By Angela Harmantas
Federal leaders spar over oilsands, China’s inflation rate misses targets and numbers to watch for in Canadian business this week – here’s what you need to know today:
The oilsands emerged as the first lightening rod in the Canadian federal election over the weekend, with NDP candidate Linda McQuaig making the controversial statement that “a lot of the oilsands may have to stay in the ground” in order for Canada to meet its climate change targets. Prime Minister Stephen Harper has already criticized McQuaig’s statement as being anti-economic, but it’s worth noting that NDP leader Thomas Mulcair does support a west-to-east pipeline to transport Alberta crude.
Concerns over the state of China’s economy appear to be validated by the news that China’s inflation rate missed the government target of 3%, rising only to 1.6% in July. Given that the country’s benchmark index, the Shanghai Composite, has lost a third of its value since June, it’s impressive that China has still maintained a 7% economic growth rate in Q2 2015, but analysts are doubtful that this level can be sustained in light of a slower property market and decreasing exports.
A few numbers to watch out for this week: Air Canada will release their Q2 results on Wednesday, after reportedly experiencing higher traffic and profits; Rona, the home renovation company, will report on Tuesday whether the decision to eliminate its franchise structure had an effect on earnings, and Statistics Canada will tell us on Friday how the Canadian manufacturing sector is faring.
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