Here are five things you need to know this morning
Stocks set to open higher as investors watch Iran: North American stock markets are poised to open cautiously higher as investors remain hopeful that the latest American strikes on Iran won’t derail talks to end the Middle East conflict. S&P 500 futures rose 0.7 per cent, signaling U.S. stocks may rise when the market reopens after the Memorial Day holiday. Nasdaq 100 contracts gained more than one per cent as Magnificent Seven big tech shares rallied in premarket trading. Both indexes, supercharged by the artificial intelligence trade, are within 0.4 per cent of this month’s record closes. Canada’s TSX composite Monday jumped by more than one per cent closing at a new record high.
Canada and India talk trade deal: Canada is working on a comprehensive deal with India to boost trade and investment. This comes as Indian commerce and industry minister Piyush Goyal is in the midst of a three-day visit. Goyal met with Prime Minister Mark Carney in the effort to strengthen bilateral ties. Carney says a deal with India would be a “game changer” for Canadian businesses and workers. The two sides say they hope to conclude a deal by the end of the year.
U.S. firm taking stake in Calgary company: American firm Northern Oil and Gas is acquiring a stake in Calgary-based Parallax Energy. The $350 million cash and stock deal between the two privately-held companies will give Northern a 25 per cent interest in light oil producing properties and 75-thousand acres in the Duvernay shale basin in Alberta. Under the agreement, Parallax will continue to operate the assets owned by Northern.
BP removes chairman: BP’s board has removed its chairman, Albert Manifold, effective immediately. The company says there are serious concerns about governance oversight and conduct. Manifold only took over as chairman of the British energy major in October. Manifold’s removal comes as the company was supposed to be turning itself around after years of poor performance. BP says Ian Tyler will take over as chair on an interim basis.
Thumbs down for Ferrari EV: Shares of Ferrari traded lower in the premarket, after critics took a look at the carmaker’s first fully electric vehicle. The unveiling of the Ferrari Luce drew largely negative reactions from industry analysts and social media influencers. The design of the US$640,000 EV is being compared to mass market EVs. However, with a remarkable top speed, driving Ferrari’s Luce might deliver different views.
