Here are five things you need to know this morning:

Quiet day on markets due to holidays in U.S. and Europe: It could be a quiet day on the markets today as trading in the U.S. and Europe is cancelled due to the Memorial Day holiday in New York, and a bank holiday in European trading hubs. In Toronto, the benchmark TSX index will start the week at 22,320. That’s within striking distance of the all-time intraday high of 22,554 it set last week, and if the TSX sets a new high water mark this week, it will likely be on the back of strong quarterly results from Canada’s big banks, which are set to reveal earnings in the coming days.

Indigo shareholders set to vote on deal: Shareholders of Indigo Books & Music are set to vote today on whether or not to accept a sweetened offer to take the company private at $2.50 a share. The offer comes from financier Gerry Schwartz, the spouse of CEO and founder Heather Reisman. Entities tied to Schwartz already had a controlling interest in the company, but the last offer would formally take the entire retailer private. For the deal to go ahead, the deal must get two-thirds of all votes, which seems assured since Schwartz-owned Trilogy Retail Holdings already controls about 60 per cent of the company. But a simple majority vote from shareholders not linked to Trilogy is also required. A special committee of independent directors has already given their blessing to the deal.

Elon Musk’s AI firm raises US$6B: Elon Musk’s artificial intelligence startup xAI has raised US$6 billion to ramp up operations. The company announced a series B round of funding over the weekend; the second major financing for the company in the year since it was founded. Musk was an early backer of ChatGPT-maker OpenAI before expressing caution about the venture, forming his own rival instead. The company says it plans to use the money raised to bring its products to market.

China pushes back at G7 ‘overcapacity’ allegations: After finance ministers from the G7 nations excoriated China for its anti-competitive trade policies in a joint statement on Saturday, Chinese officials responded with harsh words themselves on Monday, accusing economies in Europe and North America of constantly setting up “obstacles and limitations to China’s progress” that are “essentially protectionism.” The war of words comes as the two sides are digging in on tariffs on automobiles. U.S. President Biden recently rolled out tariffs of up to 100 per cent on some Chinese-made electric vehicles, and the European Union is considering similar levies. China, meanwhile, has signaled it is ready to slap tariffs of up to 25 per cent on imported cars with large engines.

Bombardier to defend itself against shareholder class action from 2018: Private jet-maker Bombardier says it will “vigorously defend itself” against allegations in a class action lawsuit stemming back to 2018 that former officers of the company made false or misleading statements about the firm. The Quebec Superior Court has authorized a plaintiff to sue the company and former officers for statements made between August and November 2018. “The court has not yet heard or ruled on the merits of the allegations underpinning this class action and Bombardier is currently reviewing … its options, including the possibility of filing an appeal,” the company said this morning.