Global Markets
The softer U.S. inflation data sparked expectations of a potential rate cut by the Federal Reserve, causing a slight dip in US indexes. This sentiment was mirrored by stable gold prices, which hovered near a one-month high, while the US dollar experienced its most significant daily decline of the year.
In Europe, shares declined, partly due to Siemens’ profit miss and several major companies trading ex-dividend. However, Chinese stocks saw gains following reports of the government’s plan to address the property crisis by purchasing unsold homes, boosting investor confidence. Meanwhile, Japan’s Nikkei surged to a one-month high, driven by the strong performance of technology shares that mirrored gains in international markets.
In Canada, the main stock index remained relatively flat. On the commodities front, oil prices initially dropped but later recovered some ground due to increased fuel demand in the United States, indicating a potential rebound in economic activity.
Corporate Stock News
- Raiffeisen Bank International:
- Warned by U.S. Treasury about potential restrictions due to Russia dealings.
- Anglo American:
- Suspended global hiring to streamline operations and avoid takeover by BHP Group.
- Santander:
- Victor Matarranz stepping down as global head of wealth management and insurance.
- Canada Goose Holdings:
- Beat revenue expectations with strong demand in China for puffer jackets.
- Revenue up in Asia-Pacific and North America.
- TC Energy Corp:
- Disagrees with court ruling on damages related to Columbia Pipeline acquisition.
- Baidu Inc:
- Beat revenue estimates driven by ad sales and AI cloud products.
- Cisco Systems Inc:
- Forecasted Q4 revenue above expectations due to enterprise spending uptick.
- Deere & Co:
- Trimmed annual profit forecast amid slumping demand for tractors and combines.
- Grab Holdings Ltd:
- Raised full-year profit forecast on higher-than-expected quarterly revenue.
- JD.com Inc:
- Reported Q1 revenue that exceeded estimates despite cautious customer sentiment.
- Veon Ltd:
- Posted 5.1% growth in Q1 core profit following cyberattack last year.
- Walmart Inc:
- Raised fiscal 2025 sales and profit forecast on expected easing inflation.
- Albemarle Corp:
- Reached agreement with Chile for increased lithium production quota.
- Coatue Management:
- Dissolved stake in Apple Inc, reduced positions in Nvidia Corp and Tesla Inc.
- American International Group Inc:
- Selling 20% stake in Corebridge Financial to Japan’s Nippon Life Insurance for $3.8 billion.
- AstraZeneca PLC:
- COVID-19 prevention therapy showed positive results in late-stage trial.
- AT&T Inc & AST Spacemobile Inc:
- Struck deal to deliver space-based broadband network to cell phones.
- Berkshire Hathaway Inc & Chubb Ltd:
- Berkshire revealed new $6.72 billion stake in insurer Chubb.
- Bristol Myers Squibb Co:
- FDA approved expanded use of cancer cell therapy Breyanzi for follicular lymphoma.
- Chevron Corp:
- Set to launch sale of remaining UK North Sea oil and gas assets.
- Honda Motor Co Ltd:
- Pledged to double electrification and software investment to $65 billion by 2030.
- International Business Machines Corp:
- Plans to hire up to 800 more people in Ireland for advanced software development.
- JPMorgan Chase & Co, Goldman Sachs Group Inc & New York Community Bancorp:
- Soros Fund Management adjusted positions in various financial companies.
- Microsoft Corp:
- Asking some China-based staff to consider transferring outside the country.
- Mondelez International Inc:
- At least one investor backing resolution for independent study of risks in Russia.
- Netflix Inc:
- Ad-supported tier reached 40 million global monthly active users.
- Will launch in-house advertising technology platform by end of 2025.
- News Corp:
- Activist hedge fund Starboard Value tripled stake in News Corp.
- Pfizer Inc:
- Settled over 10,000 U.S. lawsuits over discontinued drug Zantac for up to $250 million.
- Tesla Inc:
- U.S. judge rejected Tesla’s bid to dismiss lawsuit over misleading self-driving claims.
- Swedish appeals court rejected Tesla’s case against Sweden’s Transport Agency.
- Trump Media & Technology Group Corp:
- Delayed quarterly filing due to timing of new auditor appointment.
- Walt Disney Inc:
- Cut investment in traditional TV programming to focus on streaming.
- Expected continued growth from theme parks business.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
