Global Market Update
Canadian Markets
- Higher Despite Oil Prices Falling: Canada’s main stock index saw an increase during Tuesday’s trading after a drop in stock prices the previous day caused by tariff-related concerns, which likely spooked markets. However, despite the decline in oil prices the index managed to rebound., while the Canadian dollar fell., and uncertainty still hung over the Canadian economy, especially in the auto sector.
American Markets
- Rise After Yesterday’s Selloff: U.S. stocks gained as traders sought value after a significant drop the previous day. The Nasdaq was higher on Palantir’s earnings, which saw the stock jump over 20 percent on a earnings beat.
European Markets
- Mixed Performances:
- Overall Rise: Most European stock markets posted gains, driven by a combination of bargain hunting, and positive sentiment. The increased optimism might have been a counterweight to global trade tensions, with European investors seeking stability in stocks outside of the U.S.-China dispute.
- UK Markets Decline: In the UK, stocks were under pressure. Investors were nervous about the potential for the trade war between the U.S. and China to escalate, and the UK is particularly vulnerable due to its heavy reliance on global trade. .
Corporate Stock News
- Alamos Gold Inc: CIBC raises AGI target price to C$44 from C$40, based on the company’s steady production and costs since the full integration of Island Gold and Magino mines.
- Apollo Global Management Inc: The alternative asset manager’s fourth-quarter profit exceeded expectations, helped by strong growth in fees and solid performance in its retirement business.
- Centene Corp: The health insurer beat Wall Street estimates for fourth-quarter profit, helped by strength in its commercial health insurance plans.
- Clorox Co: The company raised its annual profit forecast for the second time, bolstered by cost-savings measures and a bet on innovation to help revive demand for its household cleaning products.
- Diageo PLC: The spirits maker withdrew its ambitious sales growth target, acknowledging a prolonged downturn in demand and uncertainty over U.S. President Donald Trump’s tariffs.
- Equity Residential: The real estate investment trust beat fourth-quarter revenue estimates, driven by strong rental demand in key markets.
- Estee Lauder Companies Inc: The company expanded its restructuring plan that would include up to 7,000 job cuts and posted a smaller-than-expected drop in second-quarter sales.
- Everest Group Ltd: The reinsurer swung to a fourth-quarter loss, hit by a one-time charge tied to loss reserves in its U.S. casualty lines business.
- Franco-Nevada Corp: CIBC raises target price to C$260 from C$245, on expectations of the company’s near-term growth from recent stream acquisitions.
- Gartner Inc: The IT consultancy firm forecast annual results below analysts’ estimates as it deals with slowing growth at its research unit.
- KKR & Co Inc: The alternative asset manager reported a fourth-quarter profit that beat Wall Street expectations, boosted by a rebound in dealmaking activity.
- Kyndryl Holdings Inc: The company missed Wall Street estimates for third-quarter revenue, as strong AI-linked sales were offset by a strong dollar and shedding lower-margin deals.
- Marathon Petroleum Corp: The refiner beat fourth-quarter profit estimates, as strength in its midstream and renewable diesel segment helped offset a slump in refining margins.
- Merck & Co Inc: The drugmaker said it would pause shipments of Gardasil to China through at least mid-year, but it posted a strong fourth-quarter profit on sales of cancer drug Keytruda.
- Mitsubishi UFJ Financial Group Inc: The bank’s third-quarter profit jumped 32% to 490.74 billion yen from 370.64 billion yen a year earlier.
- NXP Semiconductors NV: The chipmaker forecast its first-quarter revenue below analysts’ estimates, signaling sluggish demand for chips from industrial and automotive customers.
- Palantir Technologies Inc: The data analytics company recommended its clients steer clear of Chinese startup DeepSeek’s AI models and forecast fiscal 2025 revenue above analyst estimates.
- PayPal Holding Inc: PYPL, the digital payments giant forecast full-year profit above estimates, fueled by a push to revive growth in branded products, improve pricing, and sharpen cost-cutting efforts.
- PepsiCo Inc: The Frito-Lay maker forecast annual profit below expectations and missed quarterly revenue estimates, as the company faces weakening demand for its sodas and snacks in the U.S.
- Pfizer Inc: The drugmaker beat Wall Street estimates for fourth-quarter profit, helped by strong sales of its heart disease drug and a smaller-than-feared drop in COVID vaccine sales.
- Spotify Technology SA: Spotify, the audio-streaming giant forecast first-quarter profit above market estimates as it benefits from steady user growth, price hikes, and a cost-cutting drive.
- SailPoint: The cybersecurity firm said it was targeting a valuation of up to $11.5 billion in its initial public offering in the United States.
- UBS Group AG: Fourth-quarter profit at the lender well exceeded forecasts, but the company’s shares fell due to buyback plans contingent on no changes to Swiss capital rules.
- Vodafone Group PLC: The mobile group reported a deterioration in its German business, with service revenue in Germany falling 6.4% in the quarter.
- Willis Towers Watson PLC: The insurance broker beat Wall Street estimates for fourth-quarter profit, driven by strong performance in its risk and brokerage business.
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