BNN: ‘The question is, what can reboot growth?’: LaBell on Canada’s economy

May 29, 2026

Sam LaBell, our Portfolio Manager, appeared on BNN Bloomberg’s Trading Day show to discuss the state of the Canadian economy after it posted a second quarter of negative growth, albeit slight at negative 0.1%. As Sam pointed out, the U.S. also revised its recent quarter lower to 1.5% from 2.0%. “It’s the old adage that if the U.S. sneezes, Canada catches the cold.” Trade and United States-Mexico-Canada Agreement (USMCA) uncertainty, slow population growth and a weak housing market are all dragging Canada’s economy lower. “There’s a lot of areas of the economy that have stalled.”

Sam also discussed recent bank earnings, USMCA trade negotiations and oil.

“A reopening of the Straight of Hormuz is good news. I would say keep an eye on the back end of the oil futures curve because the December oil future really signals what the market thinks about the reopening prospects. It’s a good indicator in terms of what’s being priced in, so that’s still in the high US$70s.”

 

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