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Here are five things you need to know this morning
Trade deal not imminent: Prime Minister Mark Carney has lowered expectations about reaching a trade agreement with the U.S. in the next 10 days. After meeting with provincial leaders Tuesday, Carney said Canada will not accept a bad deal… and the federal government is pursuing an agreement that will be in the best interest of Canadians. Carney added that the talks have been difficult because the Trump administration keeps changing its goals. Carney’s government is making a push to get a deal by Aug. 1 — the date on which U.S. President Donald Trump has threatened to levy tariffs of 35 per cent on some Canadian goods that aren’t covered under the existing North American free trade pact.
U.S. – Japan trade deal: Meanwhile, Trump has reached a trade deal with Japan that will impose 15 per cent tariffs on imports including automobiles, while creating a US$550 billion fund for investments in the U.S. The agreement spares Japan from a threatened 25 per cent tariff that was set to take effect next week. The agreement has given an overall boost to global financial markets, as well as some specific sectors. Shares in Japanese carmakers jumped in Tokyo, with Toyota rising by as much as 16 per cent.
CN Rail cuts forecast: Shares of Canadian National Railway traded lower in the premarket, after the company reduced its 2025 profit forecast and removed its outlook entirely for next year. CN now expects earnings per share to rise in the “mid to high single-digit range” this year, a sharp cut from earlier guidance that called for 10 to 15 per cent growth. The company says there’s too much uncertainty and volatility in trade policy to stick with a longer-term forecast. “A few months ago, the trade deals seemed imminent,” CEO Tracy Robinson said during a call with analysts, “and instead, there is an increasing uncertainty around the tariff and trade environment — particularly in Canada — and some concerns over weakening macroeconomic environment.”
Rogers tops estimates: Rogers Communications beat analysts’ estimates in the second quarter, posting higher sales in its wireless and media divisions. The telecom giant also raised its 2025 revenue outlook after buying control of Toronto’s basketball and hockey teams. Rogers now expects total revenue to grow between three to five per cent this year — though the company is sticking with its previous profit forecast. Rogers’ wireless unit, its largest business, added 35,000 postpaid mobile subscribers during the quarter.
‘Meme stocks’ roar back: Don’t look now, but ‘meme’ stocks are back. Share prices of certain small-cap stocks have soared of late, driven by promotion on social-media sites such as Reddit. Wednesday morning,shares of wearable camera maker GoPro soared 39 per cent in premarket trading, doughnut maker Krispy Kreme was up 20 per cent and Beyond Meat jumped 16 per cent. Shares of retailer Kohl’s more than doubled on Tuesday, and home-flipper Opendoor Technologies has soared more than 480 per cent over the past month. So-called ‘meme’ stocks leapt to prominence during the COVID-19 pandemic, led by trading in videogame retailer GameStop.