Canada's inflation rate falls to three-year low – BNN Bloomberg

Here are five things you need to know this morning:

Inflation in Canada has fallen to its lowest level in more than three years: The latest figures from Statistics Canada show that the consumer price index (CPI) rose 2.5 per cent in July from a year earlier — down from the previous month's 2.7 per cent and in line with expectations. This is also the lowest annual inflation rate since March 2021. It is the seventh consecutive month that policy rates have been within the Bank of Canada's target range, putting the central bank on track to cut rates for a third straight meeting next month. On a monthly basis, the consumer price index rose 0.4 per cent, also in line with expectations.

Home improvement retailer Lowe's has lowered its sales and profit forecasts for the full year: After reporting declining sales for the sixth consecutive quarter, Lowe's said consumers are spending less than expected on home improvement projects as the macroeconomic environment remains challenging. The company says it continues to see success with both professional customers and online. In November 2022, Lowe's announced it would sell its Canadian operations to Sycamore Partners for $400 million. After the sale is completed in 2023, Sycamore began phasing out the Lowe's brand in Canada and replacing it with the new Rona banner, Rona+.

Gran Tierra Energy is a stock to watch today: The Calgary-based company is buying i-3 Energy in a cash and stock deal valued at about $308 million. i-3 is a Scotland-based oil and gas producer with assets in the UK and Canada. Gran Tierra says the deal will diversify its portfolio, as most of its projects are currently in Colombia and Ecuador.

Due to the weak market situation, Vancouver-based lumber company Interfor is restricting operations at two of its US locations for an indefinite period: The closure of the two sawmills in Georgia and South Carolina is expected to be completed by the end of September. Around 180 employees will be affected.

Today, there are several reports that Edgar Bronfman Jr. has officially submitted a $4.3 billion bid to acquire Paramount Global, beating an existing offer from Skydance Media: Bronfman's family has roots in Montreal – his grandfather founded the Seagram liquor company. Bronfman is currently chairman of FuboTV, a streaming television company that last week obtained an injunction to prevent the launch of sports streaming service Venu. He previously held executive positions at MCA and Warner Music Group.