Here are five things you need to know this morning
BCE cuts dividend by 56%: BCE has cut its dividend by 56 per cent – the company’s first dividend reduction in 17 years. CEO Mirko Bibic says the move will strengthen BCE’s balance sheet, while maintaining flexibility in a time of economic uncertainty. The move follows months of pressure from analysts and investors. The company also announced a partnership with Canada’s Public Sector Pension Investment Board to expand its fibre infrastructure business in the U.S. Operating revenue and adjusted profit fell in the first quarter, but earnings topped expectations. CEO Mirko Bibic will discuss BCE’s dividend decision, as well as its future growth plans, in an interview on BNN Bloomberg today at 3 p.m. eastern time, noon pacific. BCE is the parent company of BNN Bloomberg through its Bell Media division.
Shopify forecast disappoints: Shopify shares traded lower in the premarket after the company projected sales in the current quarter that just met expectations. In the quarter just ended, gross merchandise volume, the overall value of merchant sales across Shopify’s systems, slightly missed analyst projections. The big question for the company at this point is how the trade war will affect its business, which sells software used by e-commerce companies. Many of those businesses source goods from China, which faces the steepest U.S. tariffs. Shopify will also be affected by the closing this month of a tariff loophole called “de minimis,” which let shipments from China of US$800 or less enter the U.S. duty-free.
Nutrien misses expectations: Nutrien missed profit expectations in its latest quarter. The Saskatoon-based fertilizer giant was hit with lower potash prices and weather disruptions that affected sales in the U.S. and Australia. Nutrien is maintaining its 2025 outlook as it expects demand to increase. The company previously said sales volumes of nitrogen and potash could hit a record high this year amid potentially higher corn plantings in the U.S. and Brazil.
Trump touts U.K. trade deal: Donald Trump says the U.S. has secured what he described as a comprehensive trade agreement with the United Kingdom, marking the first of his promised deals with countries around the world. The U.S. president said in a post on his social media platform that Thursday would be an “exciting day” for the two nations, with the White House promising details in a press conference at 10 a.m. in Washington. Any agreement is likely to be limited. A U.K. official told Bloomberg News that the announcement will set out general terms and focus on specific sectors. U.K. Prime Minister Keir Starmer is due to speak about the deal later on Thursday.
Macklem news conference: We will hear from Bank of Canada Governor Tiff Macklem today. The BoC is set to release its annual Financial Stability Report at 10 a.m. eastern time, followed by a news conference at 11 a.m. While the report, and Macklem’s comments, will be closely watched, analysts at Scotiabank say they are unlikely to be market-moving, as Macklem’s practice is to separate the stability report from discussions on monetary policy.
