Global Market Update
Canadian Markets
Canada’s TSX rose on rising oil prices, while concerns around tariffs between Canada and the U.S., eased somewhat, which had been a source of uncertainty for Canadian investors. The trade tensions and the potential for tariffs had been creating volatility, so the easing of these concerns brought some relief to the market. Data out showed that Canadian February factory sales were most likely down approximately 0.2% for the month, while Canadian economists are forecasting a potential recession for Canada.
American Markets
U.S. stock markets also rose, particularly among tech stocks, which were leading the rally, on news of a breakthrough in artificial intelligence (AI) by Jack Ma’s Ant Group.. Reports released on Monday confirmed that it was suggested that the U.S. government’s approach to new tariffs might not be as aggressive as initially feared. Trade tensions between the U.S. and other countries, especially China, had been a key source of volatility for global markets. However, if the new tariff measures are more targeted and moderate, it would reduce the economic strain on U.S. businesses, boosting investor confidence.
European Markets
In Europe, stock markets closed lower, despite data that showed business activity in the euro zone grew at its fastest pace in seven months in March, a sign that the region’s economy might be improving.
UK stocks also finished lower, even though there were gains in mining stocks, which helped cushion the overall losses. Data released on Monday showed that the UK’s PMI hit a 6 month high. Overall market sentiment was weighed down by concerns over the reciprocal levies that could be imposed by the U.S.
Corporate Stock News
23andMe Holding Co:
Filed for Chapter 11 bankruptcy protection, aiming to sell itself. The company has secured $35 million in financing and intends to continue operating during the sale process. CEO Anne Wojcicki resigned after failed takeover bids.
Azek Company Inc:
James Hardie Industries announced an $8.75 billion acquisition of Azek, a U.S. decking maker, valuing Azek shares at $56.88 each, a 37.4% premium. Despite the premium, Azek shares fell due to concerns over paying too much amid a weak U.S. housing market.
Alnylam Pharmaceuticals:
JPMorgan raised the target price to $328 from $280, citing strong growth prospects for Amvuttra in treating TTR amyloidosis.
Apple Inc
China’s Vice Premier He Lifeng reassured foreign CEOs, including Apple, Pfizer, and Mastercard, about China’s economic potential. Apple also announced a $99 million clean energy fund in China to expand its clean energy capacity.
Bayer:
Ordered to pay $2.1 billion in damages after a jury found its Roundup weed killer caused cancer.
Boeing Co:
Boeing and Airbus are preparing for increased production of next-generation jets. They are researching lighter materials and robotic assembly for future aircraft replacements.
Chevron Corp:
CEO Michael Wirth received $32.7 million in compensation for 2024, a 23.4% increase from the previous year. Chevron also announced plans to lay off 15-20% of its workforce by 2026 as part of cost-cutting efforts.
Coty Inc:
Coty sold its 20% stake in Kim Kardashian’s SKKN beauty brand to SKIMS, consolidating both businesses. Coty will use the proceeds to reduce debt and invest in its broader brand portfolio.
Darden Restaurants:
Stephens raised the target price to $178 from $175, based on the company’s strong operational execution and guidance for 2025 same-store sales.
Dentalcorp Holdings Ltd:
CIBC raised its target price for Dentalcorp Holdings to C$13 from C$11.5, citing the company’s stable business model and in-line fourth-quarter results.
FedEx Corp:
Daiwa Capital Markets lowered the target price to $240 from $285, reflecting updated management guidance and a slower start to 2026.
Ford Motor Co:
The U.S. National Highway Traffic Safety Administration launched a preliminary probe into 1.3 million Ford F-150 trucks over issues of unexpected gear downshifts and rear-wheel lock-up, raising safety concerns.
Lennar Corp:
Barclays cut the target price to $110 from $121, citing near-term earnings pressure as the company focuses on a cash generation strategy.
Meta Platforms Inc:
Meta and OpenAI are in talks with Reliance Industries to expand AI offerings in India, including the potential distribution of ChatGPT and reducing subscription fees.
Rapid7 Inc:
Rapid7 is nearing a settlement with activist investor Jana Partners to boost share prices and possibly explore a sale.
Redfin Corp:
JPMorgan raised the target price to $12.5 from $7 after Rocket Companies’ acquisition offer for Redfin at $12.50 per share.
Target Corp & Walmart Inc:
Walmart and Target are negotiating with suppliers over proposed price hikes due to rising costs from tariffs, leading to acrimonious discussions on how much to increase prices without alienating consumers.
Tesla Inc:
Tesla is preparing to launch its Full Self-Driving (FSD) feature in China after receiving regulatory approval. Meanwhile, protests were held in Washington over Elon Musk’s workforce reduction plans.
United States Steel Corp:
Nippon Steel and U.S. Steel are negotiating with the U.S. government on a potential acquisition deal, which could strengthen the U.S. steel industry.
Volkswagen:
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India’s government is fighting against Volkswagen’s demand to quash a $1.4 billion tax bill, warning of catastrophic consequences for allowing it.
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