Here are five things you need to know this morning
Stocks set to rebound as Iran ceasefire extended
North American stocks are set to rebound after U.S. President Donald Trump indefinitely extended his ceasefire with Iran. Markets are also getting a boost from earnings reports from major companies including Boeing and AT&T. Brent crude briefly climbed above $100 a barrel as talks earmarked for Islamabad failed to take place, leaving the Strait of Hormuz mostly shut. Iran’s navy says it has seized two container ships in the Strait.
The TMX Group is buying CBOE Global Markets’ Canadian and Australian units in a deal worth about US$300 million. The Toronto Stock Exchange owner says the acquisition will expand its global footprint and support long term growth. TMX says it expects the deal to add to earnings within a year, but the deal is still subject to regulatory approval.
Sports and media boosts Rogers
Rogers Communications posted first quarter revenue above expectations while matching profit estimates. Rogers’ sports and media revenue grew by 82% from a year ago after the company increased its stake in Maple Leaf Sports and Entertainment. Rogers added 28,000 postpaid mobile subscribers during the quarter, more than double what analysts expected.
Revenue in the latest quarter at Metro beat estimates, even as profit came in short of expectations. The Montreal-based grocer saw sales rise by more than four percent. However, Metro is warning that a strike at its Laval distribution centre could weigh on results in the current quarter. Metro says it has a contingency plan in place for distribution , and its Quebec stores are now generally well stocked.
Boeing reported a smaller than expected loss for the first quarter, with improvements across its businesses, including its key commercial aircraft unit, as the manufacturer tries to stem years of losses. Sales rose 14% to US$22.22 billion. Boeing says it still expects certification of the long-delayed 737 Max 7 and Max 10, the smallest and largest of the best-selling Max family aircraft, later this year, with deliveries starting in 2027.
