Albertans vote today on secession question amid national unity stress
The vote is the first time the province has put a question on separation to voters.
Albertans are voting today in a referendum that asks whether the province should pursue independence from Canada. The ballot includes nine other questions on topics such as migrants' access to social programs and the future of the Senate. This marks the first time Alberta has put a secession question directly to voters. The vote occurs during a period of strain on national unity, with Quebec's newly elected separatist leader having vowed to hold an independence referendum. Prime Minister Mark Carney has sought to address Albertans' frustrations with the federal government, recently declaring a new bitumen pipeline a project of national interest. Analysts have pointed to Britain's experience leaving the European Union as a cautionary tale, arguing Alberta would pay a price to leave Canada and a larger one to return. The referendum follows reports of increased U.S. influence campaigns and comes amid overtures from U.S. President Donald Trump toward Canadian provinces.
Statistics Canada will release its September inflation report today. Market watchers generally expect the annual inflation rate to rise to 3.2 percent from 3 percent in August. RBC economists told clients they anticipate the rate will hold steady as food inflation eases. Higher fuel costs have kept inflation above the Bank of Canada's two percent target.
The central bank will also release reports on corporate outlooks and consumer expectations today. These arrive nine days before the Bank of Canada's next interest rate decision on Oct. 28. Governor Tiff Macklem said last week that persistently high energy prices make it difficult to ignore their inflationary impact. However, employment has declined for two consecutive months, forcing the bank to balance inflation risks against the potential harm of higher borrowing costs on a weak economy.
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A dispute continues between the federal government and U.S. steelmaker Cleveland-Cliffs over layoffs at its Stelco plants in southern Ontario. Ottawa insists the company must honour job commitments made when it purchased Stelco Inc., or face a potential forced sale of its Canadian assets. The company has blamed U.S. tariffs for the layoffs and said it is prepared for a legal fight. Industry Minister Mélanie Joly said last week that all options are being considered. "I'm always open to sit down with the company and find a solution, but we're looking at everything that is possible to keep jobs in Canada," Joly said at The Globe defence summit. Neither side appears willing to compromise in the standoff.
Rogers Communications will report its third-quarter earnings on Friday. Shares in Canada's three major telecom companies have fallen this year, with Rogers down about 13 percent, BCE down 11 percent and Telus down 33 percent. Rising bond yields have made telecom dividends less appealing to investors, and higher interest rates could increase refinancing costs for the firms, which together carry nearly $100 billion in long-term debt. Stagnant immigration and intense competition over cellphone prices are also hindering subscriber growth and revenue. Rogers has reduced its capital spending plans and intends to sell part of its sports holdings to help pay down debt.
The corporate earnings season intensifies this week with reports from Meta, Tesla, Texas Instruments and Netflix. Meta, reporting Wednesday, is among companies that have spent over $1 trillion on artificial intelligence data centres and infrastructure. Investors are watching for signs that this spending will generate profits. Shares in AI-focused companies declined last week, adding pressure to Meta's results. Tesla also reports on Wednesday. The automaker recently showed a new Roadster model that uses rocket-style thrusters and a suction system to drive upside down on a ramp. The company said production of the electric sports car would begin in 2028.
With files from The Globe and Mail