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Welcome to the May edition of the Wealth Awesome newsletter. Thank you to the 17,000+ 🇨🇦 subscribers who join us today!
Market Update
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Summary
Tariffs, Tensions & Teetering Growth: Canada Tiptoes Through Trade Turbulence
Canada’s economic momentum slowed in April as U.S. tariffs weighed on key manufacturing sectors, including transportation equipment and metal products, leading to a modest 0.1% GDP gain.
While these trade headwinds dampened industrial output, consumer demand held up, with retail sales and Alberta’s oil production showing resilience.
May data remains mixed: manufacturing stayed soft with weaker hours worked and employment declines in trade-sensitive industries, but overall job growth persisted.
Inflation effects from tariffs appear muted so far—consumer price growth rose slightly to 1.8% year-over-year in May, driven mostly by domestic service costs rather than import price pressures. The Bank of Canada’s core CPI measures likely eased modestly, as energy prices stayed subdued following carbon tax removal.
⏱️ TLDR: On the balance here across economic data and tariff impacts, we could sneak through here to a positive upside.
Key Takeaways 💡
1. Tariffs are cooling growth and hurting manufacturing jobs, but broader economic impacts are cushioned—for now.
2. Inflation pressures are driven more by domestic services than by tariff-related import costs at this stage.
Market Update
Canadian stocks over the last 30 days (end May - June 2025)
The Canadian stock market has seen mixed performance, with standout gains in tech, energy, and uranium mining, while retail, transportation, and utilities faced notable declines.
Shopify (SHOP) surged impressively (+12.20%), and Cameco (CCJ), the uranium giant, was a major winner (+21.71%), reflecting strong investor interest in tech and clean energy themes.
On the flip side, Lululemon (LULU) plunged (-25.50%), likely tied to earnings disappointment or weak forward guidance, and TransCanada (TRP) fell sharply (-6.88%) amid regulatory and cost concerns in the pipeline sector.
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Thats it for this month!
The Wealth Awesome Team
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