We will have a better idea today as to whether inflation expectations have broken down in this country. The Bank of Canada releases its Business Outlook Survey and Consumer Expectations Survey at 10:30 a.m.; they will include updates on how business leaders and average Canadians feel about the central bank’s ability to bring consumer prices back to its 2% target from a near high 40 years old. The latest round of surveys did not show much optimism: only 27% of business leaders said they expected inflation to be around 2% over the next two years, and consumers in general seen inflation well above the BoC’s target level. And that was for surveys taken in February and March, when the consumer price index was one percentage point lower than the 7.7% rise most recently reported by Statistics Canada.

It’s hard to imagine better early morning programming to help set the stage for this broader macro environment, as David Rosenberg and Macquarie Economics Director David Doyle join us at 9am. The Conference Board of Canada’s Chief Economist, Pedro Antunes, will join Jacqueline shortly after 10:30 a.m. to discuss the latest poll results.

MARKET WATCH

…and there won’t be as much to watch as usual, with US markets closed for Independence Day. Major US indexes opened the second half of the year with some modest gains on Friday, as we were off for Canada Day. No doubt the aforementioned Davids will share their views on what to expect for the rest of the year with the books closed on a first half that saw barely a quarter of the members of the composite index. S&P/TSX record gains.

IN CONVERSATION WITH THE CEO OF WHITECAP

We often hear these days (forcefully, in the case of Eric Nuttall) that returning capital to shareholders must take priority over growing the energy sector. Whitecap Resources, however, tries to achieve both. The news from last week regarding the $1.9 billion payment to acquire XTO Energy Canada from Imperial Oil and Exxon is still fresh, while immediately demonstrating the benefit of the deal by increasing its dividend and laying the groundwork for sharing even more of its wealth over the next few years. . CEO Grant Fagerheim joins us at 1:30 p.m. to flesh out the rationale for the deal and perhaps shed some light on what he’s heard from institutional investors.

KEEPING AN EYE ON THE SHAW-ROGERS SAGA

We will be on our toes in the days and weeks to come as Shaw Communications, Rogers Communications and the Competition Bureau enter mediation today as the two big phone companies aim to appease a regulator who has dug in his heels . If you missed it (and you’d be forgiven if you did, seeing as it was posted at 5 p.m. Thursday, before the long weekend): Shaw Communications CEO Brad Shaw said his company “remains deeply committed” to the $20-billion takeover by Rogers. However, Shaw (the company, not Brad), acknowledged in its quarterly statement that there are risks in doing anything before the July 31 target.

CRYPTO PENDANTS

Two difficult situations, both of which lead to users being blocked. Vauld, a Singapore-based lender whose website promises To keep [users’] safe money” and warns that “Governments and banks can fall or change their monetary policies at any time – and your currency today may literally be worthless tomorrow…”, announcement yesterday that it suspended withdrawals, trades and deposits as it works with advisers to navigate a range of shockwaves. Similarly, Voyager Digital, listed on the TSX announcement a trading halt on Friday as it deals with the fallout from its exposure to Three Arrows Capital. He also said he retained the services of Moelis & Co. to help him explore strategic alternatives.

OTHER NOTABLE STORIES

  • European Central Bank puts more emphasis on climate awareness; today saying he plans to ’tilt’ his corporate bond holdings towards issuers who demonstrate ‘better climate performance’.
  • Amazon.com founder Jeff Bezos lambasted (again) US President Joe Biden on Twitter over the weekend, accusing him of either “lack of direction or a deep misunderstanding of the core market dynamics” after Biden pushed gas station operators to lower fuel prices.
  • Calgary-based Cathedral Energy Services said it would pay US$100 million in cash and stock to expand in the United States by acquiring Texas-focused Altitude Energy Partners.
  • Boralex is consolidating its presence in the United Kingdom by announcing this morning the acquisition of assets currently held by Infinergy, which has been a joint venture partner with Boralex since 2017. These assets include 338 megawatts of wind and solar energy and storage capacity.
  • Shares of Cowen Inc. soared in extended trading on Friday night after Bloomberg News reported that the Toronto-Dominion Bank was “reviewing a possible” acquisition of the U.S. brokerage. Bloomberg said it could not immediately reach TD and Cowen to comment on its information. Bloomberg noted in its report that no final decision has been made and TD may ultimately choose not to pursue a transaction.

NEWS RELEASES / NOTABLE EVENTS

  • 10:30 a.m.: Bank of Canada releases Business Outlook Survey and Canadian Consumer Expectations Survey
  • -~1400: Calgary Real Estate Board releases June sales data