Global Markets
Canadian Markets
Canada’s TSX rose on Monday, led by strength in the energy sector as oil prices surged roughly 3%, on a reemergence of geopolitical risk. The Bank of Canada’s latest survey highlighted a notable shift in perceived macroeconomic risks for Canada. Respondents, drawn from banking, asset management, insurance, and pension sectors identified geopolitical tensions as the dominant downside risk, surpassing worsening trade tensions and tightening global financial conditions. This marks a meaningful change in risk hierarchy, suggesting that global conflict dynamics are now viewed as a larger threat to Canada’s growth outlook than traditional trade friction with the United States. The findings underscore how energy-driven inflation shocks and supply chain vulnerabilities are increasingly shaping expectations for both growth and monetary policy.
American Markets
U.S. markets traded higher, but the advance was uneven beneath the surface, reflecting a market balancing AI-driven semiconductor momentum against macro uncertainty tied to inflation risks. Strength in semiconductor names, supported by continued demand expectations around AI infrastructure, data center buildouts, and advanced chip pricing helped anchor indixes and provided the primary upside driver for the broader technology complex. This kept major benchmarks in positive territory even as leadership remained narrow, with gains concentrated in a handful of high-weighted chip and hardware stocks rather than across sectors.
Investors look towards key inflation releases this week, the consumer and producer price data which will help determine how quickly recent energy price increases are filtering into core inflation measures.
European Markets
European markets traded mixed as investors digested a combination of stabilizing inflation signals and continued sector-specific divergence across the region. Data reported showed that German property prices rose 2.2% in Q1 of this year.Norway’s inflation data came in line with expectations which reinforced a narrative of gradual disinflation rather than reacceleration, helping to anchor rate expectations for the Norges Bank.
UK markets moved higher, led by strength in mining and commodity sectors. However, domestic economic data showed a cooling UK labour market, with weaker hiring and easing wage pressures pointing to slowing economic momentum.
Corporate Stock News
Albemarle Corp (ALB) – Jefferies raised its price target to $244 from $230 following strong first-quarter earnings that exceeded expectations.
Alibaba Group Holding Ltd (BABA) – The company is integrating its Qwen AI platform with Taobao to enable conversational AI-driven shopping across a catalog of more than 4 billion products.
Apollo Global Management Inc (APO) – The firm is reportedly exploring a sale of its MidCap Financial Investment unit amid rising credit stress and increasing defaults in its private credit portfolio.
Avalo Therapeutics Inc (AVTX) – Piper Sandler raised its target to $60 from $48 after positive Phase 2 LOTUS trial results for abdakibart in hidradenitis suppurativa.
Barrick Mining Corp (ABX:CA) (GOLD) – The company beat earnings expectations as record gold prices offset lower production, with realized gold prices surging sharply year-over-year.
Boeing Co (BA) – Boeing continues investigating a fatal workplace accident at its Wichita facility while reinforcing safety protocols and operational reviews.
Brookfield Asset Management Ltd (BAM:CA) – JPMorgan lowered its price target to $56 from $60 despite the company beating distributable earnings expectations in Q1.
Canadian Natural Resources Ltd (CNQ:CA) (CNQ:CA) – JPMorgan raised its target to C$73 from C$70 following stronger-than-expected Q1 earnings.
General Motors Co (GM) – GM agreed to a $12.75M settlement over allegations of improper sale of driver data, along with new restrictions on future data usage.
GlobalFoundries Inc (GFS) – Susquehanna raised its target to $125 from $100, citing improved earnings trajectory expectations.
Nvidia Corp (NVDA) – Nvidia was referenced in export-related allegations involving AI servers shipped to China, though compliance with export controls was reaffirmed by involved parties.
Palantir Technologies Inc (PLTR) – Reports indicate NHS staff working with Palantir’s data platform may have broad access to identifiable patient data within the UK’s centralized health system.
Super Micro Computer Inc (SMCI) – The company was named in allegations regarding AI server exports to China, which it and partners have denied, citing compliance with U.S. export laws.
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