Here are five things you need to know this morning:
U.S. inflation cools to 2.5%: The U.S. inflation rate cooled to 2.5 per cent in August. The figure was a significant slowdown from July’s pace, but in line with economist expectations. The headline rate is now at its lowest level since March 2021. The core rate, which strips out volatile items like food and energy, came in at 3.2 per cent, also in line with expectations. But on a monthly basis, the core rate ticked up 0.3 per cent. That’s the most in four months.
Profits and sales grow at Dollarama: Profit grew by more than expected at Dollarama last quarter. The discount retailer posted quarterly results premarket this morning, numbers which showed net income rose by 16 per cent to just over $285 million. Same-store sales grew by almost five per cent, ahead of analyst expectations but a significant slowdown from the previous pace.
CN downgrades profit forecast: CN Rail has downgraded its forecast for the full year, citing recent labour uncertainty and the impact of Alberta wildfires for an expected slowdown in profits. The rail carrier was previously expecting its earnings per share to grow in the mid to high-single digits in percentage terms, but now says that figure will be in the low single-digit range.
RBC warns on tax regime: The head of this country’s biggest bank says Canada is on the wrong economic track and needs to adjust its tax policies in order to fix it. Royal Bank CEO Dave McKay told the audience at a business conference in Toronto yesterday that the federal government’s recent moves to raise capital gains taxes will make the economy less competitive and hold back entrepreneurial risk taking.
Trump Media shares slump after debate: Shares in Trump Media & Technology are down by as much as 18 per cent in premarket trading on Wednesday following the U.S. presidential debate on Tuesday.
