Here are five things you need to know this morning
Unemployment rate rises with 17,700 jobs lost: Canada’s unemployment rate rose to its highest in six months in April, as the economy lost 17,700 jobs. Employment losses were concentrated in information, culture and recreation, construction and in other services. The jobless rate increased for youth by half a percentage point to 14.3 per cent. Meanwhile U.S. employers added to payrolls for a second month in April, marking the first back-to-back advance in nearly a year, and the unemployment rate held steady. Non-farm payrolls rose 115,000.
Big day for Canadian earnings: It’s another busy day for earnings, with some of Canada’s biggest companies reporting their latest results. First quarter profit for Enbridge came in slightly above estimates. The Calgary-based energy company added $2 billion worth of projects this quarter, bringing its order backlog to $40 billion. Enbridge says price fluctuations, rapidly shifting geopolitical dynamics and unexpected supply disruptions have significantly impacted the energy landscape. Profit for Brookfield Asset Management rose 11 per cent, driven by strong fundraising and an increase in fee paying assets. The company raised $21 billion in new investment during the quarter. Aritzia’s latest quarter brought a 35% jump in profit and a revenue increase that was almost as high. The Vancouver-based company continues to open more boutiques and push a recently launched app. The retailer says profit grew despite the significant impact from tariffs and other duties. First quarter income for Telus fell a little more than eight per cent but met estimates. Revenue was also slightly down from last year, with the Vancouver-based company seeing a 40 per cent drop in mobile phone additions. Telus also announced a new CFO.
Ottawa granting Ford $464.5M for Ontario plant: Ottawa has granted $464.5 million to Ford to refit the automaker’s plant in Oakville, Ont. to make heavy-duty pickup trucks. The grant will help Ford produce 100,000 trucks annually and build a metal stamping facility by 2029. The plant used to make the Ford Edge and Lincoln Nautilus, but it closed for retooling as part of Ford’s $1.8-billion plan to make electric vehicles. About 3,000 people were laid off. But as the growth in EV sales slowed, Ford scrapped the EV plan.
Finance Minister on BNN Bloomberg: The federal government projected a nearly $67 billion deficit for 2025-2026 in its latest economic update - almost $12 billion lower than the previous estimate. The update outlined several measures, including spending billions on training and hiring skill-trade workers. Still, there are some concerns the deficit room is being used to spend more. BNN Bloomberg’s Amanda Lang spoke with Finance Minister Francois-Philippe Champagne, and he says given the fog of uncertainty, the move is to help Canadians in the time of need. Tune in to Taking Stock today at 3 P.M. E.T. to see the full interview.
Four mispriced stocks worth a second look: What makes a stock mispriced? BNN Bloomberg contributor Jon Erlichman spoke to investing veteran Liz Miller about four stocks she believes are out of sync with the trends driving the economy, including a pair of home builders and some well-known tech companies.
