Stock News
- Japan: Japan’s Nikkei closed higher, surpassing the 36,000 mark for the first time in 34 years. This surge was propelled by gains in shippers and financial stocks.
- China: Chinese stocks ended slightly lower as the central bank opted to keep the interest rate unchanged.
- Europe: European shares fell, driven by gains in government bond yields and losses in Dassault Aviation’s shares.
- Canada: The main stock index in Canada experienced a dip with low trading volumes. This was influenced by the anticipation of the domestic inflation report and optimism regarding potential interest rate cuts by the U.S. Federal Reserve.
- USA-Markets Closed for Martin Luther King Day
Commodity Markets:
- Gold: Gold prices advanced due to safe-haven demand stemming from tensions in the Middle East.
- Oil: Oil prices fell as the conflict in the Middle East had a limited impact on crude output, prompting profit-taking by investors.
Currency Markets:
- The U.S. dollar showed little change on Martin Luther King Jr. Day.
Business and Corporate Developments:
- Thomson Reuters increased its offer to buy Sweden’s Pagero by 25% to about $789 million, securing a 54% stake in the company.
- China’s military, government, and AI research institutes were reported to have purchased Nvidia chips, despite a U.S. ban on export to China.
- Canada is contemplating a cap on international students to address a housing shortage.
Aviation Industry:
- Boeing faced a fresh delay in the resumption of 737 MAX deliveries to China following an incident with an Alaska Airlines MAX 9.
Technology and Retail:
- Apple responded to growing competitive pressure in China’s smartphone market by offering rare discounts on iPhones.
Global Economic Outlook:
- A survey of top economists suggests a year of subdued growth prospects and uncertainty. Geopolitical strife, tight financing conditions, and the disruptive impact of artificial intelligence contribute to this outlook.
Geopolitical News:
- China called for a large-scale and authoritative peace conference on the war in Gaza.
Banking and Finance:
- Speculation about a potential merger between Deutsche Bank and Commerzbank resurfaced due to an uncertain outlook for bank profitability and Germany’s budget needs.
Corporate Acquisitions:
- Haier Group is reported to still be planning to close the acquisition of a 20% stake in Shanghai RAAS Blood Products, according to Spanish pharma company Grifols.
Fashion Industry:
- Dolce & Gabbana presented a sharply tailored menswear collection at Milan Fashion Week.
Top Analyst Ratings:
- Air Canada (STA Research):
- Maintains Speculative Buy rating with a target price of CAD 20. The target price was adjusted upwards.
- Air Canada (BMO Capital Markets):
- Outperform rating with a target price of CAD 32.
- Vale (Scotia Capital):
- Maintains a Sector Perform rating with a target price of USD 17.
- CrowdStrike (Bank of America):
- Buy rating with a target price of USD 325.
- BlackRock (JP Morgan):
- Hold rating with a target price of USD 734. The target price was adjusted upwards.
