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IntroductionCanada remains one of the most trade-reliant advanced economies globally, with its economic performance closely linked to cross-border flows of goods and services, particularly with the United States. Growth trends, inflation dynamics, labour market conditions, and corporate earnings are all influenced by external trade …

Inflation expectations play a critical role in shaping economic behavior and financial markets. They influence wage negotiations, corporate investment decisions, currency movements, and the valuation multiples applied by equity investors. In Canada, these expectations have trended higher across multiple indicators in recent years. Although …

Canada continues to face scrutiny regarding its ability to attract foreign direct investment compared with global peers. Concerns around productivity, regulatory complexity, and the competitive pull of assertive U.S. industrial policies have raised questions about the country’s appeal as a capital destination. High-profile investment …

IntroductionStagflation, defined by the challenging combination of sluggish economic expansion and persistent inflationary pressures, is not a term economists use without careful consideration. However, multiple signals within the Canadian economy have sparked discussion about whether the country may be transitioning into an extended phase …

Macro and Economic BackgroundGlobal commodity demand is undergoing a transformation driven by electrification, renewable energy adoption, and technological advancements. Electric vehicles, energy storage systems, data infrastructure, and industrial electrification require a new set of inputs distinct from traditional hydrocarbon-based economies. Lithium, copper, nickel, cobalt, …

Artificial intelligence has significantly reshaped the global conversation around electricity demand. Following nearly two decades of relatively stagnant electricity consumption across North America, the rapid expansion of AI training, inference workloads, and broader electrification trends has reignited pressure on power systems. In Canada, where …

IntroductionCredit markets form the backbone of the financial system, and in Canada, they are undergoing a meaningful transformation. The emergence of new origination platforms, the expansion of private credit funds, the evolution of securitisation markets, and the rise of specialised lending solutions are collectively …