TORONTO - In the upcoming week, there are several significant events and reports to watch for in the Canadian business landscape.
Settlement Hearing in Bread Class Action
On Monday, a hearing will take place in Toronto regarding a proposed $500-million settlement in two class-action lawsuits involving Loblaw Companies Ltd. and its parent company, George Weston Ltd. This settlement seeks court approval and aims to resolve allegations against these companies concerning an industry-wide scheme to fix bread prices. Additionally, a separate hearing for settlement approval is scheduled in Montreal for June 16.
Toronto Home Sales Data
Also on Monday, the Toronto Regional Real Estate Board is set to release the latest data on home sales activity in the Greater Toronto Area for April. The previous month, the board reported a significant annual decline of 23 percent in home sales for March, attributed to economic uncertainties, including the impact of tariffs, that led many potential buyers to hesitate.
Key Economic Reports
This week, Statistics Canada will publish two critical economic reports. The first will be the international merchandise trade figures, slated for release on Tuesday. Following this, the latest employment figures for April will be made available on Friday. The Canadian economy faced challenges in March, losing 33,000 jobs—the largest monthly decline since January 2022—while the unemployment rate increased slightly from 6.6 percent in February to 6.7 percent.
Bank of Canada Financial Stability Report
On Thursday, the Bank of Canada will unveil its financial stability report, followed by a press conference featuring Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers. This report will discuss potential risks to the stability of Canada’s financial system, particularly in light of ongoing trade tensions initiated by the United States, which have heightened recession fears among analysts and the public.
Telecommunications Earnings Reports
On the same day, two major Canadian telecommunications companies are expected to announce their first-quarter earnings. There is speculation that BCE Inc. may reveal a dividend cut alongside its earnings release. Quebecor Inc. is also reporting its financial results on Thursday. Following them, Telus Corp. will release its earnings report on Friday, and analysts will be closely monitoring these results for further signals regarding the telecom sector's performance and strategy amidst fluctuating economic conditions.
This week promises to be eventful, with various sectors and economic indicators poised to reflect the current state and future outlook of the Canadian economy. The outcomes of these reports and hearings could have far-reaching implications for businesses and consumers alike.
