Global Markets
Canadian Markets
Canada’s TSX moved lower as weak oil prices pressured the energy sector, alongside weakness in the financial sector, while traders and investors remained cautious amid ongoing geopolitical and macroeconomic uncertainty.
The Bank of Canada External Deputy Governor Michelle Alexopoulos, stated that the central bank is not yet observing broad labour displacement from AI adoption so far. However the Bank of Canada is monitoring labour-market dynamics closely, as automation and generative AI technologies become more integrated across industries, and believe that AI could represent a structurally positive force for the Canadian economy by improving productivity, lowering operating costs for businesses, and enabling wage growth without materially increasing inflationary pressures.
American Markets
US stocks traded mostly higher,with weakness in the Dow Jones Industrial Average which lagged the S&P 500 and Nasdaq. The Nasdaq and S&P 500 hit new highs, supported by a rebound in semiconductor stocks.
Data reported today showed that the U.S. Producer Price Index (PPI) rose sharply in April, increasing 6.0% year-over-year—well above the 4.9% forecast, which made the reading the fastest annual gain since December 2022.
Markets are now increasingly focused on the outcome of the anticipated Trump–Xi meeting, which investors view as a potentially important catalyst for global trade relations, tariff expectations, and broader risk sentiment.
European Markets
European markets moved higher despite mounting inflation concerns linked to geopolitical instability and elevated energy costs associated with the Iran conflict. German wholesale price inflation accelerated to its highest level in three years, reinforcing expectations that the European Central Bank may continue tightening monetary policy. Markets are now pricing in a June ECB rate hike followed by at least one additional increase later in the year as policymakers attempt to contain war-driven inflationary pressures.
UK stocks closed higher as gains in mining and banking stocks helped offset concerns about slowing economic activity. Financial stocks benefited from the prospect of higher interest rates, while mining shares tracked metal prices higher. Property consultancy firm Savills, warned that geopolitical uncertainty tied to the Iran conflict is beginning to weigh on housing market activity, contributing to expectations for a slowdown in UK property transactions and softer real estate demand in the months ahead.
Corporate Stock News
Aramark (ARMK) – JPMorgan raised its price target to $55 from $49, citing strong Q2 revenue and adjusted EPS performance.
Black Rock Coffee Bar Inc (BRCB) – Stifel cut its price target to $18 from $27 after same-store transaction growth missed expectations in Q1 results.
Block Inc (SQ) – Macquarie raised its price target to $75 from $65, supported by in-line Q1 revenue and continued strength in Cash App and Square segments.
Birkenstock Holding Plc (BIRK) – Reported Q2 revenue of €618.3 million, slightly below estimates, as uneven demand and shipment delays weighed on results despite strong Asia-Pacific growth.
Brown-Forman Corp (BF.B) – Rejected a reported $32/share takeover offer from Sazerac following prior failed merger talks with Pernod Ricard.
BWX Technologies Inc (BWXT) – Activist investor sees significant upside potential tied to commercialization of nuclear reactor technology; shares have nearly doubled over the past year.
EchoStar Corp (SATS) & AT&T Inc (T) – FCC approved a $40B spectrum deal, splitting assets between AT&T ($23B) and SpaceX ($17B) to expand 5G and satellite connectivity.
Equinox Gold Corp (EQX:CA) & Orla Mining Ltd (ORLA:CA) – Announced an $18.5B merger forming a major North American gold producer with ~1.1M oz annual output.
First Quantum Minerals Ltd (FM) (FQVLF) – Scotiabank raised its price target to C$48 from C$44 on improved valuation outlook tied to La Granja copper project.
General Mills Inc (GIS) – Piper Sandler cut its price target to $41 from $45 due to SNAP-related demand pressure and cost headwinds.
Kyivstar Group Ltd (KYIV) – Raised FY guidance to 11%–14% revenue growth and improved EBITDA outlook on stronger operating and geopolitical conditions.
Meta Platforms Inc (META) (META:CA)– Employees protested new internal monitoring software ahead of expected workforce reductions.
NextEra Energy Inc (NEE) – Agreed to a $9.5M settlement in a lawsuit alleging nuclear operators conspired to suppress wages over decades.
Nvidia Corp (NVDA) (NVDA:CA) – CEO Jensen Huang joined President Trump’s China visit, raising speculation about potential progress on H200 chip sales.
Pet Valu Holdings Ltd (PET:CA) – Barclays downgraded to equal weight and cut target to C$17 from C$28 due to weak earnings and margin pressure.
Solv Energy Inc (SOLV) – JPMorgan raised its price target to $51 from $35 following strong results and increased FY26 guidance.
Suncor Energy Inc (SU) (SU:CA)– Reported an unplanned refinery shutdown due to a power outage at its Commerce City facility; restart underway.
Walmart Inc (WMT) – Announced corporate restructuring involving role reductions and consolidation to streamline operations and accelerate digital transformation.
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