Here are five things you need to know this morning
Modest growth for Canadian economy: Canada’s economy grew modestly at the start of the year, ahead of the oil price shock fueled by the Iran war. Gross domestic product expanded by 0.1 per cent in January while preliminary data points to a 0.2 per cent increase in February. Statistics Canada data shows growth in January was driven by goods-producing sectors, which expanded by 0.2 per cent for the second month in a row. Gains in mining, quarrying and oil and gas extraction offset a decline in manufacturing.
Trump tells allies to fight for their own fuel: U.S. President Donald Trump has lashed out at allies for not supporting the U.S. war in Iran, arguing the U.S. will not fight for their interests as they struggle to get jet fuel blocked from traveling through the Strait of Hormuz. “You’ll have to start learning how to fight for yourself, the U.S.A. won’t be there to help you anymore, just like you weren’t there for us,” he wrote in a social media post. Earlier, Iran hit a fully laden Kuwaiti oil tanker off the coast of Dubai during a fresh wave of attacks around the Persian Gulf, a sign it’s willing to escalate strikes on energy assets as the war drags on.
Aya misses estimates: Aya Gold and Silver missed estimates for fourth quarter profit and revenue. On the upside, the Quebec-based miner beat estimates on silver production. The company says its silver mine in Morocco is now operating at steady state enabling significant cash flow further supported by a strong silver price environment. Looking ahead, Aya is focusing on advancing the development of another mine in Morocco which is currently undergoing a feasibility study. We’ll find out more when we speak with Aya CEO Benoit La Salle today on BNN Bloomberg at 3:20 p.m. E.T.
Eurozone inflation jumps: The euro area saw its steepest jump in inflation since 2022 as the Iran war continues to push costs higher. Consumer prices rose 2.5 per cent in March from a year earlier. Governments and central banks in the region are slashing their projections for economic growth and companies are bracing for a hit to demand among consumers. The European central bank is scheduled to make a decision on interest rates next month.
McCormick buying Unilever food assets: Unilever is combining its food business with spice maker McCormick & Co. in a deal that will give the owner of Hellmann’s mayonnaise control over a newly formed global seasonings and condiments company. Under the agreement, McCormick will pay the Anglo-Dutch company US$15.7 billion and the equivalent of $29.1 billion McCormick shares for a total of $44.8 billion for most of Unilever’s food business. The deal will help recast Unilever as a global leader in beauty, personal and home care while turning McCormick into a bigger competitor in the global packaged food business.
