top of page

Buyers eclipse sellers in premarket trading



Five notable events are making waves this morning.


Total eclipse of the chart: Today, parts of Canada and the U.S. are gearing up for a total solar eclipse, a rare occurrence that hasn't been witnessed for decades. While it's a celestial spectacle, its direct market impact is somewhat muted. Nonetheless, businesses in the tourism sector, including airlines, car rentals, and accommodations, are witnessing a surge in demand as people flock to catch a glimpse of this cosmic event. Notably, the solar power industry is bracing for a temporary reduction in output, potentially affecting around 30 gigawatts of solar energy generation, mainly in regions accustomed to ample sunlight. However, the eclipse's true economic impact may stem from unforeseen factors like potential eye damage or disruptions to daily operations, rather than direct market shifts.


Gildan shareholder seeks court order to halt sale: In the ongoing saga surrounding apparel company Gildan, major shareholder Browning West is intensifying efforts to influence the company's fate. Browning West is petitioning Quebec’s Superior Court to prevent any sale of Gildan until a crucial shareholder vote slated for the end of next month. The dispute originates from the removal of long-time CEO Glenn Chamandy by the board late last year, a move contested by Browning West and other shareholders. With rumors circulating about a potential sale, Browning West insists that any transaction must await the shareholder vote on May 28, where it aims to install a new slate of directors.


Canadian housing problem on track to worsen, RBC says: RBC's latest report paints a grim picture of Canada's housing crisis, suggesting that without substantial systemic changes, the situation will deteriorate further. According to RBC, over half of the projected 1.9 million new households in the next five years won't be able to afford homeownership under current conditions. Moreover, nearly 40% of these households won't afford market-rate rentals either, exacerbating the housing shortage. The report underscores the urgent need for comprehensive solutions to address housing affordability, posing significant challenges for Canada's economy.


Airbus Canada workers reject latest contract offer: In a concerning development, workers at Airbus' Mirabel, Quebec facility have rebuffed the company's recent contract proposal, raising the specter of potential labor actions. Despite Airbus' offer of over 10% wage increases over a three-year period, the union representing more than 1,300 workers deems the offer "totally unacceptable." Airbus cites financial constraints, particularly concerning its A200 aircraft, as a backdrop to the negotiations. The impasse underscores tensions between labor and management in the aerospace industry.


More problems at Boeing: Boeing faces another day of turbulence following an incident involving one of its 737 jets. During takeoff on a flight from Denver to Houston, a piece of the engine cover dislodged, striking the wing and prompting an emergency landing. This incident adds to Boeing's recent string of safety concerns, including previous incidents with its MAX jets. While no injuries were reported, the FAA is investigating the matter, further challenging Boeing's reputation and highlighting ongoing safety issues in the aerospace sector.


6 views

Comments


service.png
  • Instagram
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube
  • TikTok
Email Support Photos_Square.png
bottom of page