Here are five things you need to know this morning
Oil rises with no Iran-U.S. peace deal: The price of oil is rising again after the U.S. and Iran failed to agree on terms to end the war in the Middle East. Brent crude advanced more than two per cent to above US$103 a barrel as the Strait of Hormuz remained shut. Prices rose as optimism that the U.S. and Iran would reopen the waterway got dashed after U.S. President Donald Trump deemed Tehran’s latest proposals “totally unacceptable.” Bond yields climbed across the world as the standoff amplified fears of an oil-driven inflation shock and expectations of central banks tightening monetary policy
Barrick tops expectations: Barrick Mining beat estimates on profit and revenue in its latest quarter, and maintained its full-year production outlook. Barrick was helped by higher gold prices and improving operational performance, with free cash flow also climbing sharply. The miner also announced a US$3 billion share buyback, ahead of the planned IPO of its North American assets.
Advertising drop hits Cineplex: Cineplex saw weaker-than-expected first-quarter results as softer advertising demand weighed on performance. Revenue rose 16 per cent, driven by robust turnout for hit movies Project Hail Mary and Hoppers, but missed analyst estimates. The company pointed to a slowdown in theatre advertising, partly due to spending shifting toward the winter Olympics and tougher comparisons with a year ago. We’ll find out more when we speak with CEO Ellis Jacob today on BNN Bloomberg at 1:30 PM E.T.
Flooding halts Cameco operations: Cameco says flooding in northern Saskatchewan disrupted transportation routes to two of its major uranium operations, forcing the company to temporarily halt production at the Key Lake mill and scale back activity at the McArthur River mine. The company says flooding caused the collapse of the Smoothstone River bridge, a critical supply link servicing both sites, while restrictions have also been placed on an alternate route.
Switch 2 stall hits Nintendo: Shares of Nintendo traded lower in Japan, after the company hiked prices on its Switch 2 console, and as the market frets over a lack of high-profile games to build momentum. Nintendo’s outlook for this year failed to woo the market, with the company forecasting 16 million unit sales of the Switch 2 in the current fiscal year, down from 19 million since its launch in June last year. Unlike more diversified peer Sony, Nintendo remains highly dependent on its core gaming business even as its characters and intellectual property prove popular in movies and at theme parks.
