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5 Things to Know Today: BoC Decision Looms, TSX Sits Near Record Highs

  Saturday, July 11, 2026 Here's what Canadians need to know heading into the week, as markets brace for the Bank of Canada's rate decision and the CUSMA trade file keeps grinding along. 1. The Bank of Canada decides Wednesday, and a hold is all but locked in The Bank of Canada's next rate announcement lands July 15, and virtually every economist on Bay Street expects the overnight rate to stay parked at 2.25% — what would be a sixth straight pause. A stronger-than-expected June jobs report has taken away any urgency to cut, while cooling inflation and lingering trade uncertainty argue against a hike. Expect the accompanying statement to lean on familiar language: steady as she goes. 2. June's jobs report beat expectations, and the jobless rate ticked down Statistics Canada reported employers added roughly 18,000 jobs in June, ahead of forecasts and building on May's much larger 88,000-job gain. The unemployment rate slipped to 6.5%, back to where it stood in Januar...
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Northvolt Bankruptcy Casts Shadow Over Quebec EV Battery Plant

Swedish electric vehicle battery manufacturer Northvolt has filed for bankruptcy, raising concerns about the future of its ambitious $7-billion battery plant project in Quebec. The company cited rising capital costs, geopolitical instability, supply chain disruptions, and shifts in market demand as key factors leading to its financial collapse.

Despite the parent company's bankruptcy, Northvolt North America, a subsidiary, has stated that it remains solvent and intends to honor its obligations. However, the fate of the Quebec plant, known as Northvolt Six, remains uncertain. The project, located near Montreal, was expected to produce battery cells and cathode active materials for electric vehicles, with operations powered entirely by hydroelectric energy.

The Quebec and Canadian governments had pledged significant financial support for the project, with investments totaling billions of dollars. Quebec's Economy Minister Christine Fréchette expressed disappointment but emphasized the government's commitment to finding a buyer to take over Northvolt's North American operations and revive the project.

The bankruptcy marks a significant setback for Northvolt, which had been a key player in Europe's efforts to reduce reliance on Asian battery manufacturers. The future of the Quebec plant now hinges on the decisions of a court-appointed trustee and potential new investors.

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