This week in Canada - July 31st

July 29th Fed Meeting Notes

FOMC Rate Review

Historical Data during Oil and War shortages

Global X disruption paper, touches on a lot of what we do but with more stats

Canadian REIT's and Jurrien

Oil reserve drops and inflation signals

This week in Canada

Morgan Stanley did a major deep dive on their belief of the future of robotics.

Canada chose Germany's TKMS for its up to 12 submarines order.

8 counties commit to support the new Defence, Security and Resilience Bank: Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, Ukraine.

Canada and Saudi Arabia sign 13 new commercial agreements and MOUs worth over $1B. US introducing legislation, CANADA Act, to investigate Canadian provinces who not purchasing US alcohol.

Alberta and Ontario proposed a pipeline from Alberta to Ontario's refineries in the SW. Meta will build a $13B, 1 gigawatt facility in Alberta.

Lumber production was down 9.7% y/y in April. Merchandise exports increased by 0.9% in May to $77.1B. Merchandise trade surplus grew from $3.4B in April to $4.2B in May.

Exports of metal ores and non-metallic minerals grew by 16.1%. Exports of diamonds & other non-metallic minerals grew by 37%. Exports of unwrought aluminum and aluminum alloys grew by 50.7%. Imports of basic and semi finished iron or steel products declined 22.7%.

Imports metal and non-metallic products fell 18.2%. Exports to the US grew for the 4th consecutive month while exports to all other countries decreased for the second month. In May.

Retail sales reach $73.5B in April. 3.2% y/y increase. Manufacturing PMI increased from 52.9 to 53. Third consecutive expansion. Building permits declined 1.7% in May.

Ontario's consumer insolvency in May had the second highest insolvency filing for May on record. 42% of Canadian manufacturing companies are considering moving to the US according to KPMG survey.

77% expect to make that transition within the next 2 years. Employment grew by 18k jobs in June led by accommodations and food services. * Manufacturing lost 17k jobs.