The Daily Chase: GDP comes in softer than expected

Here are five things you need to know this morning.

StatCan releases quarterly GDP numbers: Statistics Canada reported first quarter GDP numbers this morning, showing the economy grew at a 1.7 per cent pace. That’s less than the 2.2 per cent forecast. Odds of a rate cut on the soft numbers inched up this morning, increasing the odds of a central bank move next week.

WestJet strikes second deal with Encore pilots: After pilots of its Western Canada-focused regional carrier Encore rejected a first deal, WestJet has managed to hammer out a new deal with the pilots union, just ahead of a strike and/or lockout that was set to happen as soon as this weekend. Pilots have to vote on the new pact, but the preliminary agreement presumably takes that possibility off the table for now, at least.

Wildfire nears Cenovus gas compressor station: An “out of control” wildfire has emerged just north of Grande Prairie, Alberta that’s troublingly close to a number of oil and gas facilities. The almost four-acre blaze near the B.C. border is within four kilometres of Canadian Hunter Exploration Ltd.’s gas compression station, which is operated by Cenovus. The facility is also near a number of Canadian Natural Resources gas pipelines.