MORNING NEWS CALL

TOP NEWS • beats estimates, sees higher 2018 revenue Thomson Reuters reported slightly higher-than-expected first-quarter sales and earnings, and forecast low single-digit growth in 2018 revenue in its remaining business. • Trump to sit down with major automakers on fuel rules U.S. President Donald Trump will meet 10 major automakers at the White House to discuss the fate of landmark fuel efficiency stand- ards and a looming confrontation with California and other major states. • Bank of Canada, TMX say blockchain feasible for securities settlement Canada's central bank, operator TMX Group, and non-profit organization Payments Canada said that tests had shown blockchain technology can be used for automating instantaneous securities settlements. • Barclays CEO fined $870,000 for trying to identify whistleblower British regulators have fined Barclays Chief Executive Jes Staley 642,430 pounds for breaching conduct rules by attempting to identi- fy who sent letters criticising an employee of the bank, they said on Friday. • Britain's Zoopla, PrimeLocation bought by Silver Lake for $3 billion Silver Lake is buying Zoopla and PrimeLocation owner ZPG for 2.2 billion pounds, delivering a windfall for its largest shareholder the Daily Mail publishing group.

BEFORE THE 's main stock index futures edged higher, helped by stronger gold prices as soft inflation data, suggesting a slower pace for rate hikes, pushing the U.S. dollar lower. Wall Street futures were up. European stocks were largely flat, headed for their longest weekly winning streak in more than three years. Asian shares were cheered on by easing tensions on the Korean peninsula. Oil pric- es were little changed, hovering near multi-year highs as the prospect of new U.S. sanctions on Iran tightened the outlook for Middle East supply.

STOCKS TO WATCH

Results • Thomson Reuters Corp (TRI). The company reported slightly higher-than-expected first-quarter sales and earnings, and forecast low single-digit growth in 2018 revenue in its remaining business. Thomson Reuters reported quarterly revenue of $1.38 billion, up from $1.33 billion a year ago. Adjusted for special items, first-quarter earnings were 28 cents per share. Analysts on average were expecting revenues of $1.36 billion and earnings of $0.27 per share.

Others • TMX Group (X). Canada's central bank, Toronto Stock Exchange operator and non-profit organization Payments Canada said that tests had shown blockchain technology can be used for automating instantaneous securities settlements. The three organizations said that they had developed an integrated securities and payment settlement platform using a distributed ledger, the same technolo- gy that underpins cryptocurrencies like bitcoin, and found that cash and assets can be tokenized to complete an instant settlement.

WALL ST WEEK AHEAD Homebuilders poised for gains but face interest-rate fears Some investors are betting on shares of homebuilders to outperform U.S. stocks at large, but with interest rates expected to rise they may have to wait several months before those bets pay off. The U.S. economy looks ideal for homebuilding stocks to benefit. The unemployment rate has fallen to its lowest level in more than 17 years and consumer confidence is near the highest levels in 17 years, according to the Conference Board. And demand for housing in an already tight market is being supported by the many millen- nials seeking to purchase their first home, several investors said.

ANALYSTS' RECOMMENDATION • International Inc (FTT). Canaccord Genuity raises price target to C$38 from C$37 citing improving demand for construc- tion and equipment. • Inc (MGA). CIBC raises target price to $70 from $61 following the company’s increased 2018 guidance and better than expected profit.

ECONOMIC EVENTS (All timings in U.S. Eastern Time) 0830 Employment change for Apr: Expected 17,400; Prior 32,300 0830 Unemployment rate for Apr: Expected 5.8 pct; Prior 5.8 pct 0830 Full time employment change for Apr: Prior 68,300 0830 Part time employment change for Apr: Prior -35,900 0830 Participation rate for Apr: Prior 65.50 pct

COMPANIES REPORTING RESULTS May 11: Hydrogenics Corp (HYG). Expected Q1 loss of 13 cents per share Obsidian Energy Ltd (PWT). Expected Q1 loss of 5 Canadian cents per share Onex Corp (OCX). Expected Check earnings of 58 Canadian cents per share Power Corporation of Canada (POW). Expected Q1 earnings of 73 Canadian cents per share Thomson Reuters Corp (TRI). Expected Q1 earnings of 27 cents per share Westport Fuel Systems Inc (WPT). Expected Q1 loss of 10 cents per share

May 12: Gluskin Sheff + Associates Inc (GS). Expected Q3 earnings of 20 Canadian cents per share

CORPORATE EVENTS (All timings in U.S. Eastern Time) 0830 Thomson Reuters Corp (TRI). Q1 earnings conference call 0900 Cara Operations Ltd (CARA). Q1 earnings conference call 0900 Inc (EMA). Q1 earnings conference call 0930 Sienna Senior Living Inc (SIA). Q1 earnings conference call 1000 Algonquin Power & Utilities Corp (AQN). Q1 earnings conference call

2 1000 Chartwell Retirement Residences (CSH_u). Q1 earnings conference call 1000 Corp (LUN). Annual Shareholders Meeting 1000 Lundin Mining Corp (LUN). Shareholders Meeting 1000 New Flyer Industries Inc (NFI). Q1 earnings conference call 1030 Frontera Energy Corp (FEC). Q1 earnings conference call 1100 Badger Daylighting Ltd (BAD). Q1 earnings conference call 1100 Onex Corp (OCX). Check earnings conference call 1100 Power Corporation of Canada (POW). Annual Shareholders Meeting 1100 Pretium Resources Inc (PVG). Q1 earnings conference call 1100 Ritchie Bros. Auctioneers Inc (RBA). Q1 earnings conference call 1100 SSR Mining Inc (SSO). Q1 earnings conference call 1100 Corp (SLW). Q1 earnings conference call 1200 CES Energy Solutions Corp (CEU). Q1 earnings conference call 1330 Wheaton Precious Metals Corp (SLW). Annual Shareholders Meeting

EXDIVIDENDS Genworth MI Canada Inc (MIC). Amount C$0.47

(All analysts' estimates are according to Thomson Reuters I/B/E/S)

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