Global Markets
Canadian Markets
Canada’s TSX moved higher in a risk-sensitive but commodity-supported session, with gains driven primarily by strength in energy stocks as oil prices extended their rally following renewed geopolitical tensions in the Middle East, including fresh attacks linked to Yemen’s Houthi forces against Israel. At the same time, gold prices pushed higher on bargain-hunting and safe-haven demand, reinforcing a broader bid for hard assets. The fedearl government has boosted the allocation of immigrantion to provinces by roughly 30%, raising concerns about economic absorption capacity at a time when the labour market is already weakening. The Canadian economy has lossed more than 100,000 jobs in the first two months of the year highlights growing strain, suggesting that population growth may outpace job creation, potentially pressuring wages, housing, and public services.
American Markets
American markets experienced a volatile session within a shortened trading week, as investors continued to assess the implications of an escalating conflict involving Iran, as oil rose almost 5 percent. The sell off from the prior Friday carried into cautious positioning, although sentiment was partially stabilized by comments on Monday from Jerome Powell, who emphasized that while rising energy prices are being monitored, longer-term inflation expectations remain well anchored. His remarks suggested the Federal Reserve is not yet in a position to react policy-wise, given the uncertainty around the economic impact of higher oil prices. This helped push the U.S. 10-year Treasury yield lower, reflecting a shift toward a more defensive stance in fixed income markets.
Despite these tensions, investors argue that the macroeconomic impact of higher oil prices may be overstated. Analysts point out that while energy spikes can temporarily unsettle markets and fuel inflation concerns, economies tend to adjust over time. Underlying fundamentals, particularly in the U.S., remain relatively resilient, with corporate earnings growth still exceeding historical averages. This supports the view that current fears may reflect a sentiment-driven “growth scare” rather than a structural downturn.
Currency and global equity markets reflect this uncertainty. The U.S. dollar remains near multi-month highs, benefiting from safe-haven flows and relative economic strength, while
European Markets
European stocks rose in choppy trade as investors parsed the effects of rising oil prices as German inflation print spikes to 2.8% in March as energy costs soar. European markets closed before the slide on American markets.
UK stocks rose, on boosted from oil and mining sectors. Data showed that employer confidence in the UK improved in the first quarter, showing a modest recovery in sentiment and hiring outlook, according to the Recruitment and Employment Confederation JobsOutlook report, though overall confidence remained relatively weak despite the uptick.
Morgan Stanley downgraded global stock markets, and sees American stocks as a defensive play amid Mideast conflict. CIBC Private Wealth and Macquarie Research are now forceasting for the oil price to eventually hit $200 USD on as the ongoing supply disruptions continue.
Corporate Stock News
3M Co (MMM): 3M Jefferies lowered its price target to $160 from $180, citing a weaker macro backdrop and increased demand volatility from tariffs.
Bank of America Corp (BAC): Bank of America agreed to pay $72.5 million to settle a lawsuit tied to Jeffrey Epstein-related allegations, resolving the matter without admitting wrongdoing.
BlackRock Inc (BLK): BlackRock participated in a $57.64 million funding round for IQM Quantum Computers to support its growth and upcoming public listing.
Boston Scientific Corp (BSX): Boston Scientific Jefferies cut its price target to $110 from $120 due to lower valuation multiples and limited upside from recent developments.
Chevron Corp (CVX): Chevron Wheatstone LNG facility in Australia will take several weeks to return to full production after cyclone damage, contributing to global supply disruptions.
Eli Lilly and Co (LLY): Eli Lilly is seeking higher UK drug prices and rebate reforms to support investment, while also entering a potential $2.75 billion AI drug development partnership.
Hartford Insurance Group Inc (HIG): The Hartford KBW downgraded the stock to Market Perform from Outperform due to concerns over liability reserve adequacy.
Nexstar Media Group Inc (NXST): Nexstar Media Group A U.S. judge ordered the company to keep Tegna’s assets separate temporarily while reviewing antitrust concerns related to its $3.54 billion acquisition.
Nike Inc (NKE): Nike is facing mounting challenges in China from weaker consumer demand and rising competition from domestic brands, pressuring its market share.
Nvidia Corp (NVDA): NVIDIA is now trading at its lowest price-to-earnings multiple in seven years as broader market selloffs driven by Middle East war concerns and growing skepticism around AI valuations weigh on the stock, despite its central role in the AI boom.
Sysco Corp (SYY): Sysco announced a $29 billion acquisition of Jetro Restaurant Depot to expand its reach in the independent restaurant market, though shares fell on concerns about increased debt financing.
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