TSX 1D % YTD % | 26,342.29 0.1% 5.8% |
| TSXV 1D % YTD % | 718.27 0.2% 16.3% |
|
S&P 500 1D % YTD % | 5,939.30 0.5% 1.2% |
| NASDAQ 1D % YTD % | 19,298.45 0.8% 0.1% |
|
US 10Y 1D YTD | 4.39 3 bps 18 bps |
| DJIA 1D % YTD % | 42,319.74 0.3% 0.2% |
|
CA 10Y 1D YTD | 3.26 2 bps 3 bps |
| CAD/USD 1D % YTD % | 0.731 0.0% 5.1% |
|
Trade deficit hits record $7B
Vermilion sheds second non-core package
Pet Valu gets the monkey off its back
Trump vs. Musk heats up
Transat does $400M debt magic trick
Trade deficit hits record-breaking $7B
Well, we got history-making trade data yesterday as tariffs stalled out the flow of goods between Canada and the U.S., driving a $7B deficit - the largest on record.
If you’re looking to get under the hood of the headline number, we published a bite that’s light on words and heavy on charts. Check it out!
If you want the takeaway, not the details, here it is in one chart:
Vermilion sheds second non-core asset
Vermilion (VET) was up 4% after divesting its U.S. footprint for $120M. The transaction follows the sale of its Manitoba and Saskatchewan assets for $415M two weeks prior, as the company focuses on its core Western Canada/Europe footprint.
Pet Valu gets the monkey off its back
With the overhang on the stock from a large seller now gone and a more diversified shareholder base, PET’s multiple could continue to expand - reversing at least part of the contraction that has weighed on performance since it re-listed.
On Wednesday, we suggested the gloves could come off between the most powerful man and the richest man in America… it didn’t take long.
The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!
Donald Trump - Truth Social
Time to drop the really big bomb: Donald Trump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!
Elon Musk - X
Next time you’re triple-checking an email to make sure it’s mistake-free and reads well, remember that we’re all living in a deeply unserious world… it’s all the WWE.
| Insider | Company | Value |
|---|
| Jean Robitaille | Agnico (AEM) | $2.0M |
| Ammar Al-Joundi | Agnico (AEM) | $3.4M |
| Scott Thon | Aecon (ARE) | $202K |
| Duncan Card | OR Royalties (OR) | $368K |
| Chris Goodridge | VerticalScope (FORA) | $100K |
| Ana Cabral | Sigma Lithium (SGML) | $4.8M |
| Kenneth Dedeluk | Comp. Modelling (CMG) | $141K |
| Mehmet Yilmaz | Eldorado (ELD) | $2.8M |
| Stephen Smith | EQB Inc. (EQB) | $3.2M |
| Giuseppe Tassone | ATS Corp. (ATS) | $218K |
| John Hooks | PHX Energy (PHX) | $811K |
| Norman MacDonald | G Mining (GMIN) | $1.1M |
Transat (TRZ) 1D % YTD % | 1.92 16.4% 1.5% |
| Telus Int. (TIXT) 1D % YTD % | 3.63 13.2% 35.8% |
|
Fortuna (FVI) 1D % YTD % | 10.11 9.7% 63.9% |
| Descartes (DSG) 1D % YTD % | 138.95 12.1% 15.0% |
|
Ivanhoe (IVN) 1D % YTD % | 11.50 8.2% 32.6% |
| G Mining (GMIN) 1D % YTD % | 20.13 5.7% 86.4% |
|
Transat (TRZ) jumped 16% on the back of what’s being called a “favourable debt restructuring”. What that translates to in reality is nearly $400M of debt that the Federal government is making disappear… well isn’t that nice.
YESTERDAY’S EARNINGS
| Company | Actual | Consensus |
|---|
| 🇨🇦 Saputo (SAP) | 0.30 | 0.34 |
| 🇨🇦 Enghouse (ENGH) | 0.26 | 0.37 |
| 🇨🇦 Xtract One (XTRA) | -2.3M | -1.1M |
| 🇺🇸 Broadcom (AVGO) | 1.58 | 1.57 |
YESTERDAY’S ECONOMIC RELEASES
| Release | Actual | Consensus |
|---|
| 🇨🇦 Trade Balance | -$7.1B | -$1.5B |
| 🇨🇦 Exports | $60.4B | - |
| 🇨🇦 Imports | $67.6B | - |
| 🇨🇦 Ivey PMI | 48.9 | 48.3 |
| 🇺🇸 Trade Balance | $62B | -$94B |
| 🇺🇸 Jobless Claims | 247K | 235K |
| 🇺🇸 Continuing Claims | 1,904K | 1,910K |
| 🇺🇸 Nonfarm Productivity Q/Q | -1.5% | -0.8% |
| 🇺🇸 Labour Costs Q/Q | 6.6% | 5.7% |
TODAY’S ECONOMIC RELEASES
| Release | Time | Consensus |
|---|
| 🇨🇦 Unemployment | 8:30AM | 7.0% |
| 🇨🇦 Employment Change | 8:30AM | -15K |
| 🇨🇦 FT Change | 8:30AM | - |
| 🇨🇦 PT Change | 8:30AM | - |
| 🇨🇦 Participation Rate | 8:30AM | - |
| 🇨🇦 Hourly Wages Y/Y | 8:30AM | - |
| 🇺🇸 Non Farm Payrolls | 8:30AM | 130K |
| 🇺🇸 Unemployment | 8:30AM | 4.2% |
| 🇺🇸 Hourly Wage Y/Y | 8:30AM | 3.7% |
| 🇺🇸 Participation Rate | 8:30AM | - |
WTI Crude 1D % YTD % | 63.35 0.8% 11.8% |
| Gold 1D % YTD % | 3,356.57 0.5% 27.9% |
|
Nat Gas 1D % YTD % | 3.67 1.2% 2.0% |
| Silver 1D % YTD % | 35.69 3.5% 23.6% |
|
Lumber 1D % YTD % | 606.57 2.5% 10.2% |
| Copper 1D % YTD % | 4.90 0.5% 23.0% |
|
Soybean 1D % YTD % | 1,050.26 0.5% 5.1% |
| Aluminum 1D % YTD % | 2,479.20 0.4% 3.0% |
|
Corn 1D % YTD % | 437.82 0.2% 4.4% |
| Wheat 1D % YTD % | 544.99 0.3% 1.2% |
|
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