Canadian Finance Minister Jim Flaherty holds a press conference in Ottawa. Manitoba holds provincial elections.
ECONOMY: *Statistics Canada reports its crop production estimate for the current year at 8:30 a.m. Output is expected to grow after last year’s flood damage.
EVENTS: *Encana Corp. (ECA) holds a telephone conference to discuss its natural gas assets in the Horn River region of British Columbia as well as an update on the Kitimat LNG project at 9 a.m. local time in Calgary. *University of Calgary researchers Ken McKenzie and Jack Mintz discuss subsidies to the fossil fuel industry in Canada. 8 a.m. local time. *Finance Minister Jim Flaherty makes an announcement at a suburban Ottawa restaurant and takes reporters’ questions, at 9 a.m. *The province of Manitoba holds elections. The New Democratic Party, led by Greg Selinger, is aiming for a fourth consecutive victory, challenged by Hugh McFadyen and the Conservatives.
MARKETS: *The S&P/TSX Composite Index fell 3.2 percent to 11,251.84. *Yields on two-year Government of Canada bonds declined 5 basis points to 0.84 percent. *Corporate yields relative to the federal government widened to 185 basis points yesterday, or 1.85 percentage points, compared with 183 basis points on Sept. 30. Yields fell to 3.45 percent as of yesterday, from 3.48 percent on Sept. 30. *Canadian corporate bonds returned 1.19 percent last month compared with a decline of 0.13 percent for U.S. company debt, according to Bank of America Merrill Lynch data. *Moody’s Investors Service yesterday upgraded Rogers Communications Inc. (RCI/B)’s senior unsecured debt rating to Baa1, from Baa2, on expectations the Toronto-based company will continue to record strong financial performance while maintaining a conservative financial profile. *The Canadian dollar was little changed at 1.0515 per U.S. dollar.
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