Global Markets
Canadian Markets
Canada’s TSX opened lower but later rebounded, driven by strength in the mining sector as precious metals surged, as investors’ found refuge in hedges amid market volatility. Canada’s annual inflation rate rose to 2.4% in December, up from 2.2% in November, exceeding expectations. Core CPI, which excludes gasoline, increased 3.0% year-over-year, signaling persistent underlying price pressures.
American/European Markets
U.S. stock markets were closed on Monday for Martin Luther King Jr. Day. Market futures sold off, with the S&P 500 down 1%, the Dow Jones down 0.8%, and the Nasdaq down 1.2% approximately, triggering a risk off enviroment, as President Trump announced a 10% import tax effective February on goods from Denmark, Norway, Sweden, France, Germany, the U.K., the Netherlands, and Finland, citing opposition to U.S. control of Greenland
This move sparked a sharp reaction in European markets, as major EU states condemned the tariffs and France hinted at countermeasures, creating uncertainty around existing trade arrangements. Reports also suggest the EU could consider leveraging its holdings of $8 trillion in U.S. Treasuries in response.
UK stocks fell as gains in the mining sector were offset by weakness in luxury and beverage stocks, though defense shares showed strength. Economic forecasts from the International Monetary Fund (IMF) indicate a marginal slowdown in the U.K. economy, with inflation expected to ease to 2% and interest rates likely to be cut. The IMF projects UK GDP growth of 1.3% in 2026, slightly below the 1.4% expansion seen in 2025, reflecting moderating domestic demand and broader global uncertainties.
Corporate Stock News
Albemarle Corporation (ALB): HSBC upgraded Albemarle’s rating from Hold to Buy, reflecting the company’s evolving market position and growth prospects.
Chemours Company (CC): BMO Capital Markets reiterated its Outperform rating on Chemours, and $20.00 price target, supported by steady operational performance.
Cogeco Communications Inc. (CCA:CA): National Bank of Canada raised its price target on Cogeco to C$71 from C$66, citing an improving second-half outlook and stabilizing U.S. subscriber trends.
IAMGOLD Corp. (IMG:CA): Shares of IAMGOLD jumped nearly 10% following preliminary results that exceeded Street expectations, reflecting strong operational performance and improved investor sentiment.
Moderna (MRNA): Citigroup maintained a Neutral rating on Moderna, reflecting cautious optimism around the company’s vaccine and therapeutic pipelines.
Netflix (NFLX): Investors are bracing for Netflix earnings, with guidance pointing to full-year revenue of approximately $51.6 billion, slightly above Street projections, and an EPS near $3.24.
Nvidia (NVDA): Nvidia is facing a new challenge in China as customs officials have blocked shipments of its H200 AI chips, prompting suppliers in its supply chain to pause production. This disruption could impact the company’s AI chip availability and revenue in the region.
Shell (SHEL) / Mitsubishi – LNG Canada: Shell and Mitsubishi are exploring sale options for their stakes in the C$40 billion LNG Canada project, signaling potential shifts in the global energy landscape.
Telix Pharmaceuticals (TLX): Royal Bank of Canada upgraded Telix from Sector Perform to Outperform, reflecting optimism in the company’s pipeline and growth potential.
Tesla (TSLA) (TSLA:CA): Tesla is poised to benefit from Canada’s removal of 100% tariffs on Chinese-made EVs, leveraging early shipments from its Shanghai plant and established Canadian sales network.
Titanium Transportation (TTNM:CA): Raymond James cut its rating on Titanium Transportation to Market Perform from Outperform and lowered the target price to C$2.22 from C$2.25, following the company’s going-private transaction that limits near-term upside.
Union Pacific (UNP): Susquehanna reiterated its Buy rating on Union Pacific, reflecting steady operational execution and long-term growth prospects.
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