Market Analysis: March 25th, 2025
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Canadian Markets
The Toronto Stock Exchange (TSX) rose as the commodity sector was higher, on oil, gold, and copper, which saw prices strengthen The Canadian aerospace industry has warned about rising costs due to tariffs, as manufacturers in this sector rely heavily on both imports and exports. Aviation companies fear that tariffs imposed on certain materials and components could lead to significant cost increases, potentially squeezing margins and delaying production timelines.
American Markets
In the U.S., stock indices opened weak, but managed to recover their losses, reflecting investor sentiment that remains cautious amid evolving trade policy developments. Data released today showed that American consumer confidence is at its lowest point from over a decade ago, weighing negatively on market sentiment.
European Markets
European stocks were trading higher, buoyed by an optimistic reading of business sentiment in Germany, the largest economy in the Eurozone. A key survey revealed that business confidence in Germany had improved, signaling potential economic stabilization in the region.
UK stock markets also moved higher on the strength of the energy and building sectors, as investors bet on continued demand for energy resources and infrastructure development. However, the broader economic outlook appeared more subdued, particularly in the retail sector. British retailers reported the sharpest drop in sales volumes in eight months, with figures for March showing a steep decline. The Confederation of British Industry's (CBI) monthly gauge of retail sales dropped significantly, from -23 in February to -41 in March, marking the lowest level since July of the previous year. Retailers attributed this downturn to cautious consumer spending, with many shoppers refraining from making purchases due to ongoing economic uncertainties and inflationary pressures
Corporate Stock News
Alphabet Inc, Amazon.com Inc, & Meta Platforms Inc: India will scrap a 6% tax on digital advertisements, easing costs for U.S. tech giants like Alphabet, Amazon, and Meta. This decision follows concerns raised by Washington and President Trump's threats of reciprocal tariffs starting April 2.
BlackRock Inc: BlackRock launched its first bitcoin exchange-traded product (ETP) in Europe, aiming to tap into the growing demand for cryptocurrency exposure, following success in the U.S.
Blackstone Inc: Blackstone is raising at least $10 billion for a new Asia private equity fund, primarily focused on India. During a meeting in Beijing, Blackstone's Stephen Schwarzman expressed confidence in China's economic development, though the fund will not focus on China.
Boeing Co: Boeing is seeking to withdraw an agreement to plead guilty to a criminal fraud charge over 737 MAX crashes. The plea deal would have branded Boeing a convicted felon, but a U.S. judge rejected it in December. Negotiations for a new agreement are ongoing.
Boeing Co, Lockheed Martin Corp, & Northrop Grumman Corp: The U.S. Navy is expected to announce who will build its next-generation carrier-based stealth fighter, with Boeing, Lockheed Martin, and Northrop Grumman all competing for the contract.
Bombardier Inc: Bombardier faces rising costs due to escalating U.S. tariffs and Canadian retaliatory duties, impacting components and engine repairs.
Canadian Pacific Kansas City: CIBC cut its target price for Canadian Pacific Kansas City to C$124 from C$128, reflecting lower earnings expectations due to challenging weather conditions in February.
Cintas Corp & UniFirst Corp: Cintas has terminated acquisition discussions with UniFirst, which was valued at $5.3 billion. UniFirst rejected earlier offers, and Cintas is no longer in talks to acquire the uniform supplier.
Chevron Corp: U.S. President Trump issued an executive order imposing a 25% tariff on oil and gas bought from Venezuela, but extended Chevron's deadline to wind down operations in Venezuela by seven weeks.
Citigroup Inc: Citigroup appointed Akira Hoshino as the head of markets for Japan, effective immediately. Hoshino, with over 30 years of experience, will lead the bank's business growth and markets franchise in Japan.
Crown Castle Inc: Crown Castle terminated CEO Steven Moskowitz immediately, appointing Dan Schlanger as interim CEO. This follows activist pressure after the company's $8.5 billion fiber asset sale.
Diversified Royalty Corp: CIBC raised its target price for Diversified Royalty Corp to C$3.1 from C$3, following strong fourth-quarter earnings and accelerated growth at Mr. Lube.
Dropbox Inc: Activist investor Half Moon Capital is pushing Dropbox to end its founder control, criticizing its slowing revenue growth and payment strategy. The investor seeks to remove the company's dual-class share structure, which gives CEO Drew Houston significant voting power.
HSBC: HSBC is considering outsourcing some of its fixed-income trading order flow to a third-party firm, according to Bloomberg.
Lennar Corp: KBW reduced its target price for Lennar to $128 from $141, citing uncertainty around long-term housing demand and margins.
KB Home: Barclays cut its target price for KB Home to $56 from $60 due to a revenue guidance reduction for full-year 2025, following lower-than-expected first-quarter orders.
Mobileye Global Inc: Volkswagen is collaborating with Valeo and Mobileye to enhance partially automated driving systems in new models. This partnership focuses on technologies such as cameras, radar, and mapping.
Novo Nordisk: Novo Nordisk acquired the global rights to United Laboratories International's 'triple-G' weight-loss drug candidate in a deal worth up to $2 billion.
SM Energy Co: Stephens raised its target price for SM Energy to $66 from $57, citing a narrowing valuation gap with mid-cap peers due to promising exploration prospects in the Uinta Basin, Midland Basin, and South Texas.
Smithfield Foods Inc: Smithfield reported stronger-than-expected demand for its packaged meats, driving sales growth and cost-cutting benefits. The company expects increased sales and profit for fiscal 2025.
Tesla Inc: Tesla's market share in Europe continued to decline in February, with sales down by 42.6% year-on-year. Despite overall growth in the electric vehicle market, Tesla's share of both the overall and BEV market fell
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