Here are four things you need to know this morning
Markets jolted by Israel attack on Iran: U.S. stock market futures traded sharply lower, and the price of crude oil jumped by the most since the beginning of the Russia-Ukraine war after Israel launched several strikes against Iran’s nuclear sites. Iran state media reports the attacks killed several senior military officials. Iran has vowed immediate retaliation against Israel and possibly even U.S. assets in the middle east. Israel has pledged more attacks, with Prime Minister Benjamin Netanyahu saying they “will continue for as many days as it takes to remove this threat.” U.S. President Trump has called the attacks “excellent.”
US$1.25 billion Dundee Precious Metals deal: Toronto-based Dundee Precious Metals is buying Adriatic Metals in a deal worth US$1.25 billion. Adriatic, based in the U.K., operates a silver project in Bosnia and Herzegovina. Dundee says the offer is a 51 per cent premium to Adriatic’s share price before takeover talks were announced last month. The proposed deal comes as silver prices hit 13-year highs earlier this month.
Roots still in the red: Canadian clothing retailer Roots has reported another quarterly loss, despite an increase in sales. The adjusted loss was smaller than the same period last year. The retailer’s direct-to-consumer sales through its retail stores and e-commerce was up 10 per cent. Roots says the sales growth is due to better product curation and customer experience as well as more available inventory. We’ll find out more when BNN Bloomberg speaks with Roots CEO Meghan Roach today, shortly after 10am ET.
U.S. wine exports to Canada plunge: U.S. wine exports to Canada, its largest customer, fell by the most in more than 20 years in April as consumers and government agencies continue their boycott of American booze in retaliation against U.S. tariffs. Wine shipments from the U.S. to Canada fell 93 per cent, the largest year-over-year decrease in monthly data from the U.S. Census Bureau going back to 2002. In March, Canadian provinces began removing U.S.-made alcohol from government-run stores in response to U.S. tariffs on Canadian goods, though some have recently resumed buying again. Canada still has a 25 per cent import tax on U.S. wine, which it implemented after the Trump administration started the tariff war.
