Here are five things you need to know this morning
Oil down, stocks up on hopes for Iran war end: Stocks powered higher, while oil prices and bond yields fell sharply, following reports that the U.S. and Iran are nearing a peace deal. The reports say both sides are working toward a short, one-page memorandum, with negotiations appearing to gain momentum after a pause in U.S. military activity in the region. Officials expect a response from Iran on key issues within the next couple of days. Brent crude slid 9.2 per cent to below US$100 a barrel. Nasdaq 100 futures jumped 1.6 per cent while those for the S&P 500 gained one per cent, with both gauges set to build on record highs.
Loblaw Q1 slightly above estimates: Loblaw’s first-quarter results came in slightly ahead of expectations, supported by steady performance across its grocery and pharmacy businesses. The retailer saw modest growth in both food and drugstore sales, helping lift overall revenue. The company is maintaining its outlook for the year and continues to expect solid earnings growth, as it invests in store improvements and operations.
Cenovus boosting dividend: Cenovus Energy is bumping up its dividend by 10 per cent after delivering a quarter driven by higher production and elevated oil prices. The Calgary-based company’s strongest-ever quarterly production cycle saw a significant jump in profit, helped in part by stronger margins in its oil sands operations and contributions from its recent acquisition of MEG Energy.
Burger King drives RBI sales growth: Same-store sales at Restaurant Brands International came in slightly ahead of expectations in the latest quarter, helped by an ongoing rebound at its Burger King chain. The company benefited from steady demand as fast-food operators lean into value offerings to attract consumers facing higher living costs. The results follow a similar trend across the industry, with rivals also seeing gains tied to discount-driven traffic. RBI’s Tim Hortons unit delivered its 20th consecutive quarter of positive comparable sales.
Parks unit boosts Disney: Shares of Disney traded higher in the pre-market. Profit in the latest quarter beat expectations, with strength across its entertainment, sports, and theme park businesses. Revenue also came in ahead of forecasts. The company’s parks and experiences segment remained a major driver of profitability, alongside solid contributions from its media and sports divisions.
