Here are five things you need to know this morning
Oil rises as Iran - Israel conflict flares
Oil prices are rising today after Iran and Israel traded strikes on the weekend for the first time since April. Iran’s military now says it has ceased strikes against Israel but says it would resume hostilities if Israel continued its operations in Lebanon. Global benchmark Brent added as much as 5.4% to more than US$98 a barrel before pulling back. U.S. President Donald Trump is urging Prime Minister Benjamin Netanyahu to refrain from retaliation.
OPEC+ raises output target
Meanwhile, OPEC+ will increase its output target next month. It will be the fourth oil output quota hike since the closure of the Strait of Hormuz. This increase is on par with June’s, which was lowered from monthly increases of 206,000 bpd in May and April due to the exit of the UAE from the organization.
Apple event expected to tout AI investments
The wait may be over this week for Apple investors who want the iPhone maker to deepen investment in AI. The company kicks off its annual Worldwide Developers Conference today. It’s expected to feature a much-anticipated update to its Siri digital assistant as well as other AI features. The tech giant first previewed its AI features two years ago before experiencing delays.
TSX index shakeup
There is a shakeup on the way for the S&PTSX composite index following a review. Five companies are being added to index: Altius Minerals, Extendicare, Hammond Power Solutions, Spartan Delta and Southern Cross Gold. Meanwhile, five companies are being removed from the index: goeasy, Pet Valu, Transcontinental, Vital Infrastructure Property Trust and Winpak. The changes will be effective at the open of markets on June 22nd.
Campbell’s had lower sales in its latest quarter, driven in part by further declines in its snacks business. Sales at the soup-and-snack maker fell 4% to $2.37 billion. However, Campbell’s says its seeing early signs of progress as it works to bolster its salty snacks portfolio, which includes Goldfish crackers and Snyder’s of Hanover pretzels.
