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FINWIRES

Canada's Spring Budget Must Address Levels of Entrepreneurship, Says CFIB

-- Small businesses are calling on the federal government to reduce taxes, incentivize investment and improve Canada's entrepreneurial environment in its spring economic statement on April 28, said the Canadian Federation of Independent Business (CFIB).

"We've had six consecutive quarters of more businesses closing than entering the market, which means Canada is in an entrepreneurial drought, and it's time government paid attention to small businesses." said Corinne Pohlmann, CFIB executive vice-president of advocacy, in a statement released on Wednesday.

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Treasury

Update: Pirro Orders Office to Close Powell Investigation

(Update with the Federal Reserve's response to a request for comment.)US Attorney General for DC Jeanine Pirro said Friday on X that she has ordered her office to close its investigation into Federal Reserve Chair Jerome Powell.The Inspector General for the Federal Reserve has been asked to scrutinize cost overruns related to building construction, Pirro said."The IG has the authority to hold the Federal Reserve accountable to American taxpayers," Pirro said. "I expect a comprehensive report in short order and am confident the outcome will assist in resolving, once and for all, the questions that led this office to issue subpoenas."The Federal Reserve declined to comment to.

Australia

Freeport-McMoRan Facing Reduced Output in Indonesia Mine, Morgan Stanley Says

Freeport-McMoRan (FCX) is facing a slower production ramp-up and a temporary increase in costs at its Grasberg Block Cave mine in Indonesia, which may weigh on the company's shares, Morgan Stanley said in a note Friday.The investment bank noted, however, that the long-term prospects of the Indonesian mine remain unchanged.Morgan Stanley updated its estimates for the company following its Q1 results and now expects EBITDA of $2.44 billion in Q2, up 11% versus the previous forecast, $11.37 billion in 2026, down 10%, and $14.69 billion in 2027, down 13%, as well as $16.04 billion in 2028, a decrease of 3%.The investment firm said its EBITDA forecasts for 2026 to 2028 are 14% to 20% below the Visible Alpha consensus estimates.Morgan Stanley downgraded Freeport-McMoRan to equal-weight from overweight and cut the price target to $66 from $70.Freeport-McMoRan shares were up 0.6% in Friday trading.Price: $61.67, Change: $+0.19, Percent Change: +0.31%

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Australia

Refining Margins Unlikely to Return to Pre-Conflict Levels Anytime Soon, Morgan Stanley Says

Refining margins are unlikely to return to pre-conflict levels anytime soon, even if the Strait of Hormuz reopens, due to refinery damage, the time required to normalize trade flows, and the need to rebuild inventories, Morgan Stanley analysts said in a Friday note to clients.Analysts said first-quarter financial results for refining companies will be pressured by lower capture rates amid still-tight crude differentials, planned and unplanned maintenance, and derivative headwinds, partially offset by stronger secondary products.Morgan Stanley said near-term U.S. refining margins have roughly doubled since the start of the Iran conflict and now sit near levels last reached in 2022 and 2023.On Phillips 66 (PSX), analysts upgraded the stock to overweight from equal-weight.They said the chemicals business is a key factor that sets the company apart from the rest of the sector, with earnings from the segment expected to rise to about $1.1 billion from $352 million. They also raised the price target to $174 from $147.Morgan Stanley retained an overweight rating on Marathon Petroleum (MPC) and raised its price target to $233 from $200. It also maintained an overweight rating on HF Sinclair (DINO) and increased its price target to $66 from $57.On Valero Energy (VLO), Morgan Stanley maintained an equal-weight rating and raised the price target to $222 from $182. It also maintained an equal-weight rating on Delek US Holdings (DK) and raised its price target to $40 from $38.On PBF Energy (PBF), Morgan Stanley maintained an underweight rating and raised the price target to $34 from $27.Price: $224.00, Change: $+2.90, Percent Change: +1.31%

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