Here are five things you need to know this morning:
Expect thin trading on U.S. Thanksgiving holiday: The Toronto Stock Exchange will be front and centre today, as the Thanksgiving holiday in the U.S. brings a brief respite from investors bellying up to markets south of the border. TSX futures are headed toward a positive open after the benchmark Canadian index closed yesterday at a new all-time high of 25,488. Results from Rogers Sugar are the only earnings of note this morning in Canada, numbers that showed higher profit and revenue, with both metrics coming in higher than last year and than forecasts. Markets in Asia and Europe are also mostly higher this morning.
Canada Post strike grinds to stalemate: We will be watching for developments in the ongoing labour dispute at Canada Post, after Canada’s labour minister announced that the mediator tasked with hammering out a deal says the talks are on pause as the two sides are too far apart. Steven MacKinnon says he hopes the two sides will take the time to “reassess their positions” and hopefully return to the bargaining table with “renewed resolve” to make a deal. The union, meanwhile, is planning a demonstration at the Ottawa HQ of the postal carrier this morning. The government says it has no plans to mandate the workers back through legislation.
Premiers push Trudeau on border crackdown: Canada’s premiers are urging the Prime Minister to do what Donald Trump wants and beef up security at the U.S. border. A meeting that the Prime Minister called with his provincial counterparts with the goal of presenting a united front has turned out to be anything but, with the premiers of Ontario, Quebec and Alberta issuing statements urging the federal government to step up its efforts or face the blame for punitive tariffs.
Mexico warns 400,000 jobs at stake amid Trump tariff fight: The trade vibes aren’t much more positive in Mexico, either, as that country’s president and prime minister say almost half a million jobs in the U.S. would be at risk if Trump follows through with his threat of an across-the-board 25 per cent tariff. Among other sectors, Mexico is a key cog in the automotive supply chain, as about 80 per cent of the pickup trucks sold in America are assembled in Mexico.
Grifols shares plunge after Brookfield balks on takeover bid: Shares in Spanish drug company Grifols are sliding lower for a second day in a row after Canada’s Brookfield Asset Management abandoned plans to take over the company with the backing of the founding family. The board of the company didn’t like the price Brookfield was offering, but with that offer now gone, investors are focusing on the business itself and are remembering the underlying governance and debt problems that have dogged the stock for much of the past year. The shares are down 14 per cent since Monday and have lost about a third of their value in 2024.