Here are five things you need to know this morning
European stocks rally after Trump tariff delay: Stock markets in Europe moved higher today after U.S. President Donald Trump said he would extend the deadline for 50 per cent tariffs on the European Union until July 9 from June 1. Trump spoke to European Commission President Ursula von der Leyen and later said “We had a very nice call and I agreed to move it.” U.S. equity and bond markets are closed today Monday for Memorial Day.
Oil gives up early gains: North America crude oil edged higher after the tariff delay but was unchanged at just under US$62 a barrel in later trading. West Texas Intermediate has slid 14 per cent so far this year, dragged down by Trump’s trade war and increasing output from OPEC+.
Chinese auto shares drop: Electric-vehicle makers in China have been gobbling up global market share but their shares fell today amid fears over the health of the world’s biggest auto market. Reuters says industry leader BYD unveiled fresh incentives, and the CEO of Great Wall Motors warned that the Chinese market is struggling. The Hong Kong-listed shares of BYD slid almost nine per cent.
ATS settles dispute: Investors are watching ATS, an Ontario based maker of factory automation systems. The company has resolved a disputed contract with a large electric vehicle customer and will get a US$135 million cash settlement. Raymond James says it removes an overhang for the stock.
Barrick still wrangling with Mali: Barrick Mining says a request by the government of Mali in west Africa to put the company’s gold into provisional administration has no legal justification. The Canadian mining company is locked in a dispute with Mali’s military regime over revenues from the vast Loulo-Gounkoto complex.
