Morning Market Brief: Monday, April 24, 2023

Looking at economic growth in Canada, the U.S. and Europe?

Canadian economic news may be relatively quiet this week, but of the few announcements, there will be some big ones, including Canada’s gross domestic product and the Bank of Canada’s (BoC) Summary of Deliberations. We will also get a glimpse of the health of the U.S. economy for the first quarter of 2023.?

• The BoC will release the Summary of Deliberations from its last meeting on Wednesday. The BoC held its benchmark overnight interest rate steady at 4.50%. Market participants will parse through the notes to get a glimpse of what direction the BoC might be headed toward next.
• Canada’s gross domestic product for February will come into the spotlight on Friday. Canada’s economy expanded in January after dropping in December.
• The U.S. will announce its gross domestic product for the first quarter of 2023 on Thursday. Economists expect a slowdown in growth in the first quarter compared to the last quarter of 2022. As the world’s largest economy, the U.S. will provide a gauge of overall global economic health.
• Key economic announcements will be released around the world. U.S. durable goods orders for March will be released on Wednesday, consumer confidence in Europe is set to be announced on Thursday and Europe’s economic growth in the first quarter comes on Friday.
• In Canada, Canadian National Railway Co., Teck Resources Ltd. and Rogers Communications Inc. are among the key earnings announcements this week. In the U.S., notable earnings include those of Coca-Cola Co., United Parcel Service Inc., PepsiCo Inc., Alphabet Inc. and Microsoft Corp.

These key announcements will likely set the stage for financial market performance and central bank policy in the coming weeks. Financial markets may experience some swings over the next few weeks in?response. Amid uncertainty, try to build a strong savings position that can give you capital to pounce on opportunities in equity and fixed income markets.

At?CIBC Private Wealth, we aim to take a comprehensive approach to managing, building and protecting your wealth. If you'd like to discuss this market and economic update in more detail, please get in touch with your advisor any time.