Here are five things you need to know this morning
Oil up, stocks down on latest in Iran: Stocks in North America are set to begin the week on a downswing after U.S. President Donald Trump announced a blockade of the Strait of Hormuz, with peace talks between the U.S. and Iran over the weekend ending without a deal. The breakdown of negotiations in Islamabad reignited worries that the Iran war will last longer than feared, leading to higher oil prices that will continue to strain economies worldwide. West Texas Intermediate crude oil jumped seven per cent to above $104 per barrel. U.S. Central Command said it will begin blocking all Maritime traffic in and out of Iran’s ports at 10 a.m. ET Monday. The U.S. said it will not block vessels using the strait to get to non-Iranian ports.
GFL buying Secure Waste: GFL Environmental is buying Secure Waste in a deal worth about $6.4 billion dollars. The deal is structured as an 80/20 stock‑to‑cash split. The move helps GFL expand its footprint in western Canada and grow its industrial, energy‑linked waste services. The deal is part of GFL’s broader acquisition strategy, after the company announced earlier this month it would acquire Frontier Waste Solutions.
Mixed results from Goldman Sachs: Shares of Goldman Sachs are down in the premarket, despite the company beating estimates on revenue in the first quarter. The quarter’s record results were driven by strong equity trading and investment banking revenue. However, investors seem to be focused on the company’s fixed income trading results which came in under expectations.
BP buying offshore exploration blocks: BP is buying operating interests in three exploration blocks off the coast of Namibia from Canadian natural gas company Eco Atlantic Oil & Gas. The deal is worth just under US$3 million, giving BP a sixty percent stake in the petroleum exploration licenses. The acquisition marks BP’s entry into southern Africa and is part of a broader effort to refocus on oil and gas.
BlackBerry CEO on BNN Bloomberg: Last week shares of Blackberry jumped after the long-running Canadian technology company posted fourth‑quarter sales that beat estimates. Blackberry also raised its revenue outlook for the first quarter. Momentum continued in its QNX division, which provides secure, real-time operating systems used in mission-critical embedded systems, most notably in automobiles. BNN Bloomberg will speak with BlackBerry CEO John Giamatteo today at 4:30 PM ET.
