Global Markets
Canadian Markets
Canada’s main stock index rose on Monday, after U.S. President Donald Trump delayed the planned 50% tariff on the region until July 9th from June 1st.
The OECD released its latest Canada Economic Survey, projecting economic growth of just 1% for 2025. The report forecasts a contraction in economic activity during the second quarter of 2025, followed by flat growth for the rest of the year. Despite this sluggish outlook, the OECD notably does not expect Canada to enter a technical recession, a contrast from analysts and economists who anticipate two consecutive quarters of negative growth.
American Markets
Markets are closed for Memorial Day.
European Markets
In Europe, equity markets rebounded after Friday’s sell-off, driven largely by relief over the tariff delay. The euro also climbed to a one-month high against the U.S. dollar, further supported by easing trade fears and improved investor sentiment. Volvo announced it is cutting 3,000 jobs as part of a broader cost-reduction effort amid a challenging global economic environment.
In the UK, markets declined, as the British pound reached another recent high, while traders accessed the continuing gloomy sentiment around economic growth.
Corporate News
Airbus: The company has appointed its top South Asia executive as the new head of technology amid a design and engineering shake-up, as it considers successors to the A320neo.
Apple: UBS downgraded the stock to Hold from Buy and lowered its price target to $210 from $236.
Capital Power Corp: CIBC raised its price target to C$66 from C$65, citing stronger long-term prospects.
Computer Modelling Group Ltd: Ventum Financial cut its target price to C$9 from C$14 after weaker-than-expected Q4 results, with revenue and EBITDA below consensus.
Ford: Sanford C. Bernstein & Co. raised the price target to $8.30 from $7 but downgraded the stock to Sell from Hold.
Microsoft: Cantor Fitzgerald & Co. maintained a Buy rating with a price target of $512.
Nvidia: Plans to launch a cheaper Blackwell AI chip tailored for China, aiming to begin mass production by June, following U.S. export restrictions on its H20 model.
Pirelli: CEO warned that governance tensions with major Chinese shareholder Sinochem pose risks to the company’s U.S. expansion.
Thyssenkrupp: Will hold an extraordinary general meeting on August 8 to seek shareholder approval for spinning off its warship division.
Toronto-Dominion Bank: BofA Global Research raised its price target to C$102 from C$94 after strong second-quarter earnings.
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