Global Market Update
Canadian Markets
Canada’s main stock index, the TSX Composite, plunged over 3% on Thursday, erasing a portion of yesterday’s big gains. Domestic data showed a 32% drop in Canadian travel to the U.S. by car in March, reflecting rising security worries and a push by Canadian consumers to spend more at home to support the local economy. The Canadian dollar has been strengthen as a result of the tariff exemption for goods that comply with the USMCA trade agreement between the United States, Mexico and Canada.
American Markets
U.S. stocks dropped back following a spectacular rally that had propelled the S&P 500 to its biggest one-day percentage gain since the 2008 financial crisis. Investors had briefly celebrated hopes of easing inflation and looser monetary policy. However, optimism faded as the ongoing tariff war between the U.S. and China reasserted itself, with fears that long-term damage to global trade could trigger a recession. Despite a surprise decline in U.S. inflation to 2.4% in March from 2.8% in February, sentiment soured quickly on concerns that geopolitical risks and retaliatory trade measures could weigh on earnings and growth.
European Markets
In Europe, stocks surged early Thursday on the back of yesterday’s massive U.S. rally. The ECB, however, tempered enthusiasm by warning of potential financial shocks to the European banking system amid persistent uncertainty. Adding to the continent’s fragile outlook, German economic forecasters stated that the country would likely stagnate even if the U.S. abandons planned ‘reciprocal’ tariffs, citing structural issues and slowing industrial activity.
In the UK, the FTSE 100 index soared 233.77 points (3.0%) to 7,913.25, while the FTSE 250 rose 3.5%, and the AIM All-Share advanced nearly 3%. Investors reacted positively to signs that price pressures are easing and took comfort from expectations that interest rate hikes might pause. Still, underlying worries persist: data showed a weakening UK housing market, attributed to mounting macroeconomic concerns and elevated borrowing costs.
Corporate Stock News
Alphabet Inc: Google teams up with PJM Interconnection to apply AI for faster grid connections. Waymo begins data collection in Tokyo—its first public road operation outside the U.S.
Amazon.com Inc: Chinese sellers may hike prices or exit U.S. market over new tariffs. Amazon halts some China orders due to import uncertainty. U.S. container import bookings plunged 64% after tariff announcement.
Apple Inc: Airlifted 1.5 million iPhones from India to U.S. to dodge tariffs. Lobbied to speed up customs clearance in India.
Boeing Co, Lockheed Martin Corp, RTX Corp: Trump orders review of arms export rules to boost U.S. defense sales.
Carnival Corp: Morgan Stanley cuts price target to $21 from $25 citing macro risks and industry concerns.
Constellation Brands: Forecasts FY2026 profit below estimates due to new tariffs. Sells several wine brands. Q4 sales beat estimates at $2.16B.
Energy Transfer LP: Partners with MidOcean Energy to jointly develop Lake Charles LNG project. MidOcean will fund and receive 30% of output.
Keros Therapeutics Inc: Adopts poison pill to prevent hostile takeover amid strategic review process.
Loblaw Companies Ltd: National Bank of Canada raises target to C$207 from C$192 on strong same-store sales and initiatives.
Microsoft Corp: Wedbush cuts price target to $475 from $550 due to tariff-related supply chain uncertainty.
Newsmax Inc: Judge rules statements about Dominion were false; trial will determine damages in $1.6B lawsuit.
Occidental Petroleum Corp: Q1 oil and gas prices rose. Realized oil price was $71.07/barrel, gas at $2.30/Mcf, and NGLs at $25.94/barrel.
RPM International Inc: RBC lowers target to $116 from $126 on weak Q3 results tied to weather and FX headwinds.
Spire Global Inc: Canaccord raises target to $15.5 from $14.5 after sale of Maritime business to Kpler.
STMicroelectronics NV: Denies insider trading; says stock sales followed automated procedures. Facing U.S. class action lawsuit.
TC Energy Corp: Shuts part of ANR pipeline after third-party damage causes a gas outage near Fennville, Michigan.
UBS Group AG: Confirms $3B share buyback in 2025. Ethos opposes move amid political tensions. Shareholders back compensation plan with 86.7% approval.
Verticalscope Holdings Inc: CIBC cuts price target to C$6 from C$17 after the company lowered earnings forecast due to macro headwinds and restructuring.
Volkswagen AG: VWAGY Q1 profit drops to €2.8B from €4.6B, citing tariff-related uncertainty.
Walmart Inc: Bernstein cuts target to $107 from $113 on macro concerns affecting Q1 guidance.
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