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Globe and Mail
21-05-2025
- Business
- Globe and Mail
Market Analysis: May 21st, 2025
Global Markets Canadian Markets: Canada's TSX declined, pulling back from record highs , as investors booked profits to mitigate risks amid renewed trade tensions and concerns about slowing global growth. As the markets head into the typically quieter summer months, lower trading volumes may increase volatility. In addition, growing pessimism among economists — with several now forecasting that Canada is heading into a recession — has weighed on investor sentiment. Weakening consumer spending, a cooling housing market, and persistent inflationary pressures are contributing to this negative outlook which are reflecting the current aversion to risk, the despite strength from rising oil and gold. US Markets: U.S. equity markets traded lower, as Treasury yields surged, reflecting heightened fiscal concerns. Investors are watching Washington's political gridlock, particularly with the ongoing standoff over President Donald Trump's proposed tax-cut legislation, which is reigniting debates about deficit spending. Markets also are addressing the re-escalation in tensions between the U.S. and China over the semiconductor trade, further stoking fears of a renewed 'chip war' that could hurt technology supply chains and global growth. European Markets: European stock markets traded the day mixed, while some regional indices managed modest gains, as the broader market was dragged down by sharp declines in key stocks like JD Sports and Julius Baer, both of which posted disappointing updates. The performance of these heavyweight stocks overshadowed otherwise stable earnings and economic data across the eurozone. UK equities rose slightly, despite an unexpected move higher in inflation. Consumer prices in the UK climbed more sharply than forecast in April, driven by a surge in energy and transport costs. The headline inflation rate surpassed 3%, raising fresh concerns for the Bank of England as it considers its next steps on interest rates. The persistence of high inflation, even as economic growth remains modest, complicates the central bank's efforts to bring price pressures under control without stifling demand. Stock News Alphabet Inc Volvo Cars has become the lead development partner for Google's Android Automotive software. This deeper collaboration will allow Volvo customers earlier access to new features, giving it a competitive edge in user experience and software integration. Apple Inc Epic Games' Fortnite has returned to Apple's App Store in the U.S. after nearly five years, following a court ruling that found Apple violated antitrust regulations. This marks a significant win for Epic Games in its legal battle with Apple over app payment practices. Brookfield Asset Management Spain's Bankinter has submitted a binding bid for Livensa, Brookfield's student housing platform, valued at around €1.2 billion. CPPIB and KKR are also reported to be interested. Brookfield has not commented publicly on the deal. Canada's Big Banks Four of the six largest Canadian banks are expected to have each set aside over C$1 billion in Q2 for loan loss provisions, preparing for potential defaults amid economic uncertainty and trade-related risks. Comcast Corp & Walt Disney Co Comcast is set to open its $7 billion 'Epic Universe' theme park in Central Florida, expanding Universal Orlando Resort. This major addition challenges Disney World's dominance and includes five themed worlds based on well-known franchises. ConocoPhillips Guangdong Pearl River Investment Management Group signed a 15-year LNG supply agreement with ConocoPhillips. Although volumes weren't disclosed, the deal supports China's growing LNG infrastructure and energy needs. DXC Technology Co JPMorgan cut its price target to $18 from $22, citing lower free cash flow expectations for FY27 and FY28. Keysight Technologies Keysight exceeded Wall Street estimates for Q2 revenue and profit, driven by strong sales in its communications segment. Shares rose 5% after-hours, and the company reported EPS of $1.70 vs. an expected $1.65. Kraft Heinz Co Kraft is exploring strategic deals amid falling demand for its premium snack and meal products. Two Berkshire Hathaway executives are exiting the board as Buffett's firm withdraws board participation. Kraft has also lowered its annual sales and profit forecasts. Lowe's Companies Inc Lowe's reported a smaller-than-expected 1.7% decline in same-store sales and maintained its 2025 outlook. Despite weak big-ticket sales due to higher interest rates, maintenance spending helped cushion the decline. Medtronic PLC Medtronic plans to spin off its diabetes business into a separate company within 18 months. The division, with $2.5 billion in annual sales, will be based in California and led by current diabetes head Que Dallara. Myriad Genetics Inc Scotiabank downgraded the stock to 'Sector Perform' from 'Sector Outperform' and cut the price target to $6 from $20, citing a need for clearer strategic direction under new leadership. Nvidia Corp CEO Jensen Huang criticized U.S. export controls on AI chips to China as a failure, saying they have cost American firms billions and were based on flawed assumptions. He supports regulatory adjustments by the Trump administration. Palo Alto Networks Palo Alto raised its Q4 revenue forecast, driven by increased demand for cybersecurity solutions amid rising digital threats. Analysts see the sector as resilient and poised to benefit from increased AI adoption. Target Corp Target slashed its annual forecast after reporting a sharp drop in same-store sales. Executives cited weak consumer confidence and trade uncertainty, including potential tariff impacts from U.S.-China tensions. Tesla Inc Tesla will begin testing its robotaxi fleet in Austin, TX by June, starting with 10 vehicles and expanding to 1,000. The rollout comes amid regulatory scrutiny and declining global sales, as well as growing backlash toward Elon Musk's political ties. Viking Holdings Ltd JPMorgan raised its price target to $61 from $58 after Viking beat Q1 adjusted EBITDA estimates. Wolfspeed Inc Wolfspeed is reportedly preparing for Chapter 11 bankruptcy due to heavy debt and sluggish demand in industrial and auto sectors. Shares fell 57% in extended trading. The firm is seeking creditor support after failed restructuring talks.
The Guardian
21-05-2025
- Politics
- The Guardian
DoJ moves to cancel police reform settlements with Minneapolis and Louisville
The justice department moved on Wednesday to cancel a settlement with Minneapolis that called for an overhaul of its police department following the murder of George Floyd, as well as a similar agreement with Louisville, Kentucky, after the death of Breonna Taylor, saying it does not want to pursue the cases. The move shows how the civil rights division of the justice department is changing rapidly under Donald Trump, dismantling Biden-era work and investigating diversity programs. It also comes amid pressure on the right to recast Floyd's murder, undermine diversity efforts and define liberal-run cities like Minneapolis as crime-ridden. Following a scathing report by the justice department in 2023, Minneapolis in January approved a consent decree with the federal government in the final days of the Biden administration to overhaul its training and use-of-force policies under court supervision. The agreement required approval from a federal court in Minnesota. But the Trump administration was granted a delay soon after taking office while it considered its options, and on Wednesday told the court it does not intend to proceed. It planned to file a similar motion in federal court in Kentucky. 'After an extensive review by current Department of Justice and Civil Rights Division leadership, the United States no longer believes that the proposed consent decree would be in the public interest,' said the Minnesota motion, signed by Andrew Darlington, acting chief of the special litigation section of the Justice Department's Civil Rights Division. 'The United States will no longer prosecute this matter.' Trump has generally opposed the use of consent decrees, through which the government has threatened lawsuits against police forces and then entered into reform agreements. Harmeet Dhillon, the Trump ally who oversees the now-gutted civil rights division of the justice department, said in a statement that 'overbroad police consent decrees divest local control of policing from communities where it belongs, turning that power over to unelected and unaccountable bureaucrats, often with an anti-police agenda.' The department said it would also be ending investigations or retracting findings of constitutional violations into police departments in Phoenix, Arizona; Trenton, New Jersey; Memphis, Tennessee; Mount Vernon, New York; Oklahoma City, Oklahoma; and the Louisiana state police. The justice department announced its decision just before the five-year anniversary of the murder of Floyd, a Black man. Then officer Derek Chauvin, a white man, used his knee on 25 May 2020, to pin Floyd to the pavement for 9.5 minutes in a case that sparked protests around the world and a national reckoning with racism and police brutality. In Louisville, the consent degree came after Breonna Taylor, a Black woman, was killed by police when they forced their way into her apartment in 2020. Similar to Floyd, Taylor's death sparked protests. The decree had not yet been approved by a judge. However, no immediate changes are expected to affect the Minneapolis police department, which is operating under a similar consent decree with the Minnesota human rights epartment. It also comes as rightwing figures have pushed for a pardon for Chauvin, who was convicted of state and federal charges. Democratic governor Tim Walz said last week that the state should be prepared for a federal pardon from Trump, but that he had no indication one was forthcoming. 'If Donald Trump exercises his constitutional right to do so, whether I agree – and I strongly disagree with him – if he issues that pardon we will simply transfer Derek Chauvin to serve out his 22-and-a-half years in prison in Minnesota,' Walz said, according to the Minnesota Star Tribune. 'So, no indication whether they're going to do it or not, but I think it behooves us to be prepared for it. With this presidency, it seems like that might be something they would do.' Minneapolis police chief Brian O'Hara reiterated at a news conference on Tuesday that his department would abide by the terms of the federal agreement as it was signed, regardless of what the Trump administration decided. The city in 2023 reached a settlement agreement with the state human rights department to remake policing, under court supervision, after the agency issued a blistering report in 2022 that found that police had long engaged in a pattern of racial discrimination. 'We will implement every reform outlined in the consent decree,' Minneapolis mayor Jacob Frey said in a statement. Louisville mayor Craig Greenberg said on X that the city would move forward with its own reform plan, despite the likely dismissal of the proposed decree. The city will take community input and select an independent monitor, putting in place accountability and transparency measures to rebuild trust in public safety, Greenberg said. 'I made a promise to our community, and we are keeping that promise with this agreement,' he continued. Associated Press contributed reporting
Reuters
21-05-2025
- Business
- Reuters
VF Corp misses quarterly revenue estimates as tariff uncertainty hits demand
May 21 - Apparel and footwear maker VF Corp (VFC.N), opens new tab on Wednesday missed fourth-quarter revenue estimates as a challenging macroeconomic environment dampened its consumer demand, sending its shares down about 11% in premarket trading. While the Denver, Colorado-based company said it is well-equipped to navigate the evolving global trade dynamics, recession fears tied to a potential trade war have made consumers more cautious with their spending. Many clothing and accessories retailers have been scaling back orders and freezing hiring in response to a wave of tariffs introduced by U.S. President Donald Trump. The tariffs have hit key manufacturing hubs including Vietnam and Indonesia, which play a vital role in the global supply chain for sportswear and apparel. VF Corp said it is exploring price actions as well as ramping up production and shipments into the U.S., mirroring peer Under Armour's (UAA.N), opens new tab recent comments to raise prices on some products to cushion a hit from looming tariffs. VF Corp's fourth-quarter revenue fell 5% to $2.14 billion from a year ago, missing analysts' average estimate of $2.18 billion, according to data compiled by LSEG. The company's attempts at a leaner product line and a resolve to sell its products at full prices have further alienated consumers despite heavy promotions and holiday season boosts. However, VF's adjusted fourth-quarter loss of 13 cents per share was narrower than the estimated loss of 14 cents per share, helped by the company's successful transformation strategy aimed at $300 million in cost savings by fiscal 2025.
The Guardian
06-05-2025
- Health
- The Guardian
Trump is dismantling a key worker safety group. It's another betrayal of the working class
A s Donald Trump announced his tariffs in the White House Rose Garden last month, he proclaimed: 'We're standing up for the American worker.' While it remains to be seen what impact these tariffs will have on American workers, his words were belied by the fact that just a day before this announcement, hundreds of workers at the National Institute for Occupational Safety and Health (Niosh) – an organization that has stood up for US workers since 1970 – discovered that they had been laid off. Niosh was founded as part of the Occupational Health and Safety Act with the purpose of 'developing and establishing recommended occupational safety and health standards'. The organization has been on the frontline of protecting worker health and safety ever since. Its work has focused on understanding the risks faced by millions of workers throughout the country who put their safety on the line every day to perform their jobs. For example, Niosh's Fire Fighter Fatality Investigation and Prevention Program investigates fatalities to understand their circumstances and make recommendations, ensuring that more of these workers, who risk their lives for others daily, can be safer in the line of duty. Far from being a caricature of a federal body firmly entrenched in the Beltway, Niosh's work is spread across the country. One of Niosh's most notable sites is its Morgantown, West Virginia, facility. Located in the heart of coal country for decades, it has focused on studying the health impacts of coalmining – particularly black lung disease – which has seen notable increases in recent years. Nearly 200 workers were fired from the Morgantown location, which will severely hamper this work. (Some were temporarily rehired.) Niosh also supports surveillance programs run out of 23 states. These state-based programs focus on the unique needs of the workforce in those areas. For several years, I was fortunate to have been an epidemiologist with such a program in Massachusetts, where my colleagues and I focused on understanding and preventing health challenges ranging from bloodborne pathogen exposure among healthcare workers, to asthma risk among cleaners, to fatalities in the construction industry. Since its founding, Niosh has been a nimble organization, adapting to and studying new and emerging threats. The World Trade Center Health Program, which is administered by Niosh, was created to study the health impacts of responding to those terrorist attacks – ranging from traumatic injuries and respiratory disease to cancer and mental health – while providing support for those responders. In a similar way to its response to the September 11 attacks, in the grip of the epidemic of opioids and suicides that have cost tens of thousands of lives over the past two decades, Niosh has sought to understand the workplace component of these challenges. These efforts have helped to shed light on the pathway linking occupational injuries to a high risk of drug overdoses among workers in certain occupations, particularly in the construction industry, and contribute to efforts to prevent these deaths. During the Covid-19 pandemic, Niosh studied the risks faced by frontline workers. The pandemic also highlighted one of Niosh's most essential functions: air filtration ratings. Niosh tests, approves and certifies respirators to ensure that workers are protected from airborne risks ranging from silica dust to lead. Niosh also supports the future of occupational safety and health workers. Niosh traineeship programs across the country provide support to students studying occupational health and safety. I was fortunate to be supported by such a program when I was in graduate school. Throughout the country, hospital employee safety departments, union workplace safety committees, and community occupational health and safety advocacy organizations are staffed by others like myself who received this support. Now is the worst possible time for Niosh to be dismantled. Traditional workplace hazards still remain. In 2023, the last year with available data, there were 5,283 fatal occupational injuries – one every 99 minutes. Violent injuries at work are a growing concern, particularly among healthcare workers. Increasing temperatures caused by climate change place many vulnerable workers at high risk for illness, injury, and death, while extreme weather events, such as the wildfires that devastated southern California earlier this year, threaten the health and safety of emergency workers. Emerging technologies such as artificial intelligence are changing the nature of work, presenting new dynamics and hazards. We need Niosh to study these emerging threats and safeguard workers. It remains to be seen what will happen to the remainder of the organization and the programs supported by Niosh throughout the country. Regardless of what occurs, we should support the current and former workers of the organization and carry forward its mission, just as Niosh workers have advocated for the health and safety of workers across this country since the organization's inception. Devan Hawkins is a writer and researcher from Massachusetts. He is the author of the book Worthy and Unworthy: How the Media Reports on Friends and Foes
