Financial News · Live Terminal

Page 1148 of 3048

Market Chatter: Salesforce Trims Workforce in Fresh Round of Cuts

Salesforce (CRM) trimmed jobs in a fresh round of cuts affecting staff working on the Agentforce AI product, Mulesoft IT tool, and Marketing Cloud software, Business Insider reported Tuesday, citing people familiar with the matter and a WARN notice in California.The regulatory notice listed 86 job cuts in roles including sales, technology and product, and general administration, the report said.Salesforce did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $173.50, Change: $-9.05, Percent Change: -4.96%

$CRM

Wire45d ago

Seaport Global Securities Adjusts Fox Price Target to $72 From $71, Maintains Buy Rating

$FOX$FOXA

Wire45d ago

Market Chatter: Meta Ordered by EU to Restore WhatsApp Access for Rival AI Assistants

Meta Platforms (META) was ordered by the European Commission to restore rival access to WhatsApp for companies building AI assistants, the Financial Times reported Tuesday, citing EU competition chief Teresa Ribera.The regulators said interim measures were necessary to prevent harm to competition ahead of a full antitrust investigation.Ribera said the decision preserved "choice for citizens across Europe on the AI assistants they want to use with WhatsApp, without that decision being made for them," according to the report.The action follows a December antitrust investigation into WhatsApp over concerns that Meta may have used its control of the platform to favour its own AI services. Meta said it would appeal the decision, the report added.Meta and the European Commission didn't immediately reply to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $587.84, Change: $+2.45, Percent Change: +0.42%

$META

Commodities45d ago

Clean Energy Growth Drives Decline in Gas Share of Global Power Mix in 2025, Ember Says

Natural gas accounted for a smaller share of global electricity generation for a fifth consecutive year in 2025, as rapid growth in renewable energy continued to outpace rising power demand, Ember analyst Malgorzata Wiatros-Motyka said in a Tuesday note.Although gas-fired generation increased slightly in absolute terms, global gas output rose by just 38 terawatt-hours, or 0.6%, in 2025.Gas supplied less than 5% of global electricity demand growth, while solar generation surged by 636 TWh, meeting roughly three-quarters of new demand.As a result, gas' share of the global power mix fell to 21.8% in 2025 from 23.9% in 2020. Between 2021 and 2025, gas generation expanded at an average annual rate of 1.6%, roughly half the pace recorded during 2016-2020.Clean power sources, led by solar and wind, met around 68% of global electricity demand growth over the last five years, reducing the need for additional gas-fired generation.The shift is becoming increasingly widespread. By 2025, 61 of 124 economies that generate electricity from gas had remained below their historical gas-generation peaks for at least five consecutive years. Those countries accounted for about one-fifth of global gas-fired power generation.The trend is particularly evident among major gas-importing economies. Four G7 members, the UK, Germany, Italy and Japan, have remained below their previous gas-generation peaks for at least five years.Across the G7, gas generation fell by 50 TWh in 2025, while renewable output reached 2,544 TWh, nearly matching gas-fired generation of 2,577 TWh.Meanwhile, major emerging economies are expanding their electricity supply with limited reliance on gas. China's gas share remained near 3% of its electricity mix despite strong demand growth, while gas generation has already peaked in India and Brazil.Analysts said geopolitical disruptions have reinforced the shift by highlighting the cost and security risks associated with imported gas.Supply shocks following Russia's invasion of Ukraine in 2022 accelerated renewable deployment, while more recent disruptions in the liquefied natural gas market have strengthened efforts to diversify power systems.The findings suggest that gas is increasingly shifting from a driver of structural growth in the power sector to a balancing role alongside expanding renewable electricity systems.

Wire45d ago

One Liberty Properties Keeps Quarterly Dividend at $0.45 a Share, Payable July 9 to Shareholders of Record as of June 25

$OLP

Commodities45d ago

US Plastics Markets Mixed as PE, PVC and China VAM Extend Declines, TPH Says

The global petrochemical market saw a mixed tone last week, with most major resin and monomer prices under pressure despite stable crude, TPH Energy strategists said in a note on Tuesday.US polyethylene edged lower by 1 cent to 64 cents/lb, tracking a modest build in April inventory data.Matthew Blair, an analyst at TPH, said that despite the pullback, pricing remains elevated, sitting at about 65% above pre-war levels, underscoring still-tight structural conditions.US polyvinyl chloride weakened further, falling 3 cents to 35 cents/lb amid subdued construction activity.Blair said that even after the decline, PVC remains about 18% above pre-conflict benchmarks, though softness in demand continues to weigh on sentiment.Vinyl acetate monomer in China fell 3 cents to 39 cents/lb, bringing it to just 7% above pre-war levels, reflecting continued normalization in regional chemical pricing.Other segments, including methanol, caustic soda, and ethylene dichloride, were broadly stable over the week, suggesting limited downstream demand shocks outside select weak pockets.The standout was US polypropylene, which rose 1 cent to 67 cents/lb after April inventories fell 2% on stronger domestic demand. The gain leaves PP about 57% above pre-war levels and marks a rare area of resilience within an otherwise softer pricing complex.TPH analysts said the divergence highlights uneven downstream demand trends, with packaging and durable goods demand holding up better than construction-linked consumption.

Commodities45d ago

China's Crude Imports Hit Multi-Year Low as Refining Activity Eases, TPH Says

China's crude oil imports fell in May to 7.8 million barrels per day, the lowest level since October 2017, as disruptions linked to the Middle East conflict and weaker refining economics weighed on demand, TPH Energy strategists said in a note Tuesday.Matthew Blair, analyst at TPH, said crude arrivals dropped to 7.8 million b/d, down from 9.4 million b/d in April, 11.8 million in March, and 12.6 million in February.The May figure marks the weakest level since October 2017, reflecting what TPH analysts described as a pullback in demand following disruptions linked to the ongoing conflict.The decline in feedstock availability has filtered through to refinery operations.TPH said state-owned refiners saw utilization rates drop to 67% in May from 70% in April, and significantly lower than 78% in March and 82% in February.Meanwhile, the bank said independent "teapot" refiners were more resilient but still eased to 54% from 55% over the same period. Early June data suggests utilization holding at 67% for state-run plants and slipping further to 51% for teapots.Blair said that Chinese refiners are increasingly operating under margin pressure, with elevated crude costs contributing to reported losses across parts of the sector.Despite weaker run rates, China's net refined product exports rose modestly to 489,000 b/d in May from 320,000 b/d in April. However, TPH said that the composition of those exports appears to have shifted. April data suggest shipments were skewed toward jet fuel and fuel oil, with minimal volumes of gasoline and diesel.On the margin side, TPH said that refining economics remain relatively supportive in Asia. Singapore 2-1-1 refining cracks eased to $42 per barrel so far in June, down from $45 in May and a recent peak of $68 in April, though still elevated versus March levels of $59.TPH analysts said the sustained strength in Singapore cracks is most directly supportive of US refiner PBF Energy (PBF), which remains a key beneficiary within its coverage universe.Price: $40.35, Change: $-2.02, Percent Change: -4.77%

$PBF

US Markets45d ago

May Existing-Home Sales Hit 5-Month High, NAR Data Show

US existing home sales increased to the highest level since December in May, a move that is expected to bode well for the economy, the National Association of Realtors said Tuesday.Sales rose 3.2% sequentially to a seasonally adjusted annual rate of 4.17 million units last month. The consensus was for a 1.1% increase in a survey compiled by Bloomberg."More Americans are on the move, with home sales rising to the highest level since December. This is great news for the housing market and the economy," NAR Chief Economist Lawrence Yun said. "Improving affordability is helping drive this momentum."Sales grew in the Northeast, Midwest and South, and were unchanged in the West."Increased home sales mean more economic activity -- lawn care, furniture purchases, moving services, mortgage originations and other related business activities all get a boost," Yun said.The average 30-year fixed-rate mortgage increased to 6.44% last month from 6.33% in April, but was down from 6.82% a year earlier, the NAR said Monday, citing Freddie Mac data."Even with mortgage rates ticking up compared to earlier in the year, they remain lower than a year ago and are essentially at the long-term historical average," Yun said. "Income gains are also outpacing home price growth by a small margin in most parts of the country."Single-family home sales increased 3.5% month over month in May, while condominium and co-op sales remained unchanged, NAR data showed.The median sales price of existing homes increased 1.3% year over year to $429,300 in May, marking the 35th straight month of annual gains, according to the NAR report."The new record-high May home price reflects solid fundamentals for homeowners and ongoing supply constraints," Yun said. "Only 1% of all home sales involved a foreclosure or an underwater situation in which the sale price could not cover the outstanding mortgage balance. This shows that homeowners are on solid financial footing."

Commodities45d ago

US Exports of Soybean Oil, Ethanol, Biodiesel Drop in April, Census Bureau Says

US ethanol and biodiesel exports dropped in April compared to March, while soybean oil exports fell sharply, the US Census Bureau reported on Tuesday.In April, ethanol exports totaled 171.6 million gallons, down from 217.7 million gallons in March. Canada was the biggest buyer of US ethanol, followed by the Netherlands and South Korea.US biodiesel exports totaled 19,808 metric tons in April, down from 28,283 mt in March. Shipments of biodiesel went mostly to Canada, Peru, and Indonesia.US soybean oil exports totaled 18.9 million mt in April, down from 70.78 mmt in March. Mexico and Venezuela were the biggest buyers.The US Census Bureau and the US Bureau of Economic Analysis announced on Tuesday that the goods and services deficit was $55.9 billion in April, down $0.7 billion from the revised $56.6 billion in March.April exports were $327.1 billion, $8.3 billion more than March exports. April imports were $383.0 billion, $7.6 billion more than March imports.

Commodities45d ago

Update: EU Reportedly Weighs Lower Electricity Taxes, Network Charge Reforms to Cut Power Bills

(Updates with the European Commission's response in paragraphs 2-5.)The European Union is weighing changes to energy taxes and network charges, including a proposal to give electricity a tax advantage over natural gas, as it seeks to lower household power bills, according to multiple media reports on Monday.In an email response to, a European Commission spokesperson said that the Commission is working with member states on targeted measures to address Europe's current energy crisis."The Commission stands ready to support any Member States that need, in the short term, to apply energy tax rates below the current EU minimum levels, while avoiding increasing fossil fuel demand and exacerbating imbalances of supply and demand," the spokesperson said.The spokesperson also pointed to the Commission's AccelerateEU initiative, saying it "sets out measures to bring immediate relief to European households and industries, protect them from the fossil fuel energy crisis, while accelerating on the clean energy transition.""In this context, the Commission will also present a legislative proposal on taxation in July, ensuring that electricity is taxed less than fossil fuels," the spokesperson said in the emailed response.Rising oil and gas prices, linked to disruptions in global energy markets following the conflict in Iran, have intensified efforts to reduce Europe's dependence on imported fossil fuels.To accelerate the shift away from fossil fuels, the draft proposal would require member states to tax electricity at a lower rate than natural gas, a move the European Commission believes would support wider adoption of electric vehicles and heat pumps, according to media reports.Although national governments would continue setting their own tax rates, they would reportedly need to follow an overarching framework that favors electricity over gas.Under the proposal, consumers would receive incentives to shift electricity consumption to periods when energy is cheaper and more readily available on the grid.To help households and businesses take advantage of lower-cost electricity during off-peak hours, the European Union would target smart meter installation for 50% of electricity customers by 2030, the reports said.Representing roughly one-quarter of a typical household power bill, network charges are also under review, although the tax measures still require approval from European Union lawmakers and a reinforced majority of member states amid reported opposition from some governments.

Wire45d ago

Campbell's Could See Challenging Fiscal 2027 Amid Inflation, Pricing Pressures, UBS Says

Campbell's (CPB) could see a challenging fiscal 2027 due to pressures related to inflation, pricing, and continued marketing investments, among others, UBS Securities said in a Monday note.Campbell's has also flagged headwinds from incentive compensation resent and a higher share count, UBS noted.The company reported fiscal Q3 adjusted earnings of $0.50 per diluted share, down from $0.73 a year earlier, as net sales declined to $2.37 billion from $2.48 billion. And there are but "little signs that a return to EPS growth is on the horizon" for the company, UBS said.For fiscal 2026, Campbell's reiterated its adjusted EPS outlook of $2.15 to $2.25 and a 1% to 2% decline in organic sales. The top-line outlook appears "somewhat aspirational" and top-line growth in fiscal 2027 seems "unlikely," the brokerage said.UBS cut its price target on Campbell's to $17 from $19, with a sell rating.Price: $21.93, Change: $+0.44, Percent Change: +2.05%

$CPB

Insider Trading45d ago

Coca Cola Insider Sold Shares Worth $7,946,073, According to a Recent SEC Filing

Jennifer K Mann, Executive Vice President, on June 05, 2026, sold 100,000 shares in Coca Cola (KO) for $7,946,073. Following the Form 4 filing with the SEC, Mann has control over a total of 215,709 common shares of the company, with 207,400 shares held directly and 8,309 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/21344/000002134426000146/xslF345X05/form4.xmlPrice: $81.18, Change: $+1.64, Percent Change: +2.06%

$KO

Asia Markets45d ago

British Shares Fall Back Amid Renewed Peace Talks; GSK to Buy Nuvalent

London's FTSE 100 dropped 1.41% on Tuesday's close as oil prices trended down with Iran and Israel's renewed efforts towards restoring peace.US President Donald Trump told reporters that Washington was "very close to having a good strong powerful deal" and that they "could have an idea on Iran in one or two days now," Deutsche Bank Research noted. Israel and Iran agreed to halt direct military strikes on each other the night before.In corporate news, drugmaker GSK (GSK.L) fell 0.50% after agreeing to acquire US-based oncology-focused biopharmaceutical company Nuvalent for $10.6 billion. "The acquisition provides GSK with immediate new sales growth opportunities, improving profit contributions from 2027, and a platform in lung cancer for rapid expansion with Ris-Rez, our B7-H3 targeted ADC in phase III clinical development," GSK Chief Executive Luke Miels said.Information analytics group Relx (REL.L) launched a share buyback program of up to 200 million pounds sterling. The new program will run until June 26, and shares acquired under the scheme will be held in treasury. The stock was flat at close.On the economic front, the UK's retail sales rose 3.4% year over year on a like-for-like basis in May, following a 3.4% decline in April, according to data from the British Retail Consortium. The reading, which surpassed the expected 0.6% increase for the month, marks the strongest retail sales growth since April 2025 due to demand for outdoor and summer goods amid a heatwave."While the sunshine gave retail a welcome lift, this momentum should not be taken for granted. Household finances remain under pressure, consumer confidence is still fragile, and many retailers continue to face rising costs. If Government wants to keep inflation in check and support growth, it must urgently tackle the taxes and levies that are driving up energy bills. Without action, cost pressures will build further, limiting retailers' ability to invest and pushing prices up for customers," BRC Chief Executive Helen Dickinson said.Meanwhile, the UK launched a long-term artificial intelligence hardware strategy aimed at supporting domestic chipmakers and expanding national computing infrastructure. A 400 million-pound-sterling fund will support the initiative, as the UK seeks to equip its next national AI supercomputer with next-generation chips, UK Chancellor Rachel Reeves said at an AI Adoption Summit. Reeves also confirmed that the British government plans to launch a formal tender process for the new national supercomputer in Edinburgh.

FTSE 100$GSK.L$REL.L

Wire45d ago

FedEx Pilots Ratify New Collective Bargaining Agreement

FedEx (FDX) said Tuesday that its pilots have ratified a new collective bargaining agreement with the company and the Air Line Pilots Association by a majority vote.The new agreement will take effect from June 29 and represents a "significant step" forward for the FedEx airline and its 5,000 pilots, the company said.Financial terms of the agreement were not disclosed.Price: $328.79, Change: $-1.44, Percent Change: -0.43%

$FDX

Commodities45d ago

Astra, Adamant Complete 1st Advanced Fame 0 Trade on Argus Open Markets Platform

Renewable energy firm Astra Energy initiated a deal to buy Advanced Fame 0 fob ARA from Italian firm Adamant on Argus Open Markets on May 28, marking the first transaction for the grade since its launch on the price-discovery platform, Argus Media said Tuesday.The Argus RED Advanced Fame 0 CFPP fob ARA, stands for Fatty Acid Methyl Ester 0 cold filter plugging point for free-on-board delivery in the Amsterdam-Rotterdam-Antwerp hub.It is a daily price assessment for advanced biodiesel produced from waste-based feedstocks eligible under the European Union's Renewable Energy Directive II, Annex IX, Part A, according to Argus.Bulgarian producer Astra initiated the May 28 deal to buy Advanced Fame 0 fob ARA range material from Italian company Adamant, marking the grade's first trade on the platform.Advanced Fame 0 fob ARA grade has a CFPP of 0 degrees Celsius and, like other biodiesel grades such as Fame 0, Used Cooking Oil Methyl Ester, or Ucome, and Rapeseed Methyl Ester or RME, is blended into diesel to help meet renewable energy targets, according to Argus. It is classified by its feedstock base, which consists exclusively of qualifying EU Annex IX Part A waste materials.Market participants have traditionally traded Advanced Fame 0 at a differential to Ucome, Argus said.Under the FOB delivery model, the seller delivers the goods onto the vessel at the named port of shipment. The buyer pays for ocean freight, insurance, and subsequent costs.Intercontinental Exchange (ICE) launched an Argus-settled Advanced Fame 0 futures contract last month, and the contract has already recorded trades.Different regulatory frameworks for the two waste-based fuels have widened supply-demand dynamics, increasing demand for standalone pricing and hedging instruments."We are pleased that market participants are embracing our AOM platform, which offers streamlined trade initiation, aids price transparency and provides a digital footprint that assists compliance," Argus Media Chairman and Chief Executive Adrian Binks said.He added biofuels markets continue to evolve as regulatory mandates take effect, while Argus pricing benchmarks across biofuels, feedstocks and renewable fuels serve as industry standards for risk management and term contracts.Argus operates Open Markets platforms across European and Asian biofuels, liquefied petroleum gas and West African crude oil markets, providing real-time price transparency and trade initiation tools.Price: $141.41, Change: $+2.35, Percent Change: +1.69%

$ICE

Asia Markets45d ago

UBS, Givaudan Drive Swiss Shares Higher as Middle East Tensions Ease

Swiss shares rose 0.27% at the trading close on Tuesday, reversing the previous day's losses, amid hopes of progress in peace talks in the Middle East and several favorable corporate developments.US President Donald Trump said his country and Iran are "in the final throes of what will be a very, very good deal," hours after brokering a halt to retaliatory strikes between Tehran and Israel.On the corporate front back home, Givaudan (GIVN.SW) jumped 7.48% following a slew of analyst rating upgrades. JPMorgan placed the flavor and fragrance company on Positive Catalyst Watch and Deutsche Bank upgraded to buy from hold, a day after Goldman Sachs raised its own rating to buy from sell."Demand remains solid, with Q2 conditions holding up after the March step-up. Combined with increasing innovation activity, this should lead to a sequential organic sales growth (OSG) acceleration for most," Deutsche Bank said as it also raised its price target on Givaudan to 3,300 francs from 3,000 francs. "At this stage, cost inflation appears to be manageable and should be passed through fairly quickly, ensuring profitability remains relatively well-underpinned, especially as self-help focus remains strong for most names. All in all, we expect Q2 results to be above the consensus."Meanwhile, UBS Group (UBSG.SW) gained 0.21% after sources told Reuters that the Swiss parliament is considering new proposals to ease the capital requirements for the country's biggest bank. The new proposals would reportedly reduce the government's requirement for the bank to fully back its foreign subsidiaries with common equity tier 1 capital to 70% or 80%.In other corporate news, SoftwareOne (SWON.SW) dropped 2.97% as it set out its financial targets for 2030 at its capital markets day. The Swiss software and cloud technology group is targeting a high-single-digit revenue compound annual growth rate and a dividend payout ratio of between 30% and 50% of its net profit.

^SSMI$GIVN.SW$SWON.SW$UBSG.SW

Wire45d ago

TJX Positioned for Continued Market Share Gains From Department Stores, UBS Says

TJX (TJX) is well positioned to continue taking market share from department stores over the next several years, UBS Securities said in a note Tuesday.The analysts said the company's growth potential is based on newer businesses such as HomeSense and Sierra, as well as international expansion, including the recent launch of the TK Maxx banner in Spain. UBS also forecasts about 10.5% annual earnings per share growth for TJX over the next five years.UBS's ninth annual US Off-Price and Department Store Consumer Survey reinforces this positive view, the analysts said, adding that 71% of consumers associate the brand with "good value for money," compared with roughly 47% for department store peers such as Macy's (M)."This roughly 24 percentage point perception gap is decisive - it demonstrates TJX owns the core consumer decision driver, underpinning sustained traffic capture and reinforcing a durable competitive moat that should support ongoing share gains from Department Stores," the analysts added.The investment firm expect TJX's earnings per share to be $5.40 in fiscal 2027, compared with consensus estimates of $5.23, $6 in fiscal 2028 versus consensus of $5.76, and $6.65 in fiscal 2029 versus consensus of $6.30.UBS has a buy rating and a $197 price target on TJX.Price: $163.65, Change: $+3.90, Percent Change: +2.44%

$TJX

Asia Markets45d ago

DAX Index Declines; German Industrial Output Climbs

The blue-chip DAX index closed Tuesday 0.74% lower, after the latest release of German industrial production and trade data and the agreement of both Israel and Iran to halt direct attacks.According to Destatis, industrial output in April rose 0.4% on a monthly basis, as expected, compared with a revised 0.1% dip earlier. Annual industrial production was 0.5% lower, following a revised 3.4% decrease previously."Industrial production increased for the first time since the start of the war in the Middle East. However, the improvement was too little to bring any significant relief. Instead, industrial production is again close to stagnation rather than signalling a genuine turnaround," ING said.On the trade front, the Federal Statistical Office reported that Germany's calendar and seasonally adjusted trade surplus was 14.5 billion euros in April, below the revised 14.7 billion euros a month ago and the market forecast from Investing.com of 15.4 billion euros.Exports inched up 0.9% month over month, against the revised 0.3% uptick earlier and the expected 0.3% decline. Monthly imports climbed 1.2%, following a revised 4.5% growth in March.In corporate updates, Nordex Group (NDX1.F) secured 155 megawatts worth of orders for 34 Delta and Delta 4000 Series wind turbine supply and installation from unnamed customers in Southern Europe and Türkiye, with the deals including multi-year service and maintenance contracts.Additionally, Mwb Research upgraded the German wind turbine manufacturer to hold from sell, with an unchanged price target of 40 euros. Nordex lost 3.25% on Xetra.Meanwhile, Mutares (MUX.F) announced that its portfolio company F.lli Ferrari Holding finalized the partial sale of its Dutch distribution business to Denmark-based HMF Group, enabling the Italian truck-mounted crane manufacturer to focus on its core business. The German private equity holding company was down 1.46% at closing.

^DAX$MUX.F$NDX1.F

Wire45d ago

Ovintiv Montney Depth, Strong Balance Sheet Support Re-Rating Opportunity, RBC Says

Ovintiv's (OVV) inventory depth in the Montney, "streamlined" asset portfolio, strong balance sheet and enhanced shareholder returns position the company for a "valuation re-rating" over time, RBC Capital Markets said in a report Tuesday.Ovintiv remains committed to its disciplined capital allocation strategy, maintaining its 2026 mid-point capital spending program of $2.3 billion and production outlook of 620,000 to 645,000 barrels of oil equivalent per day while retaining flexibility to pursue growth if commodity prices improve over the next 18 to 24 months, the report said.Ovintiv's plan to return 50% to 75% of free cash flow to shareholders in 2026 through dividends and buybacks, coupled with net debt falling to $3.3 billion below its $4 billion target and the potential for inclusion in the S&P/TSX index, enhances the company's financial flexibility and could drive additional investor demand for its shares, according to the report.The firm estimates Ovintiv could generate about $2.8 billion in free cash flow in 2026 and said the stock trades at a significant discount to North American peers despite its strong asset base and financial profile, according to the report.RBC maintained an outperform rating on Ovintiv with a price target of $70.Price: $56.28, Change: $-1.63, Percent Change: -2.81%

$OVV

Treasury45d ago

Canada's Auto Sales Move Sideways After Spring Rebound, Says Scotiabank

Canadian auto sales fell 0.6% month over month to 1.89 million units at a seasonally adjusted annualized rate (SAAR) in May, based on data from Omdia, said Scotiabank.The monthly selling rate has trended in the 1.85 million to 1.9 million annualized range since February, an improvement from the three months to January when sales averaged 1.75 million to 1.8 million but still below the two-million rate a year ago.The improvement in light vehicle sales this spring has been supported by car sales, which have increased an average 9% each month seasonally adjusted since February to the highest level in a single month since early 2024, which has been partially offset by light truck sales that have held relatively flat after increasing 4.4% month-over-month SA in February, noted the bank.In non-seasonally adjusted terms, May registered 185,100 new light vehicle sales as reported by the same source (-4.4% year over year). Sales remain down compared with the same month a year ago for the eighth month in a row, but this likely continues to reflect distortions from United States tariffs, as demand was pulled into the spring last year by tariff front-running that resulted in a softer H2 2025, stated Scotiabank.When comparing against the same month in 2024, new vehicle sales rose 6.6%, and are higher for a third consecutive month.While Q1 gross domestic product was weaker than previously expected, growth should begin to improve over the year, according to the bank. Canada's labor market added 88,000 jobs in May after contracting in three of the first four months to start the year, supporting a drop in the unemployment rate to 6.6% that has averaged 6.7% since January.Meanwhile, household consumption expenditures grew 1.5% quarter-over-quarter SAAR in Q1, largely driven by spending on services (2%) while spending on goods remains soft (0.7%). The surge in global oil prices pushed headline inflation to 2.8% year over year in April and is likely to stay close to 3% for the remainder of the year before slowing towards the midpoint of the Bank of Canada's 1% to 3% target range next year.As such, in Scotiabank's latest outlook, it now expects the BoC to hold the policy rate at 2.25% through the summer as the central bank assesses inflation pressures and economic growth, with two 25 basis points hikes to the policy rate in Q4 this year and another in early 2027.The bank's outlook for Canadian light vehicle sales is 1.84 million this year as it expects sales to trend sideways through the middle of the year, but could remain volatile from month to month. New vehicle sales are expected to begin improving later in the year and into next, rising to 1.88 million in 2027.However, this outlook faces large uncertainty owing to higher and more volatile oil prices clouding the outlook.

$CXY

Showing 22941-22960 of 60957

Treasury45d ago

Canada's Auto Sales Move Sideways After Spring Rebound, Says Scotiabank

$CXY