Canadian second-quarter labour productivity highlights the Canadian economic news of the day as U.S. markets receive the Department of Energy's oil inventories and Europeans hear from Bundesbank President Axel Weber.

At 7 a.m. EDT, the U.S. Mortgage Bankers association will release mortgage applications for the week ending Sept. 5. In the previous week, applications rose 7.5% week-over-week.

At 8:30 a.m. EDT, Statistics Canada will release second-quarter labour productivity figures. Economists expect a 0.3% increase from the previous quarter, when productivity declined 0.3%.

At 10:30 a.m. EDT, the Bank of Canada will switch C$300 million in various securities.

At 10:35 a.m. EDT, the U.S. Energy Information Administration will release oil inventories for the week ending Sept 5. Economists are expecting a 3500k draw in crude oil reserves following the previous 1898k decrease. Gasoline inventories are expected to fall 4500k following the previous 1037k decline. Distillate inventories are expected to subtract 2100k barrels after falling 413k in the previous week. Refinery utilization is expected to contract 8.7% after gaining 1.4% in the previous week.

At 12:30 p.m. EDT, Bundesbank President Axel Weber will speak at the 12th Banking Symposium of the University of Duisburg-Essen in Oberhausen, Germany.

7:00 US MBA Mortgage Applications W/E September 5 Prior: +7.5%

8:30 CA Labour Productivity (Q/Q) Q2 Exp: +0.3% Prior: -0.3%

10:35 US DOE U.S. Crude Oil Inventories W/E September 5 Exp: -3750K Prior: -1898K

10:35 US DOE U.S. Gasoline Inventories W/E September 5 Exp:-3450K Prior: -1037K

10:35 US DOE U.S. Distillate Inventory W/E September 5 Exp:-2150K Prior: -413K

10:35 US DOE U.S. Refinery Utilization W/E September 5 Exp:-8.70% Prior: +1.40%

12:30 DE ECB's Weber Speaks in Oberhausen, Germany

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008