Here are five things you need to know this morning
China-U.S. trade ‘deal’ underwhelms: Stock market futures indicated a lower opening for North American shares as investors showed disappointment with a trade announcement from the United States and China that was thin on details. The countries capped two days of high-stakes trade talks with a plan to revive the flow of sensitive goods. U.S. Commerce Secretary Howard Lutnick said the Chinese had pledged to speed up shipments of rare earth metals critical to U.S. auto and defence firms, while Washington would ease some of its own export controls. U.S. President Donald Trump says the deal is “done,” subject to approval by Chinese leader Xi Jinping.
U.S. inflation stays moderate: U.S. inflation ticked up by less than expected in May. The consumer price index rose 0.1 per cent compared to the month before. The annualized inflation rate rose to 2.4 per cent. Consumer prices showed little sign of tariff-related increases for the third month in a row, defying expectations of a significant rise in inflation tied to ongoing U.S. trade wars.
Dollarama profit beats estimates: Profit in the latest quarter at Dollarama rose by 27 per cent, topping expectations. The Montreal-based discount retailer says the growth was primarily driven by strong demand for consumables such as food beverages and cleaning supplies, as well as seasonal offerings.
$670M acquisition by WSP Global: Montreal professional services firm WSP Global is buying British consulting firm Ricardo. The move will increase WSP’s presence in the U.K., Australia and the Netherlands. WSP plans to continue a strategic review of Ricardo’s automotive, industrial and performance products businesses. The deal is valued at $670 million.
Shareholders push for changes at Reitmans: A group of shareholders of clothing retailer Reitmans have requested a meeting with the company’s board. The shareholders are asking the company to address governance concerns and what they call “stagnation of shareholder value.” The shareholders own about a third of Reitmans stock. The Montreal-based company has existed for almost 100 years, and still has more than 400 locations, including the RW& Co. and Penningtons banners. It’s set to deliver first quarter results and hold its annual meeting on June 17.
