Here are five things you need to know this morning
Stocks rally on Mideast peace optimism: North American stocks were set to open higher again, and the price of oil fell back, after U.S. President Donald Trump said a deal with Iran may be nearing, with a ceasefire between Israel and Hezbollah boosting hopes for broader peace. Trump says Iran has made new concessions and suggested a renewed truce may not be necessary, though officials say a full agreement could still take months. U.S. stock indices have surged to record highs this week, with the TSX about 400 points from its peak.
Canada presses for wider U.S. trade agreement: Canada-U.S. Trade Minister Dominic Leblanc says Ottawa wants to resolve trade frictions with the Trump administration as part of a comprehensive agreement, rather than through “one-off” deals. Speaking at the House of Commons Standing Committee on International Trade, Leblanc noted the issues U.S. officials raise privately are the same ones they’ve outlined publicly. A recent report by the U.S. Trade Representative’s office flagged Canada’s dairy system, amongst other long-standing trade concerns.
Netflix under pressure: Netflix shares were tanking in the premarket after the company issued a weaker-than-expected outlook and announced co-founder Reed Hastings will step down from the board. Netflix forecast second quarter profit below expectations, and projected revenue that also missed estimates. The company says it plans to boost spending on content and expand sports programming, even as leadership emphasized discipline following its failed bid for Warner Bros Discovery.
West Fraser taking charge on U.S. duties: West Fraser Timber says it expects to record a $73 million non-cash charge in Q1 due to preliminary softwood lumber duty rates. The anti-dumping and countervailing duties issued by the U.S. Department of Commerce are expected to be finalized and come into effect later this year. West Fraser is set to release its full quarterly results next week.
Feds to hold investment summit: The federal government has announced plans to hold the first-ever Canada Investment Summit this September in Toronto. The summit will convene the world’s largest investors, including top CEOs, entrepreneurs, and prominent global business leaders. The summit is focused on attracting new investment into Canada to advance nation-building projects, create new career opportunities for Canadians, and grow the economy. The summit will be hosted by the federal government in partnership with the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board.
