Here are five things you need to know this morning
Canada inflation slows to 2.8% Y/Y
Canada’s inflation slowed more than expected last month. Data from Statistics Canada shows the annual rate of inflation eased to 2.8 per cent in June, lower than the 2.9 per cent rate economists were expecting. Gasoline prices eased, and the Bank of Canada’s preferred median and trim measures of core inflation dropped below 2 per cent for the first time in nearly six years. Grocery prices saw an increase annually, while shelter prices fell. Meanwhile, traveler accommodation surged more than 10 per cent on a yearly basis as the FIFA World Cup kicked off.
U.S., Iran engage in retaliatory attacks
The U.S. and Iran engaged in retaliatory attacks after three American military personnel were killed over the weekend. The latest attacks are inching toward an all-out war as last month’s interim deal meant to permanently end the conflict collapsed. The renewed fighting in the region has continued for nine straight days as the U.S. aims to stop Iran from targeting commercial and civilian vessels crossing the strait of Hormuz.
Brookfield Asset Management has announced a few deals today. The asset manager and CPP Investments have agreed to buy LXP Industrial Trust. The all-cash deal is valued US$5.2 billion at US$61.20 per share. It is set to close later this year. Brookfield is also getting a 49 per cent stake in Healthpeak Properties portfolio of outpatient medical buildings in the U.S., in a US$2.1 billion joint venture.
Domino’s Pizza reported revenue in its second quarter that beat analysts’ expectations, while profit missed the mark. Sales at its U.S. stores fell to the slowest pace in five quarters, suggesting consumers are continuing to pull back on dining out. International sales also saw a decline. The fast-food chain is ramping up its growth, however, opening 209 new stores.
