Business Forecast: Impact of low oil prices on Canadian economy
Toronto markets are expected to focus this week on the impact of falling oil prices on the Canadian economy. Crude briefly touched six-year lows near $40 U-S a barrel last week. That’s about 60 per cent below the highs of last June. Last week, oil futures settled higher for the first time in five weeks, helped a drop in the value of the U.S. dollar. But other questions remain on the table, including concerns about oversupply as inventories continue to climb against weak demand. Next week in the United States, inflation data on Tuesday could provide some insight into how commodities could fare in the coming months. And Bank of Canada governor Stephen Poloz will speak at the Chamber of Commerce in the U.K. where he may offer some insight into the timing of another interest rate move. In earnings, BlackBerry will take centre stage Friday morning when it issues its fourth-quarter results. The company is in the midst of a strategic shift led by chief executive John Chen, who wants to pivot the company’s focus to business customers and a broader range of software and security products. Other companies due to report financial results include retailer Dollarama on Wednesday and Vancouver-headquartered Lululemon Athletica on Thursday.
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