Canada’s big banks release first-quarter earnings this week. Other financial companies scheduled to report earnings include CI Financial and GMP Capital Trust.

The are only two major releases from Statistics Canada on the economic calendar. On Monday, StatsCan reports on retail sales in December. Economists expect a drop of 2.7% from the previous month.

On Friday, the statistical agency reports on industrial product and raw materials prices for January. Economists expect industrial product prices to decline 0.3% from the previous month and raw materials prices to drop 0.4%.

South of the border

On Tuesday, the U.S. Conference Board releases its consumer confidence survey for February. A reading of 35.4 is forecast.

U.S. Federal Reserve Chairman Ben Bernanke testifies on monetary policy before the U.S. Senate banking committee.

On Wednesday, the U.S. National Association of Realtors reports on existing home sales in January. Economists expect annualized sales of 4.8 million, an increase of 1.3% from the previous month

On Thursday, the U.S. Department of Commerce reports on durable goods orders for January. Economists expect a drop of 2.4%.

Meanwhile, the U.S. Department of Labour reports on initial jobless claims for the week ended Feb. 21. Economists forecast 620,000 claims, down from 627,000 a week earlier.

On Friday, the U.S. Department of Commerce reports preliminary figure on gross domestic product in the fourth quarter. An annualized drop of 5.4% is forecast.

The Chicago purchasing managers’ index for February is released. Economists expect a reading of 33.

The University of Michigan issues its final index of consumer sentiment in February. Economists expect a reading of 56.1.

Corporate earnings

On Monday, Canadian Hydro Developers Inc. reports fourth-quarter results.

On Tuesday, CI Financial Income Fund reports fourth-quarter results, as does Canada Bread Co. Ltd.; George Weston Ltd., Magna International Inc., Maple Leaf Foods Inc., MDC Partners Inc., Russel Metals Inc., and Thomson Reuters Corp.

On Wednesday, Toronto-Dominion Bank reports first-quarter earnings.

Calloway REIT reports fourth-quarter results, as does Quebecor Inc.

On Thursday, CIBC reports first-quarter results, as does National Bank of Canada, and Royal Bank of Canada.

Biovail Corp. reports fourth-quarter results, as does Canam Group Inc., CAP REIT, Enerplus Resources, Nasdaq OMX Group Inc., and Torstar Corp.

On Friday, GMP Capital Trust reports fourth-quarter results, as does Cascades Inc.

IE