|
TSX
1D %
YTD %
|
26,692.32
0.2%
7.2%
|
|
|
TSXV
1D %
YTD %
|
724.26
0.6%
17.3%
|
|
|
S&P 500
1D %
YTD %
|
6,173.07
0.5%
5.2%
|
|
|
NASDAQ
1D %
YTD %
|
20,273.46
0.5%
5.2%
|
|
|
US 10Y
1D
YTD
|
4.29
5 bps
29 bps
|
|
|
DJIA
1D %
YTD %
|
43,819.27
1.0%
3.4%
|
|
|
CA 10Y
1D
YTD
|
3.31
3 bps
8 bps
|
|
|
CAD/USD
1D %
YTD %
|
0.731
0.3%
5.0%
|
|
GDP misses on soft manufacturing
Trump targets Digital Services Tax
Tecsys falls 10% on earnings
GDP misses on hurting manufacturing sector
GDP fell 0.1% M/M in April, weaker than estimates for a flat reading as a 0.6% decline in goods producing industries more than offset a 0.1% gain in services.
The manufacturing sector was the primary cause of the slowdown…
… as what’s been a multi-year downtrend has intensified following the implementation of tariffs, with motor vehicle manufacturing falling 5% versus March.
The slowdown has flowed through to wholesale sales which posted the steepest monthly drop in two years, led by a 7% decline in motor vehicles and parts.
Trump takes aim at Digital Services Tax
We got a classic Trump U-turn on trade to close out last week after Canada’s decision to keep the DST in place, with the first payment due today.
❝
Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know that Tariff that they will be paying to do business with the USA within the next seven day period.
Donald Trump - Truth Social post
His frustration makes sense, as the tax takes aim at a place the U.S. maintains a large trade surplus with Canada…
… at a time when the Trump administration is trying to reduce the surplus we enjoy in the cross-border flow of goods.
The knee-jerk reaction in markets was a sell-off in the loonie, before investors took stock of what this tax really is: a bargaining chip, and a big one at that.
At 3% of Canadian revenues, the retroactive charge carries a $2B price tag for the most influential set of companies on U.S. Congress. Let’s see how it develops.
Well into the Canada Day long weekend at this point, let’s pour one out for the juniors stuck in the office… gotta love market hours.
| Insider |
Company |
Value |
| Gunther Birkner |
CCL Ind. (CCL-B) |
$790K |
| Philip Kurtz |
Blackberry (BB) |
$117K |
| Dale Clark |
Cameco (CCO) |
$345K |
| Russell Hallbauer |
Taseko (TKO) |
$210K |
| Michael Medline |
Empire (EMP-A) |
$2.5M |
| Sarika Ahluwalia |
Propel (PRL) |
$757K |
| Clive Kinross |
Propel (PRL) |
$749K |
| Glenn Katz |
Telesat (TSAT) |
$663K |
| Gary Edelstein |
Propel (PRL) |
$553K |
| Steven Sinclair |
Kiwetinhok (KEC) |
$405K |
| Judith Athaide |
Kiwetinhok (KEC) |
$141K |
| Sime Armoyan |
Morguard (MRC) |
$1.8M |
| Dale Andres |
Artemis (ARTG) |
$296K |
| Larissa Conrad |
Vermilion (VET) |
$200K |
| Ross Beaty |
Equinox (EQX) |
$996K |
| Salim Manji |
Extendicare (EXE) |
$419K |
|
CAE Inc. (CAE)
1D %
YTD %
|
38.47
5.3%
5.4%
|
|
|
Tecsys (TCS)
1D %
YTD %
|
36.40
10.0%
20.6%
|
|
|
EQB Inc. (EQB)
1D %
YTD %
|
103.70
5.0%
4.8%
|
|
|
Lundin (LUG)
1D %
YTD %
|
67.51
7.9%
120.2%
|
|
|
Kits Eye (KITS)
1D %
YTD %
|
14.54
4.3%
72.5%
|
|
|
G Mining (GMIN)
1D %
YTD %
|
17.11
7.5%
58.4%
|
|
CAE jumped 5% on an upgrade from CIBC, who took their target from $38 to $44 on the back of strong industry tailwinds, with the broker revising long-term estimates higher. CAE’s new CEO should help, given his experience in the U.S. defense industry.
Tecsys fell 10% on earnings, which came in below expectations. The weakness was guidance-driven, with management calling for 8-9% adj. EBITDA margins (from 10-11%) and slower SaaS revenue growth of 20-22% in 2026 (from 29% in 2025).
FRIDAY’S ECONOMIC RELEASES
| Release |
Actual |
Consensus |
| 🇨🇦 GDP M/M |
-0.1% |
0.0% |
| 🇨🇦 GDP M/M Prel. |
-0.1% |
- |
| 🇺🇸 Core PCE Price M/M |
0.2% |
0.1% |
| 🇺🇸 PCE Price M/M |
0.1% |
0.1% |
| 🇺🇸 Personal Income M/M |
-0.4% |
0.3% |
| 🇺🇸 Personal Spending M/M |
-0.1% |
0.1% |
| 🇺🇸 Consumer Sentiment |
60.7 |
60.5 |
TODAY’S ECONOMIC RELEASES
| Release |
Time |
Consensus |
| 🇺🇸 Chicago PMI |
9:45AM |
43.0 |
|
WTI Crude
1D %
YTD %
|
65.08
0.2%
9.3%
|
|
|
Gold
1D %
YTD %
|
3,270.53
1.7%
24.6%
|
|
|
Nat Gas
1D %
YTD %
|
3.73
5.9%
3.7%
|
|
|
Silver
1D %
YTD %
|
35.91
2.0%
24.4%
|
|
|
Lumber
1D %
YTD %
|
627.16
1.5%
13.9%
|
|
|
Copper
1D %
YTD %
|
5.05
0.4%
26.9%
|
|
|
Soybean
1D %
YTD %
|
1,027.08
0.4%
2.8%
|
|
|
Aluminum
1D %
YTD %
|
2,598.85
0.3%
1.7%
|
|
|
Corn
1D %
YTD %
|
417.87
2.0%
8.8%
|
|
|
Wheat
1D %
YTD %
|
525.10
0.8%
4.8%
|
|
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