Here are five things you need to know this morning
Trump not looking to renew trade deal
Donald Trump has spoken out on the upcoming review of the Canada-U.S.-Mexico Agreement. At a media availability yesterday, the U.S. President said, “I’m not looking to renew it, ” adding “We don’t need anything” that Canada or Mexico has. By July 1, all three countries must say whether they would like to renew the agreement for 16 years, or commit to annual reviews. On-and-off informal negotiations between the U.S. and Canada have been going on for months, and the latter has already indicated it’s interested in renewing the trade pact. The U.S. and Mexico, meanwhile, have said they’re making progress on their formal bilateral talks.
BNN Bloomberg at U.S.-Canada Summit
Against the latest backdrop set by the U.S. President, BNN Bloomberg is at The Eurasia Group’s U.S.-Canada Summit today in Toronto. We will have several exclusive live interviews, as well as coverage of speeches of some of the top officials from both countries.
Stocks set to rebound
Traders are buying the dip in stocks as a swift conclusion to the latest round of U.S. strikes against Iran raised expectations that talks over a peace deal and the reopening of the Strait of Hormuz will get back on track. S&P 500 futures rose 0.6% to recover from a five-week low. U.S. Central Command called an end to “additional self-defense” strikes about four hours after launching attacks on multiple targets in Iran, with Brent crude oil reversing gains to trade 1% lower near US$92.20 a barrel.
Dollarama tops expectations
Dollarama is reporting increased revenue and profit this morning, beating expectations. The Canadian discount retailer’s first quarter sales increased by more than 21 per cent, while profit jumped by 17 per cent. The company continues to see growth. Twenty-two new stores opened in Canada with another eight opening in Australia.
Transat A.T. reported weaker than expected second quarter results. Revenue was down 0.3 % from last year, while adjusted profit also saw a decline. The holiday travel company has been impacted by the fuel crisis caused by the war in Iran. Transat also says it plans to apply for the new federal funding program to offset the impact of fuel costs.
