The Daily Chase: StatsCan to report final 2021 GDP figures; Canadian banks are 4 for 4

We’ll get a final read this morning on how the Canadian economy rebounded and turned around late last year from 2020’s pandemic lows.

We’ll get a final read this morning on how the Canadian economy rebounded and turned around late last year from 2020’s pandemic lows. Statistic Canada expects the economy grew at a 6.5 per cent annualized pace in the fourth quarter compared with 5.4 per cent in the prior quarter. The data comes one day before the Bank of Canada’s next rate announcement. The Parliamentary Budget Officer is also set to release its outlook for the Canadian economy this year and what it means for the country’s finances.

CANADA’S BIG BANKS ARE FOUR FOR FOUR

Canadian bank earnings season continues. Bank of Montreal was the first out of the gate this morning, topping analysts expectations in the first-quarter, driven by strength in its capital markets division. Meanwhile, Scotiabank’s Q1 profit was driven by strength in its Canadian and International banking units. On Monday, Scotia announced it has reached a deal to pay just over a billion dollars to acquire Grupo Said's remaining 16.8 per cent stake in Scotiabank Chile, which increases its ownership in the Chilean unit to 99.8 per cent.

ENERGY PRICES TICK HIGHER

Energy prices continue to climb as investors weigh the impact of Russia’s invasion into Ukraine on the oil market. The International Energy Agency is holding an extraordinary ministerial meeting today as a result and there are reports some countries are considering the potential release of reserves to help control prices. Monday afternoon, Prime Minister Justin Trudeau said in an effort to increase pressure on Russian President Vladimir Putin, Canada plans to ban imports of Russian crude oil even though they haven’t imported any in the last two years.

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