The Daily Canuck 24.06.2026

Research evidence excerpt

The Daily Canuck 24.06.2026

Canada | Financials EquityJuneResearch24, 2026

Figure 1 - Canada - CPI Y/Y % ChangeThe Daily Canuck 24.06.2026

5%

Yesterday was an all Tiff Macklem headline day, with the Governor of the Bank 4%

of Canada speaking at the Chambre de commerce France-Canada in Paris. We 3%2%

1%are pleased to see that he agrees with our assessment that lending growth is

May-23 Nov-23 May-24 Nov-24 May-25 Nov-25 May-26more of a demand than supply issue in Canada. Further, he said that higher gas . 0%

prices are not affecting other prices at this stage, which we interpret to mean Source: Statistics Canada, Jefferies

that there will not be rate hikes any time soon.

What you need to know:

Yesterday, we held our 2nd JEF Canadian Banks Walking Tour (and our 15th overall with•

the Street), hosting investor meetings with senior management from Canada's 'Big 5' banks

and covering the gamut of operating segments and business functions, including: wealth

management (BNS & RY), domestic P&C and NA integrated solutions (BMO), and an overall

purview from the CRO chair (CM).

This morning, AGF reports Q2-26 earnings. Consensus sits at $0.54 while we are looking for•

$0.53. More details to come.

On the macro front, the BoC releases its summary of deliberation today, which led to the•

most recent monetary policy decision in June. Meanwhile, Statistics Canada will release May

manufacturing sales data today, April average weekly earnings tomorrow, and May wholesales

sales data on Friday.

Headlines

Canada could be ‘sideswiped’ if global imbalances continue to widen, Bank of Canada's Tiff

Macklem warns. Yesterday, the Financial Post reported that Tiff Macklem cautioned that rising

global imbalances in trade and capital flows could destabilize financial markets and negatively