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TSX Closer: The Index Continues Its Winning Streak on Bullish Fundamentals

-- The Toronto Stock Exchange closed higher again on Wednesday, continuing a streak that has seen in rise in all but one of the past 11 sessions as investors, already bullish on market fundamentals even amid geopolitical turbulence, were further buoyed by optimism around the Canadian economy ahead of the federal government's Spring Fiscal Update scheduled for April 28.

The S&P/TSX Composite Index closed up 53.63, or 0.15%, to 34,155.99, with most sectors higher and Info Tech, up near 3.6%, leading the way for the third successive day. Industrials, down near 0.9%, was the biggest loser.

Tuesday's gains leave the TSX within 400 points of its record close of 34,541.27 hit on March 2. According to FactSet the TSX going in to today was up 4.07% over the past month and up 2,389.60, points or 7.54%, since the start of the year. The index has climbed 36.04% since the Jan.29, 2025 U.S. Inauguration Day.

With the 2026 provincial budget season largely in the rearview mirror, the only major government left to update its fiscal outlook is the Government of Canada, Desjardins noted.

Among highlights in its Federal Spring Economic Statement 2026 Preview, Desjardins said many of the changes since the introduction of Budget 2025 have been in the federal government's favor, particularly in relation to the economy. That, it added, has freed up fiscal room to increase defense spending and transfers to households while still posting an improved deficit and debt outlook relative to the budget.

Desjardins said Canada remains one of the "cleanest fiscal dirty shirts" among advanced economies, and investor demand for government debt reinforces that positive sentiment. Desjardins does not expect a credit downgrade is in the Government of Canada's future, "at least not in the near term".

"But this shouldn't be taken for granted," Desjardins said, before adding: "Despite the economic tailwind, risks loom on the horizon. These include the Canada-United States-Mexico Agreement (CUSMA) joint review and rising interest rates. The Government of Canada would be wise to keep some fiscal powder dry in case it needs to confront these risks."

Last month, National Bank noted, Bank of Canada Governor Tiff Macklem was asked if an oil price shock is net positive or negative for the Canadian economy. Too early to tell was his dissatisfying answer, but he did explain that "the energy sector will do better, while consumers will be more squeezed". According to National Bank, one beneficiary he failed to mention were governments. It said: "Fiscal upside is easy to identify in oil-producing provinces, where crude futures curves imply a significant boost to non-renewable resource revenues. While not directly clipping oil royalties, the federal government stands to benefit too."

For resource-rich nations like Canada, National Bank said, rising commodity prices are "a boon" to the terms of trade. All else equal, this boosts the GDP deflator and overall nominal output, which is strongly correlated with government revenue. Even before the Middle East conflict began, National Bank noted, GDP was trending on a higher plane due to economic resilience in 2025 and positive historical revisions. Together, it suggests that 2026 nominal output could be 4%, or $130 billion, higher than the feds assumed in their fall budget, National Bank added.

National Bank estimates this GDP surprise is consistent with at least $20 billion in additional revenue in 2026-27, plus some upside to 2025-26. It said extra cash last fiscal year is consistent with Ottawa under-borrowing relative to their DMS plan, and interim fiscal results imply the same. However much upside revenue is realized, one key fiscal benchmark has materially improved. Canada's 2026-27 net debt-to-GDP ratio is tracking 1.6%-pts below the budget plan due to the extra GDP.

A natural comparison to this episode, National Bank noted, came in 2022. Back then, surging commodity prices saw an additional $56 billion flow into government coffers relative to earlier plans. National Bank said the windfall will not be as large this time as the demand backdrop is weaker and the basket of commodity prices rising is narrower. "Like four years ago though, it will be difficult to resist spending some of the surprise income. And right on cue, Ottawa temporarily cut federal gas taxes. Still, we'd imagine a government that aims to "spend less" will let some revenue flow to the bottom line."

Of commodities, West Texas Intermediate crude oil closed up by a penny Wednesday as U.S. President Trump again declared the war on Iran is near an end while traders continue to scramble for supply with the closure of the Strait of Hormuz keeping a fifth of daily oil demand off the market. WTI crude oil for May delivery closed up US$0.01 to settle at US$91.29 per barrel, while June Brent oil was up US$0.23 to US$95.02.

Gold moved lower on Wednesday even as the dollar eased, with the price of the precious metal rangebound amid faltering hopes for lower U.S. interest rates as the war on Iran pushes up energy prices. Gold for May delivery was down US$33.80 to US$4,816.30 per ounce.

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Oil & Energy

伍德麥肯茲表示,隨著油價反彈和經濟復甦時間表推遲,霍爾木茲海峽的干擾加劇。

伍德麥肯茲週二表示,霍爾木茲海峽的航運仍受到嚴重限制,船舶通行量遠低於正常的每日170艘,能源市場正對持續的中斷做出反應。 伍德麥肯茲指出,儘管有停火訊號,但水道實際上仍受到限制,安全通行的不確定性繼續阻礙航運活動。 儘管美國和伊朗正朝著重啟談判的方向邁進,但雙方在條件上仍存在巨大分歧,這增加了海灣能源出口長期中斷的風險。 伍德麥肯茲補充說,4月7日宣布的為期兩週的停火以及隨後在黎巴嫩進行的為期10天的暫停,曾一度提振了人們對緊張局勢緩和的樂觀情緒。 然而,兩艘印度船隻在周末試圖通過海峽時遭到砲火襲擊,被迫返航,凸顯了持續存在的風險。 伊朗伊斯蘭革命衛隊警告船隻不要在波斯灣和阿曼海航行,並表示「接近霍爾木茲海峽將被視為與敵人合作」。 伍德麥肯茲公司的數據顯示,停火後,船隻通行量略有回升,每天約有20艘船隻通過,但仍遠低於2月約170艘的水平。 這種有限的復甦勢頭已經逆轉,週日記錄到的船隻通行量極少,顯示石油、天然氣和化學市場持續受到干擾。 報告顯示,停火後油價最初下跌,布蘭特原油價格從每桶110美元左右下跌約14%至95美元以下,之後一度跌至略高於86美元。 隨後油價反彈,布蘭特原油6月期貨價格上漲約5%至每桶95美元左右,而歐洲天然氣價格一度攀升至每兆瓦時61.5歐元(72.21美元),之後回落至40歐元。伍德麥肯茲公司表示,美國加強了對伊朗的封鎖,扣押了一艘貨船,並加大了對伊朗相關航運的壓力。同時,雙方在周末的言論交鋒也愈發激烈。 伊朗伊斯蘭革命衛隊下屬媒體塔斯尼姆通訊社指出,如果敵對行動再次爆發,包括曼德海峽在內的幾個地點可能會「進入衝突區」。 伍德麥肯茲公司補充道,塔斯尼姆通訊社也提到了沙烏地阿美公司在延布和富查伊拉的資產和重要石油碼頭,這些碼頭是繞過霍爾木茲海峽的替代路線。 伍德麥肯茲公司高級副總裁艾倫·格爾德表示,和平協議或許能讓一些油輪迅速恢復航行,但霍爾木茲海峽的正常交通全面恢復可能要到6月底才能實現。 伍德麥肯茲表示,和平協議達成後,液化天然氣出口可能會出現初期激增,但全面恢復正常運作需要更長時間。 伍德麥肯茲的馬西莫·迪·奧多阿爾多表示,卡達南部液化天然氣設施的重啟可能需要三到四周,而北部設施的恢復則需要更長時間。 伍德麥肯茲指出,美國和伊朗之間日益緊張的局勢使復原時間表蒙上陰影,霍爾木茲海峽的長期中斷威脅著全球能源市場更嚴重的失衡。 伍德麥肯茲的彼得馬丁表示,布蘭特原油2026年的平均價格約為每桶85美元,並警告稱,接近每桶90美元的價格可能將全球經濟成長率推低至2%以下,甚至陷入衰退。

Research

研究快訊:EWBC:第一季獲利超預期,營收成長優於預期

獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下:EWBC公佈了強勁的2026財年第一季業績,營運每股收益為2.57美元,高於去年同期的2.08美元,超出市場預期0.10美元。第一季營收為7.74億美元,超出市場預期3%,年增12%,季增2%。該季度再次創下歷史新高,銀行貸款、存款和手續費收入均創歷史新高,同時保持了良好的信貸品質。淨利息收入較上季成長2%,表現優異;淨利差提升8個基點至3.49%,主要得益於存款成本下降21個基點至2.84%,足以抵銷貸款收益率下降9個基點的影響。資產負債表成長依然強勁,貸款總額達到創紀錄的580億美元(季增2%,年增7%),存款總額達690億美元(季增3%,年增9%)。貸款成長實現了良好的多元化,涵蓋商業和工業貸款、商業房地產貸款以及住宅抵押貸款組合。手續費收入季增13%,創歷史新高,其中財富管理費收入成長超過一倍。在競爭激烈的市場環境下,該行的資金優化措施持續取得成效。

$EWBC
Asia

紐西蘭航空首席財務長將辭職

紐西蘭航空(ASX:AIZ,NZE:AIR)週三向紐西蘭證券交易所提交的文件顯示,財務長理查德湯姆森已辭職,將於8月28日生效。 文件還補充道,該航空公司已啟動尋找新任財務長的程序。

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