🇨🇦*CANADIAN ECONOMY CONTRACTS AT A 1.1% ANNUAL RATE IN 2Q

StatsCan: Increases in investment in business inventories, government final consumption expenditures, business investment in machinery and equipment, and investment in new home construction and renovation were not sufficient to offset the declines in exports (-4.0%) and home ownership transfer costs (-17.7%), which include all costs associated with the transfer of a residential asset from one owner to another. Imports were flat in the second quarter.