Here are four things you need to know this morning
Inflation hits highest level in two years: Higher energy prices drove up Canada’s inflation rate to 2.8 per cent in April, reaching its highest level in nearly two years but coming in lower than economists had expected as core measures cooled. The conflict in the Middle East continued to push up gasoline prices last month, which rose by 28.6 per cent from a year ago. Excluding gasoline, the consumer price index rose by two per cent. While price growth reached its fastest pace since May 2024 and ticked up from 2.4 per cent in March, it was still lower than the 3.1 per cent rate economists were expecting.
Agnico moves ahead with $2.4B Nunavut mine: Agnico Eagle is moving ahead with a large gold mine in Canada’s far north. The company has given the green light to the Hope Bay mine in Nunavut, and plans to spend more than $2 billion on initial capital costs. The mine is expected to produce more than 400,000 ounces of gold annually. The project has been hailed by the federal government as an anchor for economic development in the arctic.
Mixed results for Home Depot: Shares of Home Depot traded lower in the premarket after a key metric in the retailer’s latest quarter missed expectations. Sales at locations open at least a year rose 0.6 per cent - slightly below analysts’ estimates. Adjusted profit beat expectations. Home Depot’s business has been hit by elevated interest rates and high housing prices, which have sparked a pullback in home purchases and upgrade projects.
Lululemon founder sees resolution to dispute: Chip Wilson, the billionaire founder of Lululemon, says he’s looking for a constructive path forward in his dispute with company management. In a statement, Wilson said “There is no reason why we cannot reach a resolution to this fight quickly. As of Friday last week, we seemed to be in full agreement on the principal terms.” Wilson, who is one of Lululemon’s largest shareholders but no longer holds any formal role with the company, has applied pressure for changes to the board, arguing the retailer needs new directors to help find a way out of a sales slowdown.
