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February Factory New Orders Flat Vs. Expected 0.2% Decrease, Prior Flat Reading

Wages "Seemingly Popped" In March and Bank of Canada Will Keep An Eye On That, says BMO

BMO's Douglas Porter says the bottom line to be taken from Friday's Canadian employment data is that "for a refreshing change", results were "no big surprise" in March, and he adds the big picture take away is that job growth has been quite modest over the past year, but so, too, has been the growth in the available labour force, holding the unemployment rate steady.Porter says the only really new news was that wages "seemingly popped", which the Bank of Canada will keep on eye on, particularly as it is already on high alert for signs of any spillover from higher energy prices to broader inflation.Canadian employment, Porter notes, rose by a "moderate" 14,100 in March after a "tough start" to 2026. Given that employment had plunged by a combined 108,700 positions in the first two months of the year, no one is going to mistake this small back-up as a sign of strength, especially when full-time jobs actually nudged down a bit further last month, he says.Still, Porter adds, even a small plus sign is a positive, as is the stable jobless rate, which held at 6.7% -- actually a tick lower than a year ago.Porter notes the labor force also edged up 15,000 after two big declines as the participation rate steadied, but the number of people in the workforce has only risen 0.4% in the past year, just a tad below job growth.Overall, Porter says, Friday's LFS was "bizarrely" close to consensus and gets a passing grade of 57.1 on BMO's scoring system. "That will barely move the needle for the Bank of Canada debate," he adds.Porter notes one "wrinkle" was that average hourly wages popped, unexpectedly, to a 4.7% year-over-year pace, the fastest in more than a year and well up from 3.9% the prior month. "Wages can be a bouncy series, but that's a big bounce, and a move that bears watching."Meantime, he also notes, total hours worked edged up 0.2% month over month after a 'deep dive' in February. That still left them down at a 0.4% annual rate for all of Q1. With a half-decent productivity gain in the quarter, that could still work with BMO's 1.5% estimate for Q1 gross domestic product growth, Porter says.

$$CXY

Oil & Energy57d ago

US Natural Gas Update: Futures Down Amid Bearish Gas Storage Data, Weather Forecasts

US natural gas futures held steady on Friday after weekly storage data landed broadly in-line with forecasts, offering little in the way of new direction for the markets.The front-month Henry Hub natural gas contract, along with the continuous contract, traded down 0.52% to $2.65 per million British thermal units.The Energy Information Administration reported a net injection of 50 billion cubic feet into storage for the week ended April. 3, which was above the prior week's 36 Bcf injection, but below the 57 Bcf that was injected into storage during the same week last year.Besides this, the actual figures were ahead of forecasts that were expecting a net injection of 41 Bcf for the week, according to data compiled by Investing.com.According to the Energy Buyer's Guide, the markets found no new directional momentum from these results, while noting that they expect next week's report to show a slightly smaller build, "before injections pick up in the following weeks."Globally, there is growing optimism about a potential peace deal with the US, Israel and Iran, as US President JD Vance departed to Pakistan, in order to hold talks with Iranian officials. Vance said that a "good faith effort" from the Iranian side could lead to a "successful" deal.Weather forecasts have continued to turn bearish, with most parts of the US expected to see above-normal temperatures from April 17 to April 23, according to the National Weather Service.US dry gas production saw a minor recovery, at 107.0 Bcf per day, after slipping from 108.6 Bcf per day to 106.6 Bcf per day earlier this week, according to NRG Energy.LNG feedgas to export terminals remains near capacity, estimated at 18.9 Bcf for Friday, as global supply and demand dynamics remain tight.

Mining & Metals57d ago

DLP Resources Confirms Magnetic Body at Esperanza Project in Peru

DLP Resources (DLP.V) said Friday that three-dimensional magnetic susceptibility imaging inversion on its Esperanza porphyry copper-molybdenum project in Peru delineated a strong magnetic body, providing geophysical evidence for locating concealed porphyry bodies.The company said its invention analysis delineated subsurface physical property structures down to 1,200 meters depth. The magnetic body has a volume of about 4.4 cubic kilometers, whose strike, dip, and depth perfectly align with a typical porphyry ore-forming model."The recent aeromagnetic drone survey over the Esperanza project together with the 3D inversion of the data has confirmed a coincident magnetic anomaly with our alteration mapping, spectral alteration mapping and ground geochemistry," President and Chief Executive Officer Ian Gendall said."The magnetic body, potentially related to a potassic core of a porphyry copper system is estimated to be at a depth of 200 to 700m below surface," Gendall added.DLP said it plans to conduct detailed rock chip sampling and additional extension of the magnetic survey. Permitting for a drill program in 2026 is currently underway.Price: $0.28, Change: $-0.02, Percent Change: -5.08%

$DLP.V

Mining & Metals57d ago

Goldstorm Metals Announces LIFE Offering for up to $4 Million; Shares Down 8.3%

Goldstorm Metals (GSTM.V) late on Thursday announced a non-brokered private placement for aggregate gross proceeds of up to $4 million.The private placement consisted of the sale of any combination of units at a price of $0.20 per HD unit, flow through units at a price of $0.24 per FT unit, and charity flow through units at a price of $0.31 per charity FT unit.The company said that each HD unit will be comprised of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of $0.30 per common share for a period of 36 months following the closing of the offering.It added that each FT unit and charity FT unit will be comprised of one common share to be issued as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) and one-half of one warrant to be issued on a non-flow through basis.The net proceeds of the sale of units are expected to be used for general and administrative working capital and other corporate purposes.The offering is expected to close on or about the week of April 30, 2026, and is subject to certain conditions.The company's shares were last seen down $0.02 at $0.22 on the TSX Venture Exchange.Price: $0.21, Change: $-0.03, Percent Change: -12.50%

$GSTM.V

Commodities57d ago

European Commission Seeks Public Feedback on Energy Regulator Cooperation Agency

The European Commission has begun seeking feedback on the performance of the EU Agency for the Cooperation of Energy Regulators to identify areas for improvement, the Directorate-General for Energy said Friday.ACER was stablished in March 2011 to primarily support the integration of energy markets in the region and monitor market dynamics to deter any wholesale energy market manipulation.The four-week call for evidence, running through May 6, aims "to assess ACER's performance in relation to its objectives, mandate, and tasks, while exploring whether any adjustments are needed to enhance its effectiveness," according to the statement.All stakeholders, including energy regulators, market participants, industry experts, and civil society, were requested to provide their inputs on the agency's output, working methods, and interactions.The Commission said targeted surveys and interviews will also be conducted, along with the call for evidence, to facilitate the evaluation process.Evaluation findings will be presented to the European Parliament, the Council, and ACER's Board of Regulators in Q4, and will be made available to the public.

Sectors57d ago

Market Chatter: Hassett Says Strait of Hormuz Can Open Up Within Two Months

National Economic Council Director Kevin Hassett said he thinks the Strait of Hormuz can open and oil transport can return to normal within the next two months, Bloomberg reported Friday, citing Hassett's appearance on Fox Business.(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.)

Oil & Energy57d ago

EMEA Natural Gas Update: Futures Drop Nearly 7% After JD Vance Signals Optimism on Iran Peace Deal

European natural gas futures were down on Friday after some apparent progress seen towards a lasting peace deal between the US, Israel and Iran after US Vice President JD Vance expressed optimism about a positive outcome.The front-month Dutch TTF contract fell 6.44% to 43.20 euros ($50.66) per megawatt-hour, while UK NBP futures lost 6.75% to 108.88 pence ($1.46) per therm. Dutch TTF futures were set to end the week down by 13.53%, while UK gas was down 14.09%, according to data from Trading Economics.On Friday, Vance departed to Islamabad, Pakistan, to hold talks with Iran, while noting that President Donald Trump had set firm expectations for the negotiating team. Vance also said that a "good faith effort" from the Iranian side could lead to a "successful" deal.Meanwhile, Lebanese Prime Minister Nawaf Salam is expected to visit Washington, after Israel requested direct negotiation following its attacks against the country, according to a CNN report.All of these developments point towards potential de-escalation in hostilities in the Middle East, leading to pressure on European natural gas prices.Meanwhile, the Strait of Hormuz, was still effectively closed for the sixth week running, with just five vessels passing through it over the past 24 hours, according to the Hormuz Strait Monitor.This is in sharp contrast to the typical daily average of 138 ships per day, according to the UK's Joint Maritime Information Center, which noted that there were no new vessel attacks over the past 24 hours.Sultan Ahmed Al Jaber, the CEO of Adnoc, the UAE's state-owned oil company, said that despite the ceasefire announcement earlier this week, the Strait of Hormuz had not reopened.Access to the crucial Strait, which handles 20% of global LNG flows, he said, was still being "restricted, conditioned and controlled," in a social media post on Thursday.Daniel Hynes, a senior commodity strategist at ANZ, said there was "no end in sight to the impasse," with LNG tankers still stuck in the Persian Gulf.Hynes also added that the resulting supply tightness was being compounded by the outages in Australia's LNG facilities, with Chevron's Wheatstone gas facility operating at just 50% of capacity, due to damage from Cyclone Narelle last month.All of this comes at a critical juncture for European markets, as the region enters refilling season with low inventories, at just 28.92% of capacity, compared to 34.97% last year, according to data from Gas Infrastructure Europe.

Sectors57d ago

Natural Gas Edging Up From a 17-Month Low as Mild Weather Lowers Demand

Natural gas edged up from a 17-month low early Friday on weak seasonal demand, mild forecasts and high supply.Gas for May delivery was last seen up $0.01 to US$2.68 per million British thermal units after falling to the lowest since November 2024 a day earlier.The price of the fuel has been pressured as mild spring temperatures cut into demand while supply remains high. Long-term forecasts from the National Weather Service expect most states to see seasonal or warmer temperatures over its six to 14 day outlook."(Natural gas) has remained subdued largely under pressure from seasonal shifts as warmer weather continues to unfold. Demand has moderated given this seasonal shift while supply remains abundant," Christopher Louney, natural gas and gold strategist at RBC Capital Markets wrote in a note to clients.In its weekly survey of inventories of the fuel released Thursday, the Energy Information Administration reported stocks rose by 50-billion cubic feet last week, above expectations for a rise of up to 48-bcf according to NatGasWeather. The rise left inventories at 1.91-trillion cubic feet, 4.8% above the five-year average for the week.

$NGK6$UNG

Sectors57d ago

Hassett Says Strait of Hormuz Can Open Up Within Two Months, Bloomberg Reports

Mining & Metals57d ago

TSX Up More Than 210 Pts; Comes After Index Lost Near 140 Pts on Thursday, For Its First Loss In Seven Sessions

$^GSPTSE$.GSPTSE

Equities57d ago

UBS Adjusts Delek US Holdings Price Target to $48 From $42, Maintains Neutral Rating

Delek US Holdings Inc (DK) has an average rating of overweight and mean price target of $47.79, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$DK

Equities57d ago

UBS Adjusts Diamondback Energy Price Target to $245 From $240, Maintains Buy Rating

Diamondback Energy (FANG) has an average rating of overweight and mean price target of $214.84, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$FANG

Sectors57d ago

Sector Update: Energy Stocks Lean Lower Premarket Friday

Energy stocks were leaning lower premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.3%.The United States Oil Fund (USO) was down 1.3% and The United States Natural Gas Fund (UNG) was 0.2% lower.Front-month US West Texas Intermediate crude oil was 0.1% higher at $97.95 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 0.2% to $95.68 per barrel, and natural gas futures were up 0.2% at $2.68 per 1 million British Thermal Units.ConocoPhillips (COP) has sent a team to Venezuela to evaluate the prospects of oil drilling in the country, several media outlets reported, citing a company statement. Shares of ConocoPhillips were marginally higher pre-bell.Petrobras (PBR) said it signed contracts with Petronas Petroleo Brasil to acquire 50% stakes in the Tartaruga Verde and Espadarte - Module III fields in the Campos Basin offshore Brazil for $450 million, regaining full ownership in the assets. Petrobras shares were up 1% premarket.EQT (EQT) and Glencore (GLEN) committed to acquiring an extra 1 million metric tons of liquefied natural gas annually from Commonwealth LNG through 20-year agreements, Reuters reported, citing a regulatory document. EQT stock was 0.6% lower pre-bell.

$COP$EQT$PBR$UNG$USO$XLE

Oil & Energy57d ago

US Oil Update: Futures Headed for Weekly Decline

Oil prices eased on Friday and were headed for a weekly decline after the US-Iran ceasefire deal which effectively slashed the geopolitical risk premium, even as the agreement gets off to a very shaky start.The front-month West Texas Intermediate crude contract was down 0.5% at $97.41 per barrel. Brent futures eased 0.5% to $65.98/bbl.Both contracts were headed for a weekly fall of about 12%."Crude prices try to stabilise below [$]100 following the sharpest weekly drop since last June yet remain underpinned by mixed signals surrounding the proposed peace plan, a roughly 600,000 b/d cut in Saudi production capacity, and the effective closure of the Strait of Hormuz since late February," Saxo Bank analysts said.An April 9-dated news article by the Saudi Press Agency citing the Energy Ministry referred to an attack "recently" on a pumping station on the East-West pipeline, which it said caused a loss of about 700,000 barrels in throughput.It did not make mention of the origin of the attack but a source told Reuters on Wednesday that it came from Iran, damaging Saudi Arabia's main alternative route to export markets since the closure of the Strait of Hormuz."Meanwhile, spot Brent transactions continue to clear at notable premiums to futures, underscoring mounting supply stress as refiners scramble to replace disrupted Middle East flows," Saxo Bank added.June Brent futures have retreated below $100 per barrel following the ceasefire announcement. Yet cargoes already at sea priced by Dated Brent, the global benchmark for immediate delivery, remain stubbornly above $120.US President Donald Trump gave a warning to on Thursday amid reports that Tehran has started charging transit fees on tankers seeking to exit the Strait of Hormuz. Shipping through the key waterway remains restricted despite the ceasefire deal."There are reports that Iran is charging fees to tankers going through the Hormuz Strait," Trump said in a social media post on Truth Social, "They better not be and, if they are, they better stop now!"According to TRM Labs' Thursday note, Iran's new toll framework requires payments of up to $2 million per vessel payable in cryptocurrency or Chinese yuan generating an estimated $20 million in daily revenue for Tehran.Further tightening the squeeze, Russia's Tass news agency reported, citing a senior Iranian source, that Iran will continue to limit the movement of ships.The source reportedly said that under the current ceasefire, "fewer than 15 ships per day" will be permitted to sail via the Strait of Hormuz, according to the report.All eyes are now on high-stakes talks between a US delegation and Iranian officials scheduled for this weekend.

Sectors57d ago

Gold Trading Lower as U.S. Inflation Surged in March on Higher Gasoline Prices

Gold futures eased early Friday even as the dollar weakened after a report showed U.S. inflation surged in March on higher gasoline prices, cutting hopes for a cut to interest rates from the Federal Reserve.Gold for May delivery was last seen down $31.10 to US$4,786.90 per ounce.The U.S. Bureau of Labor Statistics reported the March Consumer Price Index (CPI) rose to a 3.3% annualized rate in March, the highest since May 2024, up from 2.4% in February, but matching expectations, according to Marketwatch. Core CPI, excluding volatile food and energy prices, rose 2.6%, up from 2.5% a month earlier but came in under the consensus estimate for a 2.7% rise.The Bureau said the rise came on higher gasoline prices "which accounted for nearly three quarters of the monthly all items increase". Fuel prices have surged since the United States and Israel launched their war on Iran on Feb. 28 and Iran closed the Strait of Hormuz, cutting off 20% of daily oil supply from Persian Gulf countries.Gold remains well below its Jan. 29 record high of US$5,354.80 per ounce as rising inflation ends hope for lower U.S. interest rates. The CME FedWatch Tool expects the Federal Reserve to leave interest rates unchanged for the remainder of the year, bearish for gold since it pays no interest.The dollar was lower early, with the ICE dollar index last seen down 0.14 points to 98.69. Treasury yields were mixed, with the U.S. two-year note last seen paying 3.793%, down 2.0 basis points, while the yield on the 10-year note was up 2.5 points to 4.306%.

$GCK6$GLD

Treasury57d ago

Canada's Labour Market "Still Appears Quite Weak", Enabling BoC To Stay On Hold For 2026, says CIBC

"Overall, and through the monthly volatility, the Canadian labour market still appears quite weak, which should limit the ability of the current oil price shock to widely spread into broader inflationary pressures, enabling the Bank of Canada to hold interest rates at their current level throughout 2026," says CIBC's Andrew Grantham after the release Friday of Canada's LFS employment data for March.Grantham notes Canadian employment increased in March following two consecutive declines, but he says the rebound was "no better than consensus expectations and failed to bring the unemployment rate lower".Among highlights, Grantham notes the 14,000 increase in employment was almost exactly in line with the consensus forecast of 15,000, but only partly reversed a cumulative decline of more than 100,000 in the prior two months; the modest increase in employment during March kept pace with labor force growth, and the unemployment rate held steady at 6.7%. By sector, professional services and natural resources, alongside "other" services, led the increases, with those gains partly offset by declines in sectors such as finance and food & accommodation.Overall job growth was driven by part-time positions, with full-time work unable to recoup any of the ground lost in the prior month, says Grantham.Despite general softness in most labor market indicators recently, Grantham says hourly wage growth for permanent employees accelerated "sharply", to 5.1%, although he adds that partly reflected base effects from a year ago and the year-over-year rate should ease again in the months ahead.

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Sectors57d ago

Sector Update: Financial Stocks Lean Lower Premarket Friday

Financial stocks were leaning lower premarket Friday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.3% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 0.5%.Switzerland's criminal court said Friday it has discontinued a proceeding against UBS (UBS) in connection with alleged money laundering in a case involving Mozambican state-owned companies. UBS Group shares were 0.9% higher pre-bell.HSBC (HSBC) and Anchorpoint Financial, a Standard Chartered joint venture, have been granted stablecoin issuer licenses by the Hong Kong Monetary Authority, the regulator said. HSBC stock was 0.6% higher premarket.A Morgan Stanley (MS) affiliated entity is planning to participate as a cornerstone investor in Victory Giant Technology Huizhou's planned listing in Hong Kong that could raise about $2 billion, Bloomberg reported, citing people familiar with the matter. Morgan Stanley shares were slightly declining premarket.

$FAS$FAZ$HSBC$MS$UBS$XLF

US Markets57d ago

AbbVie First-Quarter Earnings Unlikely to Lift Sentiment, RBC Says

AbbVie (ABBV) is expected to report first-quarter earnings within its guidance range, but that may not be enough to improve sentiment toward the drugmaker, RBC Capital Markets said in a Friday client note.The brokerage expects AbbVie to report per-share earnings of $2.59 for the first quarter, while the current consensus on FactSet is for non-GAAP EPS of $2.83.Earlier in April, AbbVie revised its first-quarter adjusted EPS outlook to a range of $2.56 to $2.60. The company said it expected a pre-tax charge of $744 million related to acquired in-process research and development and other expenses to negatively impact its bottom line by $0.41 a share."We think the bar is high for (AbbVie), and 'in-line' results may not be enough to turn the tide on the negative sentiment," RBC analyst Trung Huynh wrote in the note. "Unless the company delivers a clear beat, we see the current malaise persisting into (the second quarter of 2026)."AbbVie is scheduled to release its latest quarterly results on April 29.Sales of the company's immunology drugs, Skyrizi and Rinvoq, in the first quarter are tracking with consensus and guidance, according to RBC. The brokerage anticipates a "small" year-over-year decline in AbbVie's oncology segment, impacted by Inflation Reduction Act pricing erosion and decreasing volume for cancer drug Imbruvica.RBC forecasts the company to report revenue of $14.82 billion, while the Street is looking for $14.73 billion.The brokerage has an outperform rating on AbbVie's stock with a price target of $260.

$ABBV

Sectors57d ago

Sector Update: Health Care Stocks Mixed Pre-Bell Friday

Health care stocks were mixed pre-bell Friday, with the iShares Biotechnology ETF (IBB) 0.5% higher and the State Street Health Care Select Sector SPDR ETF (XLV) marginally lower.Telix Pharmaceuticals (TLX) shares were up more than 5% after the company said the US Food and Drug Administration accepted its resubmitted new drug application for its investigational glioma imaging agent Pixclara.Abbott Laboratories (ABT) has been ordered by a jury in Chicago to pay $53 million in compensatory damages to a group of families related to four cases over its infant formula, the Chicago Tribune reported. Shares of Abbott Laboratories were down 0.9% premarket.Vanda Pharmaceuticals (VNDA) said it is calling on the US Food and Drug Administration to withdraw a proposal in the regulator's fiscal 2027 Congressional Budget Justification that would extend drug review timelines. Vanda Pharmaceuticals stock was up more than 1% pre-bell.

$ABT$IBB$TLX$VNDA$XLV

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Oil & Energy57d ago