Global Market Update
Canadian Markets
Canada’s main stock index rose on Monday, buoyed by strong gains in commodity prices. The materials sector led the advance as gold briefly surged past the $3,500 per ounce mark, setting an all-time high amid rising global demand for safe-haven assets. Geopolitical uncertainty, inflationary pressures, and fears of a broader economic slowdown have prompted investors to pile into precious metals. Oil prices also inched higher, supported by short-covering activity, though concerns about the impact of trade tensions on global demand kept gains in check.
American Markets
In the United States, markets staged a modest rebound after a shaky start to the week. While all three major indices are in positive territory, the underlying mood was fragile. Market participants are awaiting further developments from President Donald Trump, particularly regarding his ongoing criticism of the Federal Reserve and speculation around potential leadership changes at the central bank. Uncertainty over U.S. monetary policy has introduced new volatility into the markets, as investors try to gauge how future decisions may impact inflation and interest rates.
European Markets
European markets traded in the green also, however, a sharp decline in shares of Novo Nordisk, the Danish pharmaceutical giant put pressure on investor mood. Consumer sentiment in the euro zone was further dented by economic data showing that consumer confidence fell to -16.7 in April, indicating rising pessimism among households. Concerns about sluggish growth and persistent inflation continue to challenge the region’s economic outlook.
In the UK, stocks moved higher, even as the International Monetary Fund (IMF) downgraded the UK’s economic growth forecast. The revised outlook cited the impact of Trump’s tariffs on global trade, which have rippled across international markets and disrupted supply chains. While the IMF’s projection raised concerns, some investors viewed the economic warning as a potential catalyst for central banks to maintain accommodative policies, which lent support to UK equities.
Corporate Stock News
Advanced Micro Devices Inc: Bernstein cuts AMD’s target price to $95 from $125, reflecting AI headwinds amid China export restrictions.
Amazon.com Inc: Jefferies cuts target price to $240 from $250, citing revenue and margin pressures from tariffs, particularly on Chinese imports.
Amazon.com Inc & Walmart Inc: The U.S. administration intends to pressure India for full access to its $125 billion e-commerce market for Amazon and Walmart, to level the playing field against domestic firms like Reliance.
Barrick Gold Corp & NovaGold Resources Inc: Barrick Gold will exit the Donlin Gold Project in Alaska by selling its 50% stake to John Paulson and NovaGold Resources for up to $1.1 billion.
Boeing Co: Technology-focused buyout firm is in advanced talks to acquire Boeing’s Jeppesen navigation unit, valued at over $8 billion.
Chevron Corp: Chevron is conducting minor planned maintenance at its Wheatstone natural gas facility in Australia, temporarily reducing production.
Comerica Inc: JPMorgan cuts rating to underweight from neutral and target price to $52 from $64, warning about the company’s expensive shares and challenging 2025 growth outlook.
Coreweave Inc: Goldman Sachs initiates coverage with a neutral rating and a target price of $54, noting the company’s undemanding valuation and potential upside.
Danaher Corp: The medical equipment maker beat first-quarter profit estimates but expects additional tariff-related costs of “several hundred millions of dollars” in 2025.
Elevance Health Inc: The health insurer’s first-quarter profit exceeded expectations, and it reiterated its full-year forecast of $34.15 to $34.85 per share.
General Electric Co: GE Aerospace beat first-quarter profit estimates, and the company reaffirmed its earnings forecast for 2025 despite tariff-related concerns.
Halliburton Co: Halliburton posted lower first-quarter profits due to a slowdown in North American drilling activity, sending shares lower.
Intel Corp: Bernstein cuts target price to $21 from $25, revising down its growth and EPS forecast for 2025 over tariff dynamics.
Kimberly-Clark Corp: The company slashed its annual profit forecast, citing U.S. tariffs pushing up supply-chain costs and missed sales estimates for the quarter.
KKR & Co Inc: KKR made a cash offer for Biotage, valuing the Swedish biotechnology firm at 11.6 billion Swedish crowns, a 60.1% premium.
Nomura Holdings Inc: Nomura is acquiring Macquarie Group’s U.S. and European public asset management businesses for $1.8 billion, marking its largest acquisition.
Regeneron Pharmaceuticals Inc: Regeneron entered a deal valued at more than $3 billion with Fujifilm Diosynth to expand its U.S. manufacturing capacity.
Tesla Inc: Investors are awaiting updates on Tesla’s plans for a cheaper car and robotaxi service, along with updates on CEO Elon Musk’s involvement in the Trump administration.
TotalEnergies SE: TotalEnergies will shut its oldest steam cracker in Antwerp by 2027 due to weak demand and high input costs in Europe.
Toyota Motor Corp: Toyota’s Hino Motors unit and Mitsubishi Fuso Truck and Bus are moving to finalize a merger agreement, expected to be completed in May 2025.
UnitedHealth Group Inc: UnitedHealth disclosed spending nearly $1.7 million on executive security in 2024, following the shooting of a senior executive, and reported CEO Andrew Witty’s compensation at $26.3 million.
Verizon Communication Inc: Verizon lost more wireless subscribers than expected in the first quarter, as it raised prices while facing increased competition.
3M Co: 3M, the industrial conglomerate cut its 2025 profit forecast due to the impact of escalating tariff tensions, sending shares down in premarket trading.
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