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Market Chatter: PM Carney Responds to Canadians Facing Around $2/L at Gas Pumps

Prime Minister Mark Carney says the federal government is aware of the high gas prices Canadians are facing, and amid uncertainty over how long the war in Iran may persist, he's "looking at" ways to help, CTV News is reporting Wednesday."What can we do to help cushion the blow for Canadians?" Carney asked at an event in Brampton, Ont. "That's something we're looking at."Carney made this comment in response to a reporter asking what he'd say to Canadians facing around $2 per litre at the pumps.The prime minister said he knows Canadians are asking themselves every day when they go to fill their tanks or heat their homes, why they feel as if they're bearing the costs of the Iran-U.S. war. Carney said "the short answer is because there's a global market.""Those countries that have lots of oil and gas see their prices go up alongside with those who don't have that oil and gas. It's the same shifts up in prices in the United States as well," Carney continued.Carney indicating that the Liberals are considering ways to offer consumers relief, comes on the heels of Conservative Leader Pierre Poilievre calling for gas taxes to be scrapped for rest of year. It also comes ahead of the spring economic update expected in the coming weeks.The prime minister offered no additional detail on what help his government may have in mind, or be considering, nor the timeline for when any measures may come into effect.Today Poilievre followed up on his call last week, by publishing a formal letter he sent to Carney. In it, he asks the PM to suspend the federal fuel excise tax and the GST on gas and diesel, and use the "massive windfall" the federal government is experiencing due to fuel costs, to fund it.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Scotiabank Sees Canada's New Vehicle Sales Rising Gradually This Year, in 2027 After Q1 2026 Holds Steady

Canadian auto sales marginally declined 0.1% month over month to 1.81 million units at a seasonally adjusted annualized rate (SAAR) in March, based on data from Omdia, said Scotiabank.Upward revisions to data for January and February resulted in Q1 sales averaging 1.79 million SAAR units, stronger than previously expected but still down 0.2% relative to Q4 2025.Non-seasonally adjusted (NSA) sales reported by the same source for March were 170,600, down 7.8% year over year, although compared with a relatively strong start last year before newly imposed tariffs began to upend global trade.When comparing Q1 sales in NSA terms against the same period across recent years, sales were down 6.5% relative to 2025 and down 2.3% relative to 2024.The recent decline in seasonally adjusted new vehicle sales may have bottomed out, as the selling rate over the past two months has increased in line with historical trends, stated Scotiabank. However, only time will tell as there remains a host of competing factors that will impact demand.Canada's overall employment level contracted in January and February, while the unemployment rate trended sideways around 6.7% three-month moving average. Global oil prices remain elevated amid the conflict in the Middle East, which is widely expected to push up headline inflation, while the Bank of Canada will be looking for signs of risks that higher input costs are being passed through to core inflation.While the bank estimates that higher oil prices are likely a small net positive to Canadian gross domestic product growth, higher costs at the pump may weigh on vehicle demand in the near term. Meanwhile, the new federal Electric Vehicle Affordability Program may boost EV sales over the coming months.Scotiabank's outlook for Canadian light vehicle sales is 1.81 million this year. The bank expects demand to gradually improve throughout this year and next, rising to 1.87 million in 2027, although with larger uncertainty given elevated and volatile oil prices clouding the outlook.

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US Markets20d ago

Delta Air Lines First-Quarter Results Top Views; Sees Fuel Expense Increase of Over $2 Billion

Delta Air Lines (DAL) on Wednesday reported better-than-expected first-quarter results amid robust corporate and leisure demand, although the carrier flagged a fuel expense increase of more than $2 billion in the current three-month period due to the Middle East war.The company posted adjusted earnings of $0.64 a share for the March quarter, up from $0.45 the year before, topping the FactSet-polled consensus of $0.58. Operating revenue climbed 13% to $15.85 billion. Total passenger revenue gained by 7% while cargo inclined 9%."We delivered earnings that were more than 40% higher than last year, even with a significant increase in fuel costs and operational disruptions across the industry," Chief Executive Ed Bastian said in a statement. The stock jumped 12% in the most recent premarket activity.Operating revenue improved 9.4% to $14.2 billion on an adjusted basis in the first quarter, ahead of the average analyst estimate for $14.05 billion. The metric grew amid "broad demand strength across corporate and leisure," Chief Commercial Officer Joe Esposito said. Adjusted total revenue per available seat mile grew 8.2% on a yearly basis, with gains across all regions.The airline is taking measures to protect its margins and cash flow, including "meaningfully reducing capacity growth with a downward bias until the fuel environment improves, and moving quickly to recapture higher fuel costs," Bastian said.The US and Iran on Tuesday agreed to a two-week ceasefire, having been in a military conflict since the end of February. The war spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz, driving up energy prices.For the ongoing quarter, Delta anticipates fuel at the forward curve as of April 2, resulting in a projected all-in price of about $4.30 per gallon, pushing fuel costs up by more than $2 billion. In the previous quarter, adjusted fuel price increased 7% year over year to $2.62 per gallon.Adjusted EPS is pegged at $1 to $1.50 for the second quarter on low-teens revenue growth, according to Delta. The Street is looking for non-GAAP EPS of $1.56 and revenue of $17.21 billion. Capacity is expected to be flat year over year amid the airline's capacity reduction and fuel recapture efforts, Esposito said."In the June quarter, we expect to lead the industry with $1 billion of profit," according to Bastian. "And while the recent fuel spike is currently impacting earnings, I'm confident this environment ultimately reinforces Delta's leadership and accelerates long-term earnings power."

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US Markets20d ago

Stocks Rise, Oil Declines Pre-Bell as US, Iran Agree to Two-Week Ceasefire

US equity futures were pointing higher on Wednesday while oil prices fell as the US and Iran agreed to a two-week ceasefire, potentially paving the way for the reopening of the crucial Strait of Hormuz.The S&P 500 rose 2.6%, the Dow Jones Industrial Average increased 2.4% and the Nasdaq advanced 3.3% before the opening bell. The S&P 500 and the Nasdaq finished the previous trading session in the green, while the Dow closed lower.In a social media post on Tuesday, President Donald Trump announced that he agreed to suspend "the bombing and attack of Iran for a period of two weeks" based on conversations and requests from Pakistan's Prime Minister Shehbaz Sharif and Field Marshal Asim Munir. The suspension of hostilities is subject to Iran agreeing to the "complete, immediate, and safe opening" of the Strait of Hormuz, according to Trump."We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate," Trump said in his post. "Almost all of the various points of past contention have been agreed to between the (US) and Iran, but a two week period will allow the agreement to be finalized and consummated."Trump had previously set an 8 pm ET deadline on Tuesday for Iran to fully reopen the strait or face destructive military attacks.In a separate statement shared on X, Iran's Foreign Minister Seyed Abbas Araghchi said Tehran will halt its defensive operations if attacks against it are stopped. Iran will also allow "safe passage" through the Strait of Hormuz, a key route for crude flows, during the two-week ceasefire through coordination with its armed forces and "with due consideration of technical limitations," according to Araghchi.Pakistan has invited US and Iranian delegations to Islamabad on Friday to further negotiate a "conclusive agreement to settle all disputes," Sharif said on X. Reuters reported earlier in the week that Pakistan put forward a proposal to both countries for an immediate ceasefire followed by a broader agreement to permanently end their war.The US-Israel war with Iran began at the end of February, disrupting shipments through the Strait of Hormuz and driving up energy prices. The conflict spread across the Middle East, with Gulf countries forced to intercept missiles and drones fired by Tehran.West Texas Intermediate crude oil dropped 16% to $94.39 a barrel in premarket action, while Brent fell 14% to $94.18.The Fed is scheduled to post minutes of its last policy meeting at 2 pm, which will be assessed for fresh insight on the central bank's monetary policy. Last month, the central bank held interest rates steady, saying the Middle East conflict poses uncertainty to the US economic outlook.Markets widely expect the Fed to keep its benchmark lending rate steady at its next policy meeting later in April, according to the CME FedWatch tool.Treasury yields plunged before the open, with the two-year rate declining 9.7 basis points to 3.74% and the 10-year rate falling 9.5 basis points to 4.25%.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.Delta Air Lines (DAL) and RPM International (RPM) report their latest financial results before the bell, among others. Constellation Brands (STZ) releases its earnings after the markets close.Shares of Levi Strauss (LEVI) jumped 11% pre-bell as the denim maker lifted its full-year outlook. Palo Alto Networks (PANW) inclined 2.1% while Trade Desk (TTD) was up nearly 4%.Gold gained 2.5% to $4,800 per troy ounce, while bitcoin climbed 4.3% to $71,663.

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Financial News · Live Terminal

Market Chatter: PM Carney Responds to Canadians Facing Around $2/L at Gas Pumps

Scotiabank Sees Canada's New Vehicle Sales Rising Gradually This Year, in 2027 After Q1 2026 Holds Steady

Market Chatter: PM Carney Responds to Canadians Facing Around $2/L at Gas Pumps

Scotiabank Sees Canada's New Vehicle Sales Rising Gradually This Year, in 2027 After Q1 2026 Holds Steady

RPM Beats Fiscal Third-Quarter Estimates, Affirms Sales Growth Expectations

"Most Curious Development" Today Is Why Traders Still Believe Next Move By the BoC Will Be a Rate Hike, says Rosenberg Research

Delta Air Lines First-Quarter Results Top Views; Sees Fuel Expense Increase of Over $2 Billion

Markets Rally Except for Commodities After U.S.-Iran Ceasefire, Says Scotiabank

South Korea's Current Account Reaches Record Surplus in February on Semiconductor Exports

Stocks Rise, Oil Declines Pre-Bell as US, Iran Agree to Two-Week Ceasefire