TOP NEWS • Fed likely to ignore Trump's call to cut interest rates The U.S. Federal Reserve, leaning back against pressure from President Donald Trump to slash interest rates, is expected to leave borrowing costs unchanged as it maintains a 'patient' monetary policy stance amid strong economic growth. • Apple optimistic as accessories, iPhone price cuts help China sales Apple said sales in China were stabilizing and touted how increasing demand for services and accessories such as Apple Music and the Apple Watch helped offset a record drop in iPhone revenue. • China, U.S. hold 'productive' trade talks in Beijing China and the United States held "productive" trade talks in Beijing and will continue discussions in Washington next week, U.S. Treasury Secretary Steven Mnuchin said, as the two try to end their trade war. • Swiss Railways plans to put more Bombardier trains into service Swiss Federal Railways and Bombardier are making progress on resolving technical problems with passenger trains the Swiss have ordered and could put five more of them into service within weeks, the partners said. • U.S. Attorney General Barr to be questioned on Mueller report Attorney General William Barr will face pointed questions about his handling of the special counsel's report on Russia's role in the 2016 election when he testifies before Congress amid accusations he misrepresented the document's findings.

BEFORE THE BELL Futures for 's main stock index were higher tracking global equities, which were lifted by Apple's strong quarterly results. The dollar index was lower ahead of the interest rate policy decision from the U.S. Federal Reserve, which is expected later in the day. Most of the European and Asian markets were closed for the May Day holidays. U.S. crude prices fell after data showed a rise in U.S. inventories. Gold was down as investors developed more appetite for riskier assets. Markit's Canadian manufacturing PMI data is on the economic calendar.

STOCKS TO WATCH • Bombardier Inc (BBDb). Swiss Federal Railways (SBB) and Bombardier are making progress on resolving technical problems with passenger trains the Swiss have ordered and could put five more of them into service within weeks, the partners said. SBB said in February that new Bombardier FV-Dosto trains had yet to live up to expectations and that the companies were working to correct is- sues, including improving software and fixing problematic doors. SBB awarded Bombardier a 59-train contract in 2010, worth 1.9 bil- lion Swiss franc, but the first deliveries were made only in 2018. Amid problems, Bombardier agreed to add three more trains free of charge as compensation. Toni Haene, SBB's head of passenger transport, said that the plan was to put five more trains into service in addition to the 12 that have already been delivered.

ANALYSIS The debate behind Trump's move to tighten Iran oil sanctions U.S. President Donald Trump's unexpected decision to ban all Iranian oil purchases after May 1 - ending exemptions for eight nations - came after hawkish economic and security advisors allayed the president's fears of an oil price hike, according to three sources fa- miliar with the internal debate.

ANALYSTS' RECOMMENDATION • ARC Resources Ltd (ARX). CIBC cuts price target to C$16 from C$17, stating the company’s cash flow was weaker than expected and due to higher general and administrative expense. • Inc (SHOP). CIBC raises price target to $260 from $240, reflecting on the company's strong first quarter result and higher 2019 guidance. • Sleep Country Canada Holdings (ZZZ). cuts price target to C$22 from C$24, saying the company’s sea- sonally adjusted unit sales and single housing starts declined, and home prices were lower, placing pressure on first quarter sales. • Corp (T). Canaccord Genuity raises price target to C$52 from C$51, citing a strong EBITDA growth in financial year 2019, continued subscriber market share gains and modest free cash flow generation.

ECONOMIC EVENTS (All timings in U.S. Eastern Time) 0930 Markit Manufacturing PMI SA for Apr: Prior 50.5

COMPANIES REPORTING RESULTS May 1: Cameco Corp (CCO). Expected Q1 loss of 4 Canadian cents per share Canfor Corp (CFP). Expected Q1 loss of 15 Canadian cents per share CGI Inc (GIBa). Expected Q2 earnings of C$1.17 per share Inc (CSU). Expected Q1 earnings of $7.40 per share Fortis Inc (FTS). Expected Q1 earnings of 73 Canadian cents per share Activewear Inc (GIL). Expected Q1 earnings of 15 cents per share Ltd (L). Expected Q1 earnings of 80 Canadian cents per share Financial Corp (MFC). Expected Q1 earnings of 70 Canadian cents per share Open Text Corp (OTEX). Expected Q3 earnings of 61 cents per share Suncor Inc (SU). Expected Q1 earnings of 52 Canadian cents per share Whitecap Resources Inc (WCP). Expected Q1 earnings of 7 Canadian cents per share Yamana Gold Inc (YRI). Expected Q1 earnings of 1 cent per share

May 2: AltaGas Ltd (ALA). Expected Q1 earnings of 67 Canadian cents per share Baytex Energy Corp (BTE). Expected Q1 earnings of 5 Canadian cents per share BCE Inc (BCE). Expected Q1 earnings of 78 Canadian cents per share Bombardier Inc (BBDb). Expected Q1 loss of 1 cent per share Fairfax Financial Holdings Ltd (FFH). Expected Q1 earnings of $24.43 per share Great-West Lifeco Inc (GWO). Expected Q1 earnings of 77 Canadian cents per share Linamar Corp (LNR). Expected Q1 earnings of C$2.18 per share Maple Leaf Foods Inc (MFI). Expected Q1 earnings of 31 Canadian cents per share Norbord Inc (OSB). Expected Q1 earnings of 7 cents per share Corp (PPL). Expected Q1 earnings of 62 Canadian cents per share Snc-Lavalin Group Inc (SNC). Expected Q1 earnings of 33 Canadian cents per share Toromont Industries Ltd (TIH). Expected Q1 earnings of 50 Canadian cents per share

CORPORATE EVENTS (All timings in U.S. Eastern Time) 0830 Inc (CG). Q1 earnings conference call 0830 Fortis Inc (FTS). Q1 earnings conference call 0900 CGI Inc (GIBa). Q2 earnings conference call 1000 First National Financial Corp (FN). Q1 earnings conference call 1000 Loblaw Companies Ltd (L). Q1 earnings conference call 1030 Genworth MI Canada Inc (MIC). Q1 earnings conference call 1100 Centerra Gold Inc (CG). Annual Shareholders Meeting 1100 Seven Generations Energy Ltd (VII). Annual Shareholders Meeting 1100 Whitecap Resources Inc (WCP). Q1 earnings conference call 1300 Cameco Corp (CCO). Q1 earnings conference call 1600 Canfor Corp (CFP). Annual Shareholders Meeting 1700 ARC Resources Ltd (ARX). Annual Shareholders Meeting 1700 Gildan Activewear Inc (GIL). Q1 earnings conference call 1700 Open Text Corp (OTEX). Q3 earnings conference call

EXDIVIDENDS There are no major exdividends for the day.

(All analysts' estimates are according to I/B/E/S Refinitiv data.)

2 PICTURE OF THE DAY

An opposition demonstrator with wounds gestures in front of a burning bus, while holding a rock, near the Generalisimo Francisco de Miranda Airbase "La Carlota" in Caracas, Venezuela, April 30.

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