North America News U.S. Stock Indexes End Mixed; Weekly Losses Modest U.S. markets wrapped up the day with mixed results and posted slight losses for the week. For the week: Markets showed caution as traders weighed economic uncertainty, geopolitical tensions, and upcoming U.S.-China trade talks. Nippon Steel Still Pushing to Acquire U.S. Steel Nippon Steel says it hasn’t changed course on its plan to acquire U.S. Steel, despite ongoing political hurdles. Negotiations with the U.S. government continue, with the Committee on Foreign Investment in the United States (CFIUS) expected to offer a recommendation by May 21. Former President Trump, now expected to decide by June 5, has expressed opposition, stating, “we don’t want to see it go to Japan.” Fed’s Barr: Monetary policy is in a good position to adjust as conditions unfold Fed’s Barkin: Tariffs to lead to higher inflation and lower growth in US and abroad Fed’s Kugler: The US labour market is stable, close to maximum employment Fed’s Williams: Now is a time of great uncertainty and change U.S. Treasury Launches ‘Known Investor’ Fast Track for Allies The U.S. Treasury is piloting a new program to streamline foreign investment from partner countries. The “Known Investor” portal will allow vetted investors to submit information to CFIUS ahead of formal filings, speeding up the review process. This initiative supports the America First Investment Policy by encouraging safe, stable investments while safeguarding national security. Treasury Secretary Scott Bessent emphasized its importance for attracting trusted capital and enhancing transparency. Tesla Cancels Cybertruck Range Extender Battery Tesla has dropped its plan to offer a $16,000 range extender for the Cybertruck. Originally slated for release in early 2025—later delayed to mid-year—the accessory would have extended range to 470 miles (eventually revised to 445 miles), but required giving up half the truck bed. The company has confirmed it will issue refunds to those who placed deposits. Issues with practicality and utility appear to have led to the decision. Canada Adds 7.4K Jobs in April, Unemployment Edges Up Canada added 7,400 jobs in April, beating expectations of 2,500, though the unemployment rate ticked up to 6.9% from 6.7%. Full-time jobs surged by 31.5K, while part-time roles fell by 24.2K. Manufacturing jobs dropped by 31K. The participation rate edged up to 65.3%, and wages for permanent employees held steady at 3.5% y/y. Total hours worked rose 0.4% month-over-month and were up 0.9% from a year earlier. Commodities News Gold Jumps Over 1% as Dollar Weakens, Global Tensions Rise Gold rallied more than 1% Friday, buoyed by a weaker dollar and rising global risk aversion. As U.S. Treasury yields declined, the appeal of non-yielding assets like gold increased. At last check, gold was trading at $3,338 per ounce. The U.S. Dollar Index (DXY) fell 0.32% to 100.31, reversing two days of gains. Traders are positioning for possible fallout from escalating geopolitical flashpoints and key trade negotiations between the U.S. and China scheduled for Saturday in Switzerland. Adding fuel to risk-off sentiment, President Trump floated an 80% tariff on Chinese goods, intensifying uncertainty. Meanwhile, border tensions between India and Pakistan escalated, with accusations of artillery and drone use on both sides. Central banks continued building reserves: Markets are also pricing in a 25 bps Fed rate cut in July, with two more cuts expected before year-end. China’s Copper Ore Imports Hit Record High China’s copper ore imports surged to a record high in April, signaling strong demand despite a recent dip in refined copper imports, according to Commerzbank’s Thu Lan Nguyen. Chinese producers appear to be ramping up domestic processing as ore imports climb, even as refining charges remain low—suggesting tight ore supply globally. This shift may worsen ore availability outside China, potentially amplifying China’s dominance in global copper production. Chile, the world’s top copper supplier, offered a slight reprieve. Its largest producer recently ramped up output after years of underperformance due to operational issues. U.S. and Canadian Rig Counts Both Drop by 6 Baker Hughes reported a drop of 6 rigs in both the U.S. and Canada. The U.S. count now sits at 578—down 25 from last year—with oil rigs down 5 to 474, gas rigs unchanged, and miscellaneous rigs down 1. Offshore rigs in the U.S. also declined by 3 to 11. In Canada, the total rig count stands at 114, with oil rigs falling by 6 to 68. Compared to last year, Canada’s count is down 2 overall, with gas rigs down by 10 despite an increase in oil rigs. U.S. Crude Oil Ends Week at $61.02, Up 1.85% U.S. crude futures closed at $61.02 per barrel, up $1.11 or 1.85% on the day. The weekly gain was 4.46%, helped by a sharp recovery from an earlier low of $55.39—just above the year’s low of $55.15. The intraday range stretched from $59.92 to $61.42. EIA Cuts U.S. Oil Production Forecast The U.S. Energy Information Administration (EIA) has lowered its outlook for domestic oil output, citing falling prices and reduced drilling activity. The revised forecast now expects U.S. production to rise by just 200,000 barrels per day (bpd) this year. Peak production is forecast to hit 13.7 million bpd in December, then slide to 13.44 million bpd by end-2026. Some shale producers have already begun pulling back on spending, particularly in the Permian Basin. One executive described the downturn as a “dramatic decline in business,” signaling an earlier-than-expected output drop. China’s Crude Oil Imports Stay Elevated in April Chinese refiners continued to stock up on crude in April, importing 11.7 million bpd, according to customs data. Though slightly lower than March’s record levels, imports were up 7.5% year-over-year, boosted by a drop in global prices. Data provider Vortexa estimates stockpiling in April exceeded 1 million bpd, suggesting inventory building was a strategic move. Imports from Iran also stayed strong at around 1.5 million bpd. That pace may not hold. The U.S. has stepped up enforcement, adding more Chinese independent refineries to its sanctions list over their Iranian oil purchases. Another refinery was sanctioned just this

Wall Street Gains Again as Tariff Cut Talk Lifts Sentiment

🔹 Markets: Dow +0.62%, S&P +0.58%, Nasdaq +1.07%. Early rally on tariff cut reports cooled late session.
🔹 Policy: White House may cut China tariffs from 145% to 50–54%. Retailers already adjusting prices.
🔹 Data: Wholesale inventories +0.4%; NY Fed inflation outlook rises. 30Y Treasury auction weak.
🔹 Canada: BoC warns of housing risk as renewals approach. Toronto home sales -23% y/y; listings +54%.
🔹 Commodities: Oil +3.17% to $59.91 on technical momentum. Gold -4% in 2 days to $3,311 as USD surges.
🔹 Crypto: Bitcoin hit $101.5K before easing. Coinbase to acquire Deribit for $2.9B. OCC clears bank crypto trading.

Fed Rally Pushes Stocks Higher as Powell Stays Cautious

🔹 Markets: All major U.S. indexes ended green—Dow +0.70%, S&P +0.43%, Nasdaq +0.27%. Gains followed the Fed’s steady rate decision and Powell’s cautious tone.
🔹 Tech: Alphabet -7.26% on search traffic concerns tied to Apple’s AI push. Apple slipped -1.14%.
🔹 Fed: Rates held at 4.25–4.50%. Powell flagged ongoing inflation risks and global uncertainty.
🔹 Commodities: Oil climbed to $58.62 on trade optimism. Gold dipped >1% to $3,394 post-Fed pause.
🔹 Crypto: Bitcoin held firm. HYPE +6% on USDe launch momentum. Litecoin testing key breakout zone.

Policy Jitters, Gold Soars, Retail Investors Bet Big

🔹 U.S.: AI chip export bill targets Nvidia. Fed faces stagflation risk. Q2 GDP forecast doubled (2.2%). UBS targets 5,800 S&P.
🔹 Markets: Recession talk resurges on earnings calls. Retail investors pumped $40B into stocks in April.
🔹 Commodities: Gold +$80 to $3,112. Oil +3.43% to $59.09. Silver jumps to $33 on safe-haven flows.
🔹 Crypto: Coinbase slams Fed in new ad, pushing BTC as inflation hedge.
🔹 Europe & Asia: EU eyes $100B in tariffs. China readies new stimulus. Services slow, but travel booms.

Wall Street Extends Rally as Jobs Data Surprises

🔹 U.S. Jobs: April payrolls +177K (vs. 130K est), unemployment steady at 4.2%. Rate cut bets trimmed; 3 now expected.
🔹 Markets: S&P 500 up 1.47% Friday, 9-day win streak. Tech led by Microsoft (+11.08%) & Meta (+9.09%).
🔹 Commodities: Oil -7.5% on week as OPEC+ preps June hike. Gold fell >2.5% to $3,226; ANZ sees buying zone. Silver firmed on weak USD, demand hopes.
🔹 Crypto: Quiet day. Traders waiting for macro clarity.

📈 Wall Street Rally Rolls On, Apple Crushes Earnings, Bitcoin Tops $96K

🔹 U.S. Markets: Stocks rose for the 8th straight session—S&P 500 +0.63%, NASDAQ +1.52%. Microsoft +7.63%, Meta +4.23%.

🔹 Earnings:
• Amazon: Beats on Q1, but weak guidance hit stock -5% AH
• Apple: $95.36B revenue, beats across products, $100B buyback
• Microsoft/Meta: Strong beats continue to lift tech

🔹 Macro: ISM Manufacturing remained below 50 (48.7), signaling contraction. Construction spending fell -0.5% in March.

🔹 Commodities: Gold slid sharply, -$70 amid easing trade fears. Oil rebounded to $58 on Trump’s Iran oil warnings.

🔹 Crypto: BTC above $96K, 85% of supply in profit. ETH steady, DOGE ETF chatter builds.