Business leaders condemn Trump's move to pull U.S. from Paris accord
U.S. WITHDRAWS FROM CLIMATE ACCORD
Top business leaders are distancing themselves from U.S. President Donald Trump after his decision to pull the United States out of the Paris agreement on climate change. Tesla CEO Elon Musk and Disney CEO Bob Iger have quit the president’s influential business advisory council. And Goldman Sachs CEO Lloyd Blankfein took to Twitter for the first time ever to express his disappointment.
BNN's Jameson Berkow will have more on the reaction from some of the biggest names in business – and consider how much pressure there might be on the rest of the President’s Strategic and Policy Forum members to take a stand.
We’ll also consider which country can step up to fill the void on climate leadership, and explore the business opportunities for clean tech companies.
And we’re trying to track down the mayor of Pittsburgh who’s condemning Trump’s decision even after the POTUS asserted yesterday he “was elected to represent the citizens of Pittsburgh, not Paris.”
LULU SURGES PRE-MARKET
Lululemon is rallying in pre-market trading after reporting a first-quarter profit beat last night. The forecasts are mixed. Regardless, investors evidently like what they see – including the company’s decision to shutter all but 15 of its ivivva stores. We’ll suss out the strategy with the company’s founder, Chip Wilson, at 10:10 a.m. ET.
DON’T MISS THESE INTERVIEWS
Former Encana CEO Gwyn Morgan joins us at 10:20 a.m. ET. He was booked to discuss Trans Mountain. But I suspect we’ll also get his thoughts on Trump’s climate decision. At 12:45 p.m. ET we’ve got Harry Rosen CEO Larry Rosen on the outlook for retail. And Edmonton Mayor Don Iveson joins us at 2:30 p.m. ET to talk about big cities' infrastructure needs.
CANADA TRADE SURPRISE
In Canada, some surprises in the trade file. The deficit shrank to $370 million in April after March's deficit was revised much higher to $936 million. Exports reached a record $47.7 million in April. And, potentially noteworthy for D.C.: Canada's exports to the U.S. jumped 5.4% to a record $36.1 billion.
U.S. JOBS WATCH
U.S. employers didn't live up to expectations last month. The world's largest economy added 138,000 jobs in May. The average estimate was 185,000. And the job gains for April were revised lower. Also, notably, average hourly earnings were in line with estimates and the unemployment rate unexpectedly dipped to 4.3 per cent.
OTHER NOTABLE STORIES
-The price of oil is under pressure today. WTI futures currently trading just south of US$47 per barrel, almost 3 per cent below yesterday’s close. No clear consensus on the driver. Some say it’s U.S. dollar strength. Also some suggesting it’s because of Trump’s climate decision. Regardless, we’ll keep you updated throughout the day.
-We’ll watch shares of Cardinal Energy after it announced late yesterday it’s paying $330 million for assets in SK and AB that will add 5,000 barrels of oil equivalent per day to the company’s production. The purchase is being funded in part with a bought deal financing priced at a slight discount to where CJ shares closed yesterday ($5.50 vs $5.77).
-Canada Goose just reported quarterly results for the first time as a public company. Q4 revenue surged 21.9% to $51.1 million while the net loss more than doubled to $23.4 million. The company also said it's targeting mid-to-high teen revenue percentage growth this fiscal year.
-Home Capital Group’s latest daily update shows its high interest savings account balance stood at $107.9 million on Wednesday versus $108.4 million on Tuesday. That said, there was a nearly $10-million uptick in its GIC deposits.
-Notable earnings: Canada Goose
-Notable data: Canadian trade balance, U.S. non-farm payrolls, U.S. trade balance
-9:00 a.m. ET: Justin Trudeau delivers remarks at Federation of Canadian Municipalities’ annual conference in Ottawa
-9:00 a.m. ET: Wal-Mart holds annual meeting in Fayetteville, Arkansas
-11:00 a.m. ET: Innovation Minister Navdeep Bains makes announcement in Mississauga, Ont. on automotive innovation
-12:00 p.m. ET: Alberta Justice Minister Kathleen Gangley launches provincial consultations on cannabis legislation
-2:00 p.m. ET: OSC holds follow-up hearing regarding allegations against Home Capital Group, Gerald Soloway, Martin Reid and Robert Morton
-4:00 p.m. ET: Transport Minister Marc Garneau holds media call from Pittsburgh after meeting with local business leaders and politicians
- St. Petersburg International Economic Forum continues
- World Department Store Forum continues in Toronto
Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.