Global Markets
Canadian Markets
Canada’s TSX declined following a warning from the Bank of Canada that the U.S.’s imposition of 25% tariffs on Canadian goods would negatively impact both economies. This announcement dampened investor confidence, reflecting broader concerns about the potential fallout from escalating trade tensions between the two neighboring nations. The sectors most affected included export-driven industries such as automotive and natural resources, which are deeply integrated into U.S.-Canada trade.
American Markets
U.S. stock markets traded Tuesday in a mixed performance as investors weighed the potential ripple effects of these tariffs on the domestic economy. Manufacturing and agriculture sectors, reliant on cross-border trade, were under particular scrutiny, with fears of higher input costs and retaliatory tariffs from Canada adding to the uncertainty.
European Markets
In Europe, equities extended losses amid broader apprehensions about a global trade war that could stifle economic growth. Export-heavy indices, particularly in Germany and France, faced headwinds as global supply chains appeared increasingly under threat.
Japanese Markets
Japan’s Nikkei index also closed lower, pressured by similar concerns about protectionism disrupting global trade flows. The focus in Asia was on industries tied to international trade, such as electronics and automotive manufacturing, which are heavily dependent on free trade agreements.
Corporate Stock News
Adani Green Energy
The company clarified that no new financial commitments are under discussion with TotalEnergies, following the latter’s announcement of pausing new investments in the Adani Group over U.S. bribery charges.
Agilent Technologies Inc
The company forecasted annual profit below analysts’ estimates due to a slow recovery in the medical tools market. For fiscal 2025, Agilent expects an adjusted profit of $5.54 to $5.61 per share, compared to the consensus estimate of $5.66.
Alphabet Inc & Meta Platforms Inc
Both companies urged the Australian government to delay a bill banning most social media for children under 16. They emphasized the need for an age-verification trial before implementing the policy.
Amazon.com Inc
Japan’s Fair Trade Commission investigated Amazon Japan for suspected anti-monopoly violations, alleging pressure on sellers to reduce prices for better placement on its platform.
Apple Inc
Brazil’s antitrust regulator Cade mandated Apple to allow third-party payment methods for in-app purchases and external links, with non-compliance resulting in daily fines of $43,000.
Barclays Plc
Barclays plans to establish a private banking booking center in Singapore by 2026, targeting ultra-wealthy clients and family offices.
Bath & Body Works Inc
Barclays raised its target price to $34 from $28, citing strong sales driven by promotions and collaborations.
Best Buy Co Inc
The retailer lowered its annual profit and sales forecasts due to weak demand for electronics, now anticipating comparable sales to drop 2.5%-3.5%.
Block Inc
RBC increased the target price to $110 from $88, driven by expected profit growth from Cash App and Square.
Bright Minds Biosciences Inc
Baird initiated coverage with a price target of $75, highlighting strong trial results for epilepsy treatment.
Canaccord Genuity Group Inc
The company is reviewing its UK wealth management business, exploring options such as a sale or a new investor, in response to regulatory fee pressures.
CI Financial Corp
KBW raised the target price to C$31.50 from C$28, citing a high likelihood of a takeover by Mubadala Capital.
Citigroup Inc
Citigroup is reducing the number of year-end promotions to cut costs. Separately, it is entangled in a lawsuit over alleged misuse of client information by former employees.
Exxon Mobil Corp
RBC cut its target price to $115 from $120, citing weaker downstream margins and higher projected capital spending.
Intel Corp
The company secured a $7.86 billion subsidy under the CHIPS Act for semiconductor manufacturing in the U.S., supporting $90 billion in projects.
Kohl’s Corp
The retailer lowered its annual sales forecast due to poor demand and announced a CEO transition, with Tom Kingsbury stepping down.
Manchester United Plc
The company reported a smaller adjusted net loss for Q1 fiscal 2025, with revenue declining by 9% year-over-year.
Old National Bancorp
KBW raised the target price to $28 from $23, reflecting optimism about the Bremer Financial deal.
Poseida Therapeutics Inc
Roche plans to acquire Poseida for up to $1.5 billion, focusing on Poseida’s CAR-T cell therapies.
Rivian Automotive Inc
The company secured conditional approval for a $6.6 billion DOE loan to build a Georgia EV facility, set to begin operations in 2028.
Russel Metals Inc
RBC raised the target price to C$51 from C$45, citing favorable U.S. policies for steel pricing.
Tesla Inc
California’s proposed EV tax credit revisions could exclude Tesla vehicles if federal tax credits are revoked under the Trump administration.
UBS Group AG
UBS is set to fully own its securities joint venture in China as Beijing State-owned Asset Management auctions its 33% stake.
Walmart Inc
The company is scaling back its diversity, equity, and inclusion initiatives, including ceasing participation in LGBTQ advocacy rankings.
Walt Disney Co
Disney agreed to pay $43.3 million to settle a gender pay equity lawsuit, also committing to a three-year review of pay practices.
Warner Music Group Corp
Dan Rosen will assume an additional role as President of Warner Chappell Music Australasia, overseeing music and publishing operations.
Wells Fargo & Co
The bank is nearing the lifting of a $1.95 trillion asset cap, potentially by mid-2025, after demonstrating risk management improvements.
Zoom Communications Inc
The company raised its fiscal 2025 profit and revenue forecasts, citing strong enterprise demand, and expanded its share repurchase plan by $1.2 billion.
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