Canadian consumers pulled back on spending in July as higher gasoline prices ate into discretionary spending power.

Retail sales fell by 0.7 per cent monthly to $73.7 billion in July, the first drop since December 2025, according to data from Statistics Canada published on Thursday morning. The decrease followed a 0.6 per cent rise to $74.3 billion in sales in June.

In volume terms, retail sales decreased by 0.7 per cent in July.

The declines were broad-based, with eight out of nine subsectors posting declines. The largest decrease was observed among general merchandise retailers, which were down by 1.9 per cent in July after increasing by 2.5 per cent in June.

Shoppers also spent less at motor vehicle and parts dealers, as well as at gasoline stations and vendors. Sales in these two subsectors fell by 0.8 per cent and 0.9 per cent, respectively, in July. In volume terms, sales at gasoline stations and vendors fell by 3.5 per cent.

Building material and garden equipment and supplies dealers posted the only increase, with sales rising 0.8 per cent.

Core retail sales, which exclude gasoline and fuel vendors along with motor vehicle and parts dealers, fell by 0.7 per cent in July.

Economists said July’s data was a notch better than expectations, which predicted retail sales to dip by around 0.8 per cent.

Andrew Hencic, a senior economist at TD Economics, said consumers shifted their spending patterns as higher energy prices in July eroded their spending power.

Households were also squeezed by higher inflation, including higher grocery, housing and transportation costs. Canada’s inflation rate ticked up to three per cent in July from 2.8 per cent in June, largely due to a spike in gas prices after renewed hostilities in the Middle East caused global oil prices to rise.

However, core inflation measures remained at the two per cent target, which suggests limited initial pass-through to broader goods and services.

“Folks are feeling it.… The longer elevated inflation goes on, it will start eating into disposable incomes, especially if we don’t see steady and strong wage gains supported by a healthy labour market,” Hencic said in an interview.
Economists also noted that a month does not make a trend, as flash estimates suggest retail sales increased by 1.3 per cent in August.

Katherine Judge, executive director and senior economist at CIBC Capital Markets, said sales volumes will grow at a roughly four per cent annualized pace in the third quarter of 2026.

However, that momentum is not expected to last because elevated gasoline prices will eat into discretionary spending power in the near term.

“It likely won’t be until 2027 when we see signs of consumer spending showing a sustained pickup, and the (Bank of Canada) is therefore not going to hike rates in 2026,” Judge wrote in a note on Thursday morning.

The new Section 338 tariffs, which came into effect in August, could also dampen consumer spending going forward due to heightened economic uncertainty and weaker employment in some industries.

• Canada's population growth slows to lowest level in 80 years
• Canadian dollar falls below 71 cents U.S. as headwinds loom for loonie

TD Economics forecasts predict consumer spending to grow at an annualized pace of 2.6 per cent in the third quarter of 2026 before slowing down to 1.4 per cent in the fourth quarter.

“When you take the totality of those things together, some drag to consumer spending is to be expected…. There were some solid prints in (the second and third quarters of 2026), but we expect a bit of a slowdown near the end of the year,” Hencic added.

• Email: ptran@postmedia.com

Randall Bartlett, deputy chief economist at Desjardins Group, talks to Financial Post’s Larysa Harapyn about the Bank of Canada’s next move as central banks around the world start to raise interest rates.

• Bank of Canada to make rate decisions based on domestic economy, not markets or the Fed, says Macklem
• Canadian dollar falls below 71 cents U.S. as headwinds loom for loonie

Kraft Heinz Co. has teamed up with a Canadian soda brand for a limited-edition beverage that tastes like its Kraft Dinner mac n’ cheese, and it will only be available in Canada.

The food and beverage company, in partnership with Toronto-based Solly’s Craft Soda, on Wednesday launched the sweet and savoury carbonated drink that combines cream soda with a hint of KD’s cheesy flavour.

“A soda might be the last place you would expect to find KD, which is exactly what made teaming up with Solly’s Craft Soda so much fun, ” said Kraft Heinz marketing head Daniel Lundberg.

Kraft said the beverage goes great with a bowl of mac n’ cheese, or on its own. It is available on Amazon from Sept. 23 and will be sold at participating retailers in early October, while quantities last.

The brand said the idea for the new and “unexpected” drink came from fans having their mac n’ cheese in different ways like adding more KD cheese powder or experimenting with the latest “mac hack.”⁠

Solly’s Craft Soda founder Adin Wener said the partnership with Kraft is an opportunity to introduce the independent Canadian company’s modern approach to craft soda to Canadians across the country.

“This was an amazing challenge and product to work on,” said Wener. “It’s wonderfully strange — and somehow, it works.”

The KD soda is just one of the brand’s Canadian launches to date. It previously launched products in Canada like KD Mac & Cheesecake in May and KD Ramen in June.

• Tim Hortons double-doubling down on Canada as coffee-chain competition brews
• Kraft Heinz to increase Canadian production with $250-million investment in Montreal factory

Last month, the Canadian National Exhibition (CNE) in Toronto featured an exclusive Kraft Dinner smoothie from Booster Juice, which blended KD’s cheesy flavour with mangos, pineapple juice, skim milk and vanilla frozen yogurt.

While now an American multinational company, Kraft Heinz has its Canadian roots. Kraft Foods was founded by James Lewis Kraft of Stevensville, Ont., and Heinz Canada was established in 1909 in Leamington, Ont. The two companies merged into Kraft Heinz Company in 2015 and is now one of the largest food and beverage companies in North America.

• Email: dpaglinawan@postmedia.com

Bank of Canada governor Tiff Macklem says domestic data will drive rate decisions, but you might want to track what the betting markets believe since they continue to correctly predict the policy moves of central banks around the world, National Bank of Canada says.

“For (central) banks yet to deliver a hike, the messaging is clear — inflation risks are paramount — and markets have appropriately priced in eventual action,” Ethan Currie, a strategist at National Bank, said in a note on Wednesday.

Investors place bets on interest rate moves via the overnight index swaps (OIS) markets, which are used to help manage short-term interest rate risks.

There is about a 60 per cent chance of the Bank of Canada hiking interest rates at its next meeting on Oct. 28, according to action on OIS markets on Wednesday, up from about 30 per cent at the start of September, but down from a monthly high around 75 per cent. Bets for a rate hike in December were fully priced in.

But Macklem has pushed back against the idea of external forces playing a role in monetary policy decisions.

“We can run a monetary policy in Canada that is geared to the situation in Canada, and that’s what we’re going to keep doing,” he said at a news conference in Halifax on Monday.

Evidence is building up, however, that interest rate markets are ahead of the curve when it comes to rate decisions.

Five major central banks have hiked rates this year, including the United States Federal Reserve , European Central Bank, Bank of Japan and Reserve Bank of Australia.

The Fed hiked rates last week to 3.75 per cent to four per cent and 65 per cent of market bets say it will hike again at the end of October. The European Central Bank increased rates in June and September, while the Bank of Japan increased rates last Friday to 1.25 per cent from one per cent.

The Reserve Bank of Australia hiked rates three times earlier this year and it is expected to hike again when is meets on Sept. 29.

In all cases, OIS markets bet on rate increases due to inflation from elevated crude prices, something Currie doesn’t see improving.

“Notwithstanding a moderation from peak spot oil prices, the pressure for policymakers to respond is only growing,” he said.

For example, long-term oil futures indicate crude prices will “continue to grind higher,” he said, and rising crack spreads — the difference between the price of oil and the products made from it, such as gasoline, diesel and jet fuel — due to the shortage of those refined products are “showing up as record prices at the pump.”

Currie said he doesn’t see that getting any better, given that supplies of gasoline and diesel from the Middle East and Russia remain cut off from global markets while other refining centres, such as the U.S., are running at full capacity.

The upcoming refinery maintenance season could further throttle refined supplies.

“There’s no easy solution to rectify shortfalls either; even if supply were restored, it could take years for inventories to fully normalize, a development that could mean higher prices for longer,” he said.

Headline inflation in Canada hit three per cent in August, mostly due to higher gas prices, but core inflation is still near the Bank of Canada’s target of two per cent.

Macklem said ongoing economic slack and tariff uncertainty are making Canada’s interest rate trajectory less clear than in the U.S., though the Bank of Canada is committed to containing inflation.

“Policymakers have been consistent: a lingering supply shock threatens second-round effects on inflation,” Currie said. “As such, central bank pricing has been closely tied to crude.”

He estimates approximately 300 basis points of tightening coming from the Fed, Bank of Canada, ECB and Bank of England over the next nine months, though National Bank is calling for the Fed and the Bank of Canada to hike a little less than markets are predicting.

National Bank of Canada has pulled its call for the Bank of Canada to hike interest rates forward to December from January.

• Posthaste: More Canadian investors are moving their money out of U.S., into Canada
• Posthaste: This province is expected to lead the pack by a mile this year — and no, it's not Alberta

Sign up here to get Posthaste delivered straight to your inbox.

• Today’s Data: Canadian Federation of Independent Business business barometer, payroll employment change, retail sales, U.S. current account balance, new and continuing jobless claims, new home sales
• Earnings: BlackBerry Ltd., New Gold Inc., Canadian North Resources Inc., Harvest Gold Corp., Irving Resources Inc.

• Canadian dollar falls below 71 cents U.S. as headwinds loom for loonie
• A Canadian who lived abroad thought she followed TFSA contribution rules, but CRA surprised her with a penalty tax
• Should an employee be fired for cause for lying on their resumé?

This couple want to buy their first home, but between a few credit cards, a car loan, a sizable overdraft and three payday loans, they are carrying about $38,000 in debt. They wonder if consolidating everything into one loan would make more sense than saving for a down payment right now. Read FP Answers to find out more.

The FP Atlantic Economic Report takes you behind the scenes of the business world in Atlantic Canada. We’ll bring you insights from CEOs, government leaders, investors and economists on what’s making the regional economy tick and where it’s heading next. Sign up here

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com .

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here

Mark Warner, principal of MAAW Law, talks with Financial Post’s Larysa Harapyn about the difficulties Canada will have in reaching a trade deal with the United States after Prime Minister Mark Carney walked away from negotiations. Meanwhile, U.S. talks with Mexico are advancing.

• The TSX stocks to watch following the Canada Investment Summit
• Canada looks set to reverse exodus of capital: Goldy Hyder

• Email: lharapyn@postmedia.com

The Canadian dollar is down 1.7 per cent this month and fell below 71 cents U.S. in early trading on Wednesday for the first time since July as rising bets for more stateside interest rate hikes put pressure on the loonie.

“The loonie’s weakness … is largely a function of the (United States) dollar’s strength,” Karl Schamotta, chief market strategist at Corpay Inc., said in a note on Wednesday.

The U.S. dollar has been on a tear over the past five days, rising against a basket of other major currencies as investors hike their bets that the U.S. Federal Reserve will increase interest rates again at its Oct. 28 meeting after lifting them 25 basis points last week.

The Fed’s funds rate now sits at 3.75 per cent to four per cent versus the Bank of Canada overnight lending rate of 2.25 per cent, which has held steady for the past seven consecutive meetings.

“Rate differentials have tilted further against all of the dollar’s major rivals, contributing to losses in spot markets,” Schamotta said.

The world’s 10 major currencies, including the euro, yen and pound, are down 0.19 per cent to nearly one per cent for the Australian dollar over the past five days.

More broadly, U.S. tariffs pose a hurdle for the Canadian currency, Schamotta said.

“Markets, we think, are bracing for some softness in the economy in the coming months,” he said, as consumers and businesses pull back on spending.

Ottawa’s tax reforms in the form of the productivity mega deduction that were introduced last week, and its efforts to attract global investors and increase sales to the European Union could pay off eventually, Schamotta said, “but the effects will be incremental and slow to arrive.”

Shaun Osborne, chief currency strategist at the Bank of Nova Scotia, said the Canadian dollar was the “best of the rest” of the G10 from yesterday to today.

He said the “biggest drag” on the loonie is the wide spread on interest rates between Canada and the U.S.

But Osborne said the fourth quarter also typically presents stronger headwinds for the Canadian dollar, which could start showing up in the coming weeks.

He said investors should look for negative returns for the loonie versus the U.S. dollar in October and November, and there may be some softness against the euro and the pound.

The Australian dollar is nearing par with its Canadian counterpart for the first time in nine years, with Osborne predicting it to solidify those gains due to expectations of a strong jobs report later today in that country.

• Email: gmvsuhanic@postmedia.com

• Trump is angry about the loonie 'imbalance': But what does he mean and what can he do about it?
• Bank of Canada's new $20 bill features new security features and Canadian, Indigenous motifs

Canada’s annual population growth has slowed to its lowest level in more than 80 years due to lower immigration , says Statistics Canada.

The population is estimated to have added 189,425 people from July 2025 to July 2026, which is the lowest annual growth since 1944-1945, when the population increased by 126,000 people, the agency said on Wednesday. The population’s growth of 0.5 per cent in the past year is the lowest since the 0.3 per cent increase in 1915-1916.

Overall, Canada is estimated to have had about 41.8 million as of July 1.

The growth rate has been slowing in recent quarters following years of higher-than-usual growth between 2022 and 2024, when the country welcomed more than one million people each year amidst a temporary labour shortage after the pandemic.

“The rapid changes in the population growth rate since 2020 are almost entirely attributable to changes in international migration,” Statistics Canada said.

The agency also revised its previous estimate that the population declined by about 55,000 people between Jan. 1 and April 1 to an increase of about 1,300 people.

Stacey Hallman, a Statistics Canada spokesperson, said the agency in its annual September review noticed an increase in the number of permit extensions, which allow newcomers to continue their stay in Canada after their initial permit expires, and an increase in the time it takes to process these applications.

“We have done an adjustment to account for this and that’s why we are seeing a larger revision today than we have seen in Septembers of the recent past,” she said, adding the overall trend of slowing population growth remains despite the adjustments.

The revisions, including the overall population increasing by about 300,000 compared to the last quarter due to the adjustments, significantly impact how some economic data may look in hindsight, Rachel Battaglia, an economist at Royal Bank of Canada, said in a report on Wednesday.

For example, she said per-capita gross domestic product growth (GDP) was up 0.7 per cent year over year in the second quarter based on the new data, compared to 1.7 per cent based on previous estimates.

Battaglia said a larger population could also mean higher production potential in the economy than previously thought, which could weigh on the Bank of Canada’s next rate decision in October.

“On the surface, mechanical upward adjustments to potential GDP via revised population estimates would reduce urgency to hike rates, but with the Bank of Canada increasingly focused on ‘risks’ from energy prices, it makes the October meeting a difficult decision,” she said.

The revised counts mean Canada’s population is not shrinking outright, Robert Kavcic, an economist at Bank of Montreal, said in a note on Wednesday, but the “very low growth” is still impacting housing markets , consumer spending trends and weighing on short-term potential growth.

Benjamin Tal, an economist at Canadian Imperial Bank of Commerce , said he was not surprised at the revisions.

“We expected Statistics Canada to revise the numbers because of the undercounting of non-permanent residents,” he said. “They assumed that more people left than actually did.”

The number of non-permanent residents, which includes newcomers such as foreign students, workers and asylum claimants, dropped by 154,614 people to reach a total of 2.77 million, which is about 6.7 per cent of the total population. Ottawa intends to bring that down to five per cent in the near future.

“This was the largest decrease in the number of non-permanent residents on an annual basis in Canada since comparable records began (1971/1972),” Statistics Canada said. “The largest decreases in 2025/2026 were among study permit holders (minus 140,827) and work and study permit holders (minus 81,163).”

Canada’s population is also aging, with a median age of 40.9 years and an average age at 42.1 years.

• Canada's immigration system needs to be reset in order to face ongoing economic challenges, says RBC
• Canada poaches international researchers, drawing most from the U.S.

During the large immigration waves between 2022 and 2024, the median age decreased, while the average age remained stable since the majority of newcomers were younger.

“In total, there was a drop of 154,973 people in their 20s (minus 2.8 per cent), which is consistent with the fall in the number of study permit holders in the country, since international students tend to be young adults,” Statistics Canada said.

Permanent immigration decreased in all provinces and Yukon, but increased in the Northwest Territories and Nunavut.

• Email: nkarim@postmedia.com

Cineplex Inc. has named Bill Walker , former Landmark Cinemas Canada lead, as its new chief executive , taking over the role from Ellis Jacob , as the company considers a potential sale.

The entertainment and media company announced Walker’s appointment, which comes to effect on Wednesday, following a succession process initiated since Jacob’s planned retirement announced last year.

Concurrent Walker’s appointment, the company plans to conduct a comprehensive review of strategic alternatives in an effort to maximize shareholder value.

Cineplex said a range of alternatives will be considered, including, but not limited to, a potential sale of the company. Goldman Sachs and TD Securities will act as co-financial advisors.

Jacob will serve as special advisor to the board until the end of the year to support the leadership transition and also assist with Cineplex’s strategic review process. He served as president and chief executive of Cineplex and its predecessor organizations for more than three decades, playing central role in building Cineplex into Canada’s leading entertainment and media company.

“Cineplex has a strong market position… However, we believe the company’s current market valuation may not fully reflect the strength of its business and long-term prospects,” said Yaffe.

The company said no decisions have been made regarding any particular strategic alternative, and no timetable has been established for completion of the strategic review. It also said there’s no assurance it will result in any transaction or agreement.

Walker previously served as CEO of Landmark Cinemas, Canada’s second-largest theatre exhibitor . It operates as part of Belgium-based cinema company Kinepolis Group NV.

During his nine-year tenure at Landmark, Walker played a key leadership role in the brand’s sale to Kinepolis in 2017 and subsequently continued to lead the Canadian business under Kinepolis’ public company ownership.

“Given his deep understanding of the theatrical exhibition industry and proven leadership experience, the board is confident that Bill is exceptionally well positioned to lead Cineplex,” Cineplex board chair Phyllis Yaffe said in a press release.

The company said Walker’s selection follows a succession process that included both an extensive global search and consideration of internal candidates.

Cineplex said Walker is widely known throughout the Canadian exhibition industry and has developed long-standing relationships with exhibitors, distributors and business partners across North America .

Before accepting the role, Walker served as CEO of Coast Appliances in Calgary until April.

• Craving movie theatre popcorn? Now you can order Cineplex goodies for takeout
• Cineplex box office racks up best month since before pandemic

“I am honoured to join Cineplex at this important time in the Company’s history,” said Walker. “Having spent much of my career in the exhibition industry, I have great respect for what the Cineplex team has built.”

Cineplex currently has a circuit of 168 movie theatres and location-based entertainment venues, employing over 10,000 people across Canada.

• Email: dpaglinawan@postmedia.com

The grocery store chain that operates under banners such as Sobeys, Farm Boy and IGA on Tuesday agreed to limit its use of commercial lease conditions that make it difficult for others to open and operate competing grocery options.

The agreement with the Competition Bureau, which was registered with the Competition Tribunal, makes Empire Co. Ltd.’s commitments legally binding and enforceable and could potentially help bring down grocery prices.

“The agreement with Empire removes barriers to competition and will support new entry and increased competition from retailers selling everyday essential items,” Jeanne Pratt, interim commissioner of competition, said.

She also said the watchdog is committed to identifying and addressing barriers that limit competition across the food supply chain so that Canadians can get lower prices and greater choice.

Jennifer Quaid, a professor at the University of Ottawa’s Faculty of Law, said competition authorities have been looking into use of covenants and exclusivity clauses in commercial leases under the umbrella of “property controls” for a few years.

Such structures can prevent landlords from leasing space to another tenant that competes with an existing tenant or place limits on what or how products can be sold.

“They’re a problem in some markets and that’s why the bureau wants to address them and go after them,” she said, adding that competition authorities are also monitoring the grocery and real estate operations of Loblaw Cos. Ltd.

But Quaid said the agreement with Empire is not a “magic bullet” for addressing price concerns.

“It’s one piece in a larger puzzle of building conditions in which it’s possible to have multiple players in the grocery market that exert some price pressure to keep prices down on some products,” she said.

The bureau in June launched an ongoing examination of competition in Canada’s food supply chain in response to persistent high prices.

Food prices rose along with a general inflation trend after the COVID-19 pandemic, stemming in part from pent-up demand after months of restrictions. Inflation has since returned to the Bank of Canada’s target range of two per cent to three per cent, but food prices remained elevated.

However, Statistics Canada said grocery price growth in August increased at a slower pace than the all-items consumer price index for the first time since July 2024.

The price of food purchased from stores rose 2.8 per cent in August from a year earlier after increasing by 3.1 per cent in July. Prices for dairy products led the deceleration.

Quaid said the agreement between competition authorities and Empire is a positive step compared to going to court to fight about the use of property controls.

Empire, however, had already made commitments to change the way it used such controls.

The grocery chain issued a statement in July that said restrictive covenants and exclusivity clauses are widely used across various industries and can support investment and sustain developments, especially in underserved communities.

But it committed to limiting their use, such as not enforcing or entering into any radius clauses to allow for increased retail activity surrounding its store sites.

Empire’s commitments, which also included limiting the geography, product scope and duration of exclusivity provisions in all future grocery store leases and not enforcing or entering into exclusivity clauses restricting specialty food retailers such as butchers and bakeries, were formalized this week through the agreement with competition authorities.

John Tyhurst, a former civil litigator who was lead counsel for the commissioner of competition in the merger of Rogers Communications Inc. and Shaw Communications Inc., said the agreement is a positive step for consumers in what continues to be a highly concentrated grocery market that features many other barriers to entry.

“The sector would benefit from the emergence of new players and entrants,” he said, adding that other barriers include economies of scale and the buying power of the incumbents.

“With affordability on everyone’s mind, the bureau evidently is acutely aware of this.”

• Email: bshecter@postmedia.com

• Sobeys parent Empire reports 9.9% jump in net earnings as fuel sales soar
• Matthew Lau: Canada needs more competition, less competition regulation

While it’s still early days, Prime Minister Mark Carney’s push for Canadian asset managers to invest at home may already be paying dividends.

More than half of Canada’s asset managers plan to reduce their U.S. equity allocations within the next year, according to Marsh People and Investments Canada’s 2026 Global Asset Owner Barometer — the largest pullback from the U.S. among all of the regions surveyed.

Meanwhile, Canadian investors sold $31 billion in U.S. shares in July, a record tally according to government data.

Carney has long tried to encourage Canadian financial institutions towards homegrown opportunities and last week invited some of the world’s biggest investors to the Canada Investment Summit, with the goal of attracting $1 trillion in new financings.

“The tide is turning,” Greg Taylor, chief investment officer at PenderFund Capital Management, said at the summit. “It could be that Trump has galvanized us, and Canada is going to put money to work.”

During the event, the federal government announced plans to open Canada’s biggest airports to private capital and cut taxes for new business investment to the lowest rate among G7 countries.

When it comes to domestic investment, Canada secured $325 billion from its biggest banks, $50 billion from the Maple Fund and $52.5 billion from BCE Inc. for a data centre in Saskatchewan, to name a few.

• For in-depth coverage of the Canada Investment Summit, click here.

Foreign investment is picking up as well. Total foreign inflows to all asset classes over the last year was US$211 billion, amounting to about 8.7 per cent of Canada’s GDP.

“Canada is an attractive market for investment,” Peter Stensgaard Mørch, chief executive officer of PensionDanmark, said at the summit. “The Canadian government demonstrates a strong understanding of what is required to attract additional investment.”

Carney is also looking to kickstart dozens of major infrastructure projects across the country and asset managers are taking notice. Sixty-six per cent of asset owners intend to grow their Canadian infrastructure portfolio, much higher than the 51 per cent global average.

The money managers are drawn to major infrastructure projects as a hedge against inflation and their long-duration returns, the report added.

High inflation also has 41 per cent of money managers looking at inflation-linked assets, such as bonds or bond return ETFs.

Meanwhile, 37.8 per cent of asset owners are ensuring they have more cash on hand to keep their options open, nine per cent more than a year ago.

With files from Bloomberg News

Sign up here to get Posthaste delivered straight to your inbox.

Nvidia Corp. , once the darling of the stock market, is showing signs of a crack.

The chipmaker has been trading at 17 times profit expected over the past year, the lowest level in a decade. The decline is leading investors to wonder if it can keep up with the lofty growth expectations.

“The stock has de-rated pretty significantly, which suggests a healthy dose of skepticism that the company’s current earnings power is sustainable,” Eli Horton, senior portfolio manager for thematic equities and durable growth equities at TCW, told Bloomberg News. “The stock’s performance is surprising, given the backdrop of incredible fundamentals, but it tells you the market is expecting less than what the consensus is currently estimating.”

Still, revenue and net income are expected to jump nearly 100 per cent for the year, up from 65 per cent last year.

The stock climbed 4.3 per cent on Monday on news that Meta Platforms Inc.’s new AI chatbot may push chip demand.

Read more here.

• Data: Canada population estimates, U.S. MBA purchase index
• Earnings: Cintas Corp., General Mills Inc., Uranium Energy Corp., NorthStar Gaming Holdings Inc.

• Bank of Canada to make rate decisions based on domestic economic situation, not markets or the Fed, says Macklem
• Garry Marr: Why U.S. 30-year mortgage contracts are a mixed blessing for homeowners
• The TSX stocks to watch following the Canada Investment Summit
• Nearly a third of working Canadians are living paycheque to paycheque, a new payroll institute survey says

Canadians renewing their mortgages this year might wish they were part of the American system that locks rates in for 30 years. But as the saying goes, be careful what you wish for. Financial Post columnist Garry Marr explains how locking into lower rates long-term looks like a steal, until you decide to move. Read more.

Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors. Sign up here.

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com .

• How Canada could trigger the biggest investment ‘supercycle’ in decades
• Gen Z embraces side-hustle entrepreneurship

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here