Global Markets
Canadian Markets
On Monday, Canada’s main stock index, the TSX, faced downward pressure as both oil and gold prices dropped significantly, each declining by over 3% during the trading session. Energy and mining sectors bore the brunt of the declines, weighing heavily on the index. The selloff in commodities was partially driven by profit-taking in gold after it reached a three-week high, while oil prices were influenced by geopolitical tensions involving Russia and Iran. Concerns over potential supply disruptions due to escalating tensions kept oil prices from falling further.
American Markets
American. markets traded higher, buoyed by investor optimism following the nomination of Scott Bessent as Treasury Secretary. Bessent’s appointment seemed to calm market fears, as investors anticipated his policies would focus on deficit control and a more moderate stance on tariffs, contributing to a drop in U.S. Treasury yields and a weakening of the U.S. dollar. The prospect of stable economic policies under Bessent appeared to bolster risk sentiment in equity markets.
European Markets
European markets also advanced, supported by remarks from the European Central Bank’s chief economist suggesting potential monetary policy easing. The comments raised hopes of sustained economic support, propelling gains across major indices.
Japanese Markets
Japanese stocks closed over one percent higher as positive sentiment in global markets seemed to offset earlier concerns about slower growth in the region, while the yen dropped adding to support for Japanese stocks.
Corporate Stock News
Airbnb Inc: Swiss voters narrowly rejected a law giving landlords more power to restrict subletting via platforms like Airbnb, maintaining the status quo in the rental market.
Alphabet Inc: The DOJ concluded its case against Google, accusing it of monopolizing online ad technology. A ruling could require the divestiture of Google Ad Manager.
Apple Inc: India’s antitrust regulator denied Apple’s request to pause an investigation into alleged anti-competitive practices and requested financial documents for penalty assessment.
Barclays Plc: Fined $50.9 million by the FCA for failing to disclose arrangements with Qatari investors during the 2008 financial crisis.
Blackstone Inc: Plans to list shares of Cirsa, a Spanish gambling company, in 2025, potentially raising $732M-$1.1B.
Blackstone Inc & EQT Corp: Blackstone agreed to purchase non-controlling equity interests in EQT’s pipelines for $3.5 billion, aiding EQT in reducing debt.
Boeing Co: JPMorgan lowered its target price to $190 from $195, anticipating cash outflows over several quarters.
BridgeBio Pharma Inc: Leerink Partners raised its target price to $47 from $46 after FDA approval of its heart condition drug, Attruby.
Capstone Copper Corp: Canaccord Genuity reduced its target price to C$12.50 from C$14 due to expected higher costs and capital expenditures.
Columbia Banking System Inc: Raymond James raised its target price to $33 from $30, citing strong deposit growth and net interest income (NII).
Corning Inc: Offered to end exclusivity clauses in contracts to resolve EU antitrust concerns, avoiding fines.
EnLink Midstream LLC & ONEOK Inc: ONEOK will acquire EnLink Midstream in an all-stock deal worth $4.3 billion, valuing EnLink at about $7.6 billion.
HSBC Holdings Plc: Chief Sustainability Officer Celine Herweijer stepped down, weeks after her role was removed from the executive committee.
Intel Corp: The U.S. government plans to reduce Intel’s $8.5 billion federal chips grant to below $8 billion, considering a separate Pentagon contract.
Kyndryl Holdings Inc: JPMorgan raised its target price to $40 from $30, optimistic about the company’s revenue growth and cash flow generation strategy.
Macy’s Inc: Delayed Q3 results due to an accounting issue, revealing missed sales expectations and an independent investigation into misreported delivery expenses.
Merck & Co Inc: Announced success of its drug Winrevair in reducing mortality risk in pulmonary arterial hypertension patients, following U.S. approval.
MicroStrategy Inc: Canaccord Genuity raised its target price to $510 from $300, anticipating growth in Bitcoin investments.
Novo Nordisk A/S: Compounded versions of its obesity drug Wegovy are in high demand; FDA considers removing Wegovy from the shortage list, which could halt compounded drug production.
Nvidia Corp: CEO Jensen Huang stated global AI cooperation would continue despite potential U.S. export restrictions.
Old National Bancorp: Announced plans to acquire Bremer Financial for $1.4 billion, with a mid-2025 expected closure.
Peabody Energy Corp: Acquired Anglo American’s Australian coal mines for up to $3.78 billion, including contingency payments tied to reopening a key mine.
Procter & Gamble Co: Enhanced marketing and influencer strategy on China’s Douyin app boosted Pantene sales growth despite low consumer confidence.
Rentokil Initial Plc: Appointed Paul Edgecliffe-Johnson as CFO, succeeding Stuart Ingall-Tombs, who is retiring after 17 years.
Rocket Lab USA Inc: Secured $23.9 million in subsidies to expand solar cell production by 50%, part of a broader government investment in semiconductor technologies.
Suncor Energy Inc: Gerdes Energy Research initiated coverage with a target price of C$69, citing higher commodity prices.
TotalEnergies SE: Announced a halt to financial contributions to Adani Group ventures amid a U.S. investigation into Adani Green Energy.
Toronto-Dominion Bank: Addressing compliance concerns by installing government-ordered monitors and enhancing its anti-money laundering (AML) program.
Vertical Aerospace Ltd: Mudrick Capital agreed to convert 50% of its debt into equity, providing financial stability for the air-taxi maker.
Volkswagen AG: CEO signaled layoffs and plant closures to cut €4 billion in costs amid a dispute with workers.
Walmart Inc: Health division EVP Brian Setzer stepped down after a failed clinic push; Kyle Kinnard was appointed as his replacement.
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