It's a busy week for earnings as first-quarter reporting continues, with resource companies among ones to watch.
As Josh O'Kane reports, deal making in the gold mining industry has returned, though with a more sober tone than in years past. Investors will be looking for signs of restraint when Barrick and Goldcorp report quarterly results in the days ahead.
Also this week, Canada's forestry industry is bracing for an announcement on softwood lumber tariffs from the U.S. Commerce Department. Brent Jang explains what's behind the dispute and what it will mean for the sector.
Other things to look for include provincial budgets from Nova Scotia and Ontario, a policy decision from the European Central Bank and earnings from CN, Suncor and Ford.
Business calendar: A daily rundown of the economic reports and corporate earnings that will be grabbing the market's attention in the week ahead:
Monday April 24
Japan leading index
Germany Lfo business climate
(8:30 a.m. ET) Canada wholesale trade for February. The estimate is a decline of 1.0 per cent from January.
Earnings include: Ballard Power Systems Inc.; Barrick Gold Corp.; Brookfield Canada Office Properties; Canadian National Railway Co.; Capstone Mining Corp.; Choice Properties REIT; DH Corp.; Express Scripts Holdings Co.; First National Financial Corp.; Halliburton Co.; Hasbro Inc.; Illinois Tool Works Inc.; Kimberly-Clark Corp.; Newmont Mining Corp.; OrganiGram Holdings Inc.; PrairieSky Royalty Ltd.; Precision Drilling Corp.; T. Rowe Price Group Inc.; West Fraser Timber Co Ltd.
Tuesday April 25
(9 a.m. ET) U.S. S&P Case-Shiller Home Price Index (20 city) for February. The consensus projection is an increase of 0.6 per cent from January and a 5.7-per-cent rise year over year.
(10 a.m. ET) U.S. new home sales for March. The Street expects an annualized rate decline of 0.7 per cent.
(10 a.m. ET) U.S. Conference Board Consumer Confidence Index for April. The consensus is 122.9, down from 125.6 in March.
Earnings include: 3M Co.; AT&T Inc.; Baker Hughes Inc.; Biogen Inc.; Capital One Financial Corp.; Caterpillar Inc.; Chubb Ltd.; Coca-Cola Co.; Edwards Lifesciences Corp.; Eli Lilly and Co.; Equity Residential; Exco Technologies Ltd.; Fifth Third Bancorp.; Freeport-McMoran Inc.; Illumina Inc.; Leucrotta Exploration Inc.; McDonald's Corp.; Metro Inc.; Northern Trust Corp.; Novartis AG; S&P Global Inc.; SAP DRC; Teck Resources Ltd.; Texas Instruments Inc.; Wi-LAN Inc.; Wipro Ltd.; Xerox Corp.
Wednesday April 26
Japan All Industry Activity Index
Bank of Japan monetary policy meeting (through Thursday)
European Commission President Jean-Claude Juncker to meet U.K. Prime Minister Elizabeth May for Brexit talks
(8:30 a.m. ET) Canada retail sales for February. The estimate is unchanged from January. Excluding automobiles, the projection is a 0.1-per-cent decline.
(10:30 a.m. ET) EIA Petroleum Status report
Earnings include: Alaska Air Group Inc.; AltaGas Ltd.; Amgen Inc.; Amphenol Corp.; Anthem Inc.; Atrium Mortgage Investment Corp.; AvalonBay Communities Inc.; BCE Inc.; Baxter International Inc.; Boeing Co.; CR Bard Inc.; CRH Medical Corp.; Calfrac Well Services Ltd.; Canfor Corp.; Canfor Pulp Products Inc.; Cenovus Energy Inc.; Coeur Mining Inc.; Credit Suisse; Dr Pepper Snapple Group Inc.; Entergy Corp.; Equifax Inc.; Equinix Inc.; Fairfax India Holdings Corp.; F5 Networks Inc.; GMP Capital Inc.; GlaxoSmithKline PLC; Goldcorp Inc.; Hershey Co.; Ingersoll-Rand; Lundin Mining Corp.; Methanex Corp.; Firstservice Corp.; New Gold Inc.; Norfolk Southern Corp.; O'Reilly Auto Parts; PPL Corp.; PepsiCo Inc.; Potash Corporation of Saskatchewan Inc.; Procter & Gamble Co.; Pulse Seismic Inc.; Restaurant Brands International Inc.; Rockwell Automation Co.; State Street Corp.; Suncor Energy Inc.; Superior Plus Corp.; T-Mobile US Inc.; TFI International Inc.; Teranga Gold Corp.; Thermo Fisher Scientific Inc.; Toromont Industries Ltd.; TransAlta Renewables Inc.; WestRock Co.; Western Energy Services Corp.
Thursday April 27
Germany consumer confidence and consumer price index (CPI)
Euro zone economic and consumer confidence
ECB monetary policy meeting
(8:30 a.m. ET) Canada Survey of Employment, Payrolls, and Hours for February.
(8:30 a.m. ET) U.S. initial jobless claims for week of April 22. The estimate is 240,000, a decline of 4,000 jobs from the previous week.
(8:30 a.m. ET) U.S. goods trade deficit for March (A). Consensus is $65.4-billion, rising from $63.9-billion in February.
(8:30 a.m. ET) U.S. durable goods orders for March. Consensus is a 1.3-per-cent increase. Excluding transport, the consensus is a 0.5-per-cent rise.
(10 a.m. ET) U.S. pending home sales for March. Consensus is a decline of 0.8 per cent from previous month.
Also: Nova Scotia and Ontario budgets.
Earnings include: AbbVie Inc.; Agnico Eagle Mines Ltd.; Alexion Pharmaceuticals Inc.; Alphabet Inc.; Amazon.com Inc.; American Airlines Group Inc.; American Electric Power Company Inc.; American Tower Corp.; Arthur J Gallagher & Co.; BASF DRC; Bayer AG PK; CME Group Inc.; Cerner Corp.; Comcast Corp.; Constellation Software Inc.; Crescent Point Energy Corp.; DealNet Capital Corp.; Dow Chemical Co.; Eldorado Gold Corp.; Expedia Inc.; Falcon Oil & Gas Ltd.; First Quantum Minerals Ltd.; Ford Motor Co.; Hartford Financial Services Group Inc.; International Paper Co.; Invesco Ltd.; Johnson Controls International PLC; Kirkland Lake Gold Ltd.; Jean Coutu Group Inc.; MGM Resorts International; Maple Leaf Foods Inc.; Marsh & McLennan Companies Inc.; Mercer International Inc.; Microsoft Inc.; Nevsun Resources Ltd.; OceanaGold Corp.; Parker-Hannifin Corp.; Praxair Inc.; SDX Energy Inc.; Simon Property Group Inc.; Southwest Airlines Co.; Storage Vault Canada Inc.; TransCanada Corp.; Under Armour Inc.; Vale SA; Western Digital Corp.
Friday April 28
Japan CPI, retail sales, household spending, industrial production and jobless rate
Euro zone money supply and CPI
Germany retail sales
France GDP, CPI and consumer spending
(8:30 a.m. ET) Canada real GDP at basic prices for February. The estimate is an increase of 0.1 per cent from January.
(8:30 a.m. ET) Canada industrial product price index and raw materials price index for March. The estimates are an increase of 0.3 per cent and decline of 0.5 per cent, respectively, from February.
(8:30 a.m. ET) U.S. GDP and GDP deflator for Q1 (A). The Street expects annualized rate increases of 1.2 per cent and 2.0 per cent, respectively.
(8:30 a.m. ET) U.S. employee cost index for Q1. Consensus is an increase of 0.6 per cent from Q1 and 2.2 per cent year over year.
Earnings include: Cameco Corp.; Exxon Mobil Corp.; General Motors Co.; Honda Motor DRC; Imperial Oil Ltd.; LyondellBasell Industries NV; Phillips 66; Roper Technologies Inc.; Thomson Reuters Corp.; UBS Group AG; VF Corp.; Vermilion Energy Inc.; Weyerhaeuser Co.