Here are five things you need to know this morning
Honda confirms suspension of Ontario EV plant: Honda has confirmed it is indefinitely suspending development of its planned $15 billion electric vehicle project in Ontario, as the company shifts its strategy toward hybrid vehicles amid weakening EV demand and changing U.S. policy. The announcement comes as Honda posted its first-ever full-year loss. The company partly blames the high costs associated with its EV transition and policy changes under the administration of U.S. President Trump.
Home sales edge higher: Canadian home sales edged higher in April as lower prices and the arrival of the spring housing season brought more buyers back into the market. According to the Canadian Real Estate Association, national home sales rose 0.7 per cent from March, while the benchmark home price slipped 0.1 per cent— the slowest monthly decline since October. New listings also climbed more than four per cent.
Chinese president Xi Jinping signals openness with U.S.: Xi Jinping signaled China is moving toward greater openness, striking an upbeat note during his meeting with U.S. business leaders accompanying Trump as the two presidents wrapped up morning talks that featured more divisive issues like trade and Taiwan. “American enterprises are deeply involved in China’s reform and opening up, a process from which both sides have benefited,” Xi told more than 10 business representatives gathered at the Great Hall of the People in Beijing. “China’s door to the outside world will only open wider.” Executives at the meeting included Tesla’s Elon Musk, Apple’s Tim Cook, Boeing’s Kelly Ortberg and Nvidia’s Jensen Huang.
Canadian Tire slowdown: Canadian Tire’s second quarter results were weaker-than-expected, as softer consumer spending weighed on sales at its core retail business. Revenue and earnings both missed analyst forecasts, with comparable sales declining one per cent overall. The company says sales growth at Sportchek and Mark’s helped offset weakness at its flagship Canadian Tire retail division.
Manulife Q1 miss: Manulife Financial posted first-quarter earnings that slightly missed analyst expectations, though the insurer continued to see growth in its international business and wealth management operations. Manulife highlighted momentum in Asia, where core earnings rose 22 per cent year-over-year, driven by growth in key regional markets and continued demand for insurance and wealth products.
