April 26, 2024, 02:36 PM

National Bank On What It Will Be Watching For Next Week In Canada Data

All eyes, National Bank noted, will be on the publication of February's GDP data on Tuesday. And judging from industry-level reports published to date, economic output may have expanded 0.4% in the month, boosted by gains in mining/quarrying/oil and gas extraction, manufacturing, and finance and insurance, the bank said.

National noted we will also get March international merchandise trade data, on Thursday. It said a rise in commodity prices may have benefited exports during the month, but added this gain is likely to have been more than offset by a significant decline in shipments of metal/non-metallic mineral products. National noted the latter category saw a record rise in February thanks to soaring gold shipments, and therefore it expects a drop in total exports. It said goods imports may also have retreated in the month, but at a slower pace, translating into a narrowing of the merchandise trade surplus, from $1.39 billion to $1 billion.

We will, National noted, get some clues on the state of the private sector in April with the publication of S&P Global's manufacturing and services PMI.

On the central bank trail, Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers will appear before the Standing Senate Committee on Banking, Commerce and the Economy on Wednesday.

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