Canadian Bank Earnings Week is under way, and while we admit it’s not as exhilarating as Shark Week, it can teach us some valuable lessons about the murky waters of the economy.

What happened: Quarterly earnings reports for Scotiabank and BMO showed that both banks are keeping more cash aside than analysts expected to cover loans that could go sour, known as loan loss provisions, continuing a trend of caution in a risky environment. 

Scores of Canadian lawyers have fled for the bright lights of New York in recent years, clearly inspired by the undying popularity of Suits.

Driving the news: The legal profession in Canada is recovering from a pandemic-era case of brain drain in which 100 to 150 mostly junior-level lawyers left Canada, per The Globe and Mail. These legal eagles mainly flew the coop from Toronto to New York City.

Got a sweet tooth? Now might be a good time to replenish your personal Strategic Chocolate Reserve, because already-high prices for cocoa-based treats are only going up.

Driving the news: The chocolate industry is grappling with a record-breaking shortfall in cocoa production that’s pushed wholesale cocoa prices to an all-time high of US$6,400 per tonne.

 On this week’s episode of Free Lunch by The Peak, Brian Belski, chief investment strategist at BMO Capital Markets, makes a case for why he’s bullish about the year ahead in markets.  

Unseasonably warm weather isn’t just giving us a headstart on patio season, it's giving our prized maple syrup businesses a head start on their harvest.

Driving the news: Warmer temperatures have brought Canada’s maple syrup harvesting season early, with producers hoping to reach new production highs as the international demand for the golden liquid grows.

Like when Jerry Seinfeld’s beloved Bee Movie character Barry B. Benson finally settled down with a nice florist, Canadian honeybees have found themselves a loving home.

Driving the news: Alberta may be known more for raising cattle and pumping out barrels of oil, but it’s also the province that produced nearly $105.6 million worth of honey last year — good for setting a new Canadian record, according to the CBC. 

Welcome back to The Peak’s Inflation Drinking Game. The first rule, take a sip (of your coffee, of course) every time you read any variation of the phrase “rate cuts.”  

What happened: U.S. inflation growth cooled once again in January, falling to 3.1% from 3.4% in December. That sounds peachy keen, but analysts expected growth to drop below 3%.

Like anyone under the age of 40 trying to buy a house, Canadian miners will need a little bit of financial help if they want to set themselves up for the future.

What happened: As prices for critical minerals like lithium and nickel plummet, miners are warning that if the federal government doesn’t step up to help fund new projects, Canada could fall behind in production to rivals like China for good, per The Globe and Mail. 

We’ve said it once and we’ll say it again: Even if it defies all logic, never underestimate the strength of the U.S. economy. 

What happened: The American economy created 353,000 jobs in January, which was *checks notes* roughly double the number expected by economists. Tom Simons, U.S. economist at Jefferies, told the Financial Times the data left him “near speechless.”

The latest supply shortage to hit Canada: newborns. The country’s fertility rate fell to its lowest level on record in 2022, with a paltry 1.33 children born per woman that year.

Driving the news: Fertility rates have been dropping since 2009, but briefly spiked in 2020 and 2021 when everyone was stuck inside with nothing better to do than hunker down and… you know 😏. When the world re-opened in 2022, it led to the steepest year-over-over drop since 1972 (which was spurred by the decriminalization of contraception and abortion).