to bring consumer prices back to the 2% target from nearly 40 years of highs. .. The last batch of surveys was not very optimistic. Only 27% of business leaders said they expected inflation of about 2% over the next two years, and consumers generally saw inflation much higher than the BoC’s target level. And that was due to a survey conducted in February and March, when the CPI was running at a percentage point lower than the 7.7% surge recently reported by Statistics Canada.

With David Rosenberg and Macquarie Economics Dean David Doyle attending at 9am, it’s hard to imagine a better early morning lineup that would help set the stage for this and a wider macro environment. The Council Committee of Pedro Anh Tunes, Canada’s Chief Economist, will join Jacqueline after 10:30 am to discuss the latest findings.

Market watch

… And because the US market is closed due to Independence Day, we don’t pay attention as usual. Major US indices began later this year, showing a slight rise on Friday, when they took a break for Canada Day. Undoubtedly, David, mentioned earlier, shares his views on what to expect from this year’s balance in a book closed in the first half that saw a rise of only a quarter of the members of the S & P / TSX Composite Index. ..

Conversation with the CEO of WHITE CAP

Recently (as is the case with Eric Natal), we often hear that we need to prioritize capital returns to shareholders over growth in the energy sector. However, Whitecap Resources are trying to achieve both. Last week’s news of paying $ 1.9 billion to buy XTO Energy Canada from Imperial Oil and Exxon is still fresh, but raising dividends will soon show a return on the deal and even more wealth in the coming years. Lay the foundation for sharing. CEO Grant Fagerheim joins us at 1:30 pm, embodying the rationale for the deal and perhaps revealing what he is hearing from institutional investors.

Keep an eye on SHAW-ROGERS SAGA

As Shaw Communications, Rogers Communications, and the Competition Bureau head for mediation today, we’ll be up for days or weeks as two big telcos aim to appease the endless regulators. Probably. If you missed it (and if you missed it is forgiven, we’re heading for a long weekend to see how this was released Thursday at 5pm): CEO of Shaw Communications BradShaw said his company “continues to be deeply committed” to $ 20-Rogers’ acquisition of a billion. However, Shaw (the company, not Brad) acknowledged in its quarterly release that there is a risk of completing everything by the July 31st target.

Crypto suspension

Two difficult situations. In both cases, the user is essentially frozen. Vauld, a Singapore-based lender, said on its website, ” [users’] “Money is safe,” he warned, “governments and banks can fall or change monetary policy at any time. Today’s currencies may literally be worthless tomorrow …” announced yesterday. did. With an advisor navigating various shock waves. Similarly, TSX-listed Voyager Digital announced a suspension on Friday to address the fallout from its exposure to Three Arrows Capital. Also, Moelis & Co to assist in considering strategic alternatives. Also said that it holds.

Other notable stories

  • The European Central Bank places greater emphasis on climate awareness. Today, it says it plans to “tilt” its corporate bond holdings towards issuers who show “better climate performance.”
  • Amazon.com founder Jeff Bezos said after blasting U.S. President Joe Biden on Twitter over the weekend and asking gas station operators to cut fuel prices, “basic. He blamed the wrong direction or deep misunderstanding of market dynamics.
  • Calgary-based Cathedral Energy Services has announced that it will pay US $ 100 million in cash and shares to expand its business in the United States by acquiring Texas-focused Altitude Energy Partners.
  • Boralex has solidified its presence in the UK and announced this morning that it has acquired the assets it currently holds in its joint venture with Boralex, Infiniergy, since 2017. These assets include 338 MW of wind and solar power and storage capacity.
  • Cohen’s stock soared late Friday after Bloomberg News reported that Toronto-Dominion Bank was “considering the possibility” of a US brokerage firm. Bloomberg said TD and Cohen could not be contacted immediately to comment on the report. Bloomberg noted in the report that no final decision was made and the TD may ultimately choose not to pursue a deal.

Notable releases / events

  • 1030: Bank of Canada announces Business Outlook Survey and Canadian Survey of Consumer Expectations
  • -~ 1400: Calgary Real Estate Commission Releases June Sales Data

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