Global Markets
Canadian Markets
The Toronto Stock Exchange (TSX) traded lower on Monday as investors remained cautious ahead of Canada’s upcoming general election, widely viewed as highly competitive. Political uncertainty weighed on investor sentiment. Adding to the pressure, a drop in global oil prices hurt Canada’s energy-heavy index. Weakness in crude came amid renewed concerns around global demand and potential oversupply. However, the decline in oil was partially offset by gains in gold prices, which buoyed the precious metals mining sector—a traditional safe haven during times of geopolitical or economic stress.
American Markets
U.S. equity markets were mixed to start the week, as investors prepared for a packed calendar of economic releases and high-profile corporate earnings. Investors and traders are particularly focused on inflation indicators and Federal Reserve guidance, which will shape expectations for future interest rate moves. Uncertainty around U.S. trade policy developments under President Donald Trump also contributed to market jitters, especially in sectors exposed to global supply chains, as Nvidia’s stock led the way down on competition fears from Huawei, which is a consequence of the export ban on Nvidia’s chipsets.
European Markets
European stocks closed higher as investors looked forward to clarity on potential trade tariffs. Optimism over easing trade tensions helped support the broader market. Nonetheless, underlying concerns about the euro zone economy persisted. European Central Bank (ECB) policymakers issued fresh warnings about a deteriorating economic outlook, citing weak industrial output and fragile consumer sentiment as key risks going forward.
Spain posted a positive economic data point, with retail sales rising 3.6% in March compared to the same month a year earlier. This marked a notable sign of consumer resilience in the euro zone’s fourth-largest economy
UK Markets
UK stocks also moved higher, supported by strength in the healthcare and consumer sectors. However, data from the Confederation of British Industry (CBI) painted a mixed picture of the retail landscape. According to the CBI’s latest survey, retail sales volumes fell again in April, but the pace of decline slowed significantly. The CBI’s gauge of year-on-year sales rose to -8 in April—its highest since October—after plunging to -41 in March, which had been the worst reading since July 2024. Despite this relative improvement, retailers remain cautious, with many expecting business conditions to deteriorate further in May due to sluggish consumer confidence and broader economic headwinds.
Corporate Stock News
Alphabet Inc
Raymond James cut its target price on GOOGL to $185 from $205 due to uncertainty over AIO and AI cloud monetization.
Amazon.com Inc
Oppenheimer cut target price to $220 from $260 citing tariff concerns; third-party sellers reducing Prime Day participation to protect margins.
Aritzia Inc
RBC cut target price to C$65 from C$73 due to uncertainty about tariffs’ effects on margins and demand.
Barrick Gold Corp
Subcontractors at Mali complex laying off staff amid tax dispute with government; operations suspended since January after gold stock seizure.
Biogen Inc
HSBC cut target price to $118 from $342 citing weak Alzheimer’s sales and slowing Skyclarys performance.
BlackRock Inc
ISS urged investors to vote against executive compensation plan, citing unaddressed concerns over one-time awards.
Boeing Co
Riyadh Air offered to buy jets redirected from China due to trade conflict; Boeing expects strong alternative demand.
Banc of California Inc
JPMorgan cut target to $15 from $16 after slight reduction in 2025 loan and deposit growth outlook.
Domino’s Pizza Inc
Reported 0.5% drop in U.S. same-store sales in Q1 despite promotions; EPS beat estimates at $4.33.
DoorDash Inc / Deliveroo
Deliveroo paused $133M share buyback after $3.6B takeover proposal from DoorDash at a 22.8% premium.
Goldman Sachs Group Inc
Appointed Sushil Bathija and Vikram Chavali as new Asia ex-Japan M&A heads to expand deal coverage.
Interactive Brokers Group Inc
Fined over $540K in Hong Kong for unauthorized client securities lending due to system error; no client losses reported.
Kenvue Inc
Third Point building a stake; joins other activist investors pushing for strategic changes including possible sale.
Mandalay Resource Corp / Alkane Resources
Alkane to acquire Mandalay in $357.8M all-share deal to create gold and antimony producer with 2025 output target of 160,000 ounces.
Meta Platforms Inc
Ordered by Singapore to block posts from foreigners accused of attempting to influence national elections.
Merck KGaA / SpringWorks Therapeutics Inc
Merck to acquire SpringWorks for $3.9B to expand cancer drug pipeline; deal priced at $47/share.
Nike Inc
Sued by NFT buyers alleging losses after abrupt shutdown of RTFKT digital asset business; class action filed in New York.
Novo Nordisk A/S
Launched Wegovy in Thailand, its first Southeast Asian market, ahead of Eli Lilly’s rival drug.
Penn Entertainment Inc
Adding directors backed by HG Vora amid proxy fight; firm criticized for poor acquisitions and stock down 87% since 2021.
Phillips 66
Positive outlook with TD Cowen target of $114 as part of broader earnings week activity.
RTX Corp
JPMorgan reduced price target to $145 from $150 citing possible tariff headwinds despite strong earnings.
Spirit AeroSystems Holding Inc
Airbus finalizing acquisition of key Spirit plants in U.S., Northern Ireland, and France to stabilize aerospace supply chain.
Starbucks Corp
81% of union delegates rejected new contract proposal citing lack of economic improvements like pay or healthcare changes.
Unilever Plc
Denied ousting Ben & Jerry’s CEO over activism; seeks dismissal of lawsuit alleging efforts to dismantle brand’s independent board.
Winpak Ltd
CIBC raised target price to C$52 from C$50 based on improved balance sheet and free cash flow.
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