-- Deutsche Bank said it sees USD/CAD at 1.25 at the end of 2028 from the current 1.37 level.
At the end of this year, USD/CAD the bank's forecast is for 1.33, while it's 1.27 at the end of 2027 as the Canadian dollar (CAD) strengthens against the US dollar (USD).
Tech stocks declined late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) fractionally lower and the State Street SPDR S&P Semiconductor ETF (XSD) falling 3.2%.The Philadelphia Semiconductor index dropped 1.4%.In corporate news, Advanced Micro Devices (AMD) shares fell 3.2% after Northland downgraded the company's stock to market perform from outperform.
(Updates with Google's comment in 5th, 6th and 7th paragraph.)The European Commission on Monday proposed measures that would require Alphabet's (GOOG, GOOGL) Google to open its Android ecosystem to rival AI services and launched a public consultation under the Digital Markets Act.The commission said its preliminary findings outline steps Google should take to ensure third-party AI services can access key Android capabilities and interact with applications on users' devices.The measures would allow competing AI tools to perform tasks such as sending emails, ordering services or sharing photos, which are functions currently largely reserved for Google's own AI offerings, the commission said in a statement."Today's proposed measures will give more choice to Android users about the AI services they use and integrate in their phone," Teresa Ribera, an EU executive vice president, said in the statement.Clare Kelly, Senior Competition Counsel at Google, said Android's ecosystem allows AI assistants to grow, as device makers can freely integrate and tailor AI experiences for their users."This unwarranted intervention would strip away that autonomy, mandate access to sensitive hardware and device permissions; unnecessarily driving up costs while undermining critical privacy and security protections for European users." Kelly added in an emailed statement to.Kelly also said the EC's proposals and the current memory crisis will drive up device prices by 50 euros to 100 euros this year.The commission invited interested parties to submit feedback by May 13.Price: $349.84, Change: $+7.52, Percent Change: +2.20%
Consumer stocks fell late Monday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.6%.In corporate news, United Airlines (UAL) CEO Scott Kirby confirmed he approached rival American Airlines (AAL) about a possible merger, and American declined to engage, closing the door on a deal. Separately, American is selling $1.14 billion of bonds financing a group of planes, Bloomberg reported. United shares fell 1.5%, and American dropped 3.1%.