OPENING CALL

Stock futures were mostly up on Friday after news of an improving trade relationship with the U.K and hopes for talks with China sparked a rally.

Trump outlined the benefits for both the U.S. and the U.K following the trade agreement, saying that investments from this deal as well as future ones could amount to $10 trillion.

Although the President expressed confidence in reaching agreements with other countries, he showed no sign of backing away from his tariff agenda .

Investors were also looking ahead to the meeting with China on Saturday.

"I do think all eyes are on China," Capital Advisors said.

"Half the trade problems is China and the other half is the whole rest of the world."

Stocks to Watch

Affirm Holdings shares were down 7.5% after it announced it sees revenue of between $815 million to $845 million, with the midpoint of the guidance below Wall Street consensus.

Cloudflare shares jumped 11% after earnings met analysts' expectations.

Coinbase Global earnings slightly beat Wall Street expectations. Shares declined 1.5%.

Expedia Group's first quarter was hurt by weaker-than-expected travel demand to and from the U.S., a trend that CEO Ariane Gorin warned is continuing. Shares fell 7.7%.

Lyft swung to a profit and posted higher revenue, boosted by more people using the ride-sharing app. Shares rose 7.8%, to $14.01.

Microchip Technology CEO said the industry's down cycle was over, and the company provided a sales outlook ahead of expectations. Shares climbed 7.6%.

Pinterest missed analysts' expectations but the stock was up 12% after better-than-expected revenue.

Trade Desk jumped 13% after reporting better-than-expected adjusted earnings and revenue.

Watch For:

Canada Labour Force Survey for April

Today's Headlines/Must Reads:

-China's Exports to U.S. Plunge, in Sign of Bite From Trump Tariffs

-With U.K. Deal, U.S. Signals That 10% Tariff on World Is New Baseline

-British Airways Owner IAG to Buy 53 Boeing and Airbus Planes Despite Market Uncertainty

MARKET WRAPS

Forex:

The dollar turned lower after jumping to a one-month high against a basket of currencies following the announcement of the trade deal with the U.K.

However, "the deal (or better call it non-deal) is not very substantial and does not necessarily give rise to hopes that much more substantial results can be expected in negotiations with other countries," Commerzbank said.

Danske Bank said rising market expectations of a trade deal with China argued for a stronger dollar, but the long-term outlook was less positive.

"Longer-term we maintain the view that the last months' developments all hint at gravitational forces having shifted for EUR/USD."

The euro's momentum had stalled for now but it should pick up when the Federal Reserve starts cutting interest rates later this year, RBC Capital Markets said.

RBC said enthusiasm for selling dollars has waned as trade tensions de-escalate.

However, U.S. rate cuts should help the euro, while the currency's share of global reserves will likely increase over the coming years, it added.

Bonds:

Treasury yields were expected to move moderately higher even as they face opposing forces, SEB Research said.

These included anticipated policy rate cuts versus fiscal considerations, erosion of trust in policy, unattractive valuations and rotation into European bonds.

SEB Research expected the 10-year Treasury yield to trade near 4.50% in coming months, slightly above current levels, and to increase to 4.80% in 2026.

Energy:

Oil prices were on track for a weekly gain of more than 3%, buoyed by renewed trade-deal optimism.

"Easing trade tensions helped lift crude oil prices," ANZ said.

Metals:

Gold prices rose.

Investors were wary of the limited scope of the U.K. agreement and the upcoming meeting between Washington and Beijing, as negotiations could be long and drawn-out.

"Sentiment remains fragile," Swissquote Bank said.

TODAY'S TOP HEADLINES

Panasonic Holdings to Cut 10,000 Jobs Globally

Panasonic Holdings plans to cut about 10,000 jobs globally as it reviews operational efficiency at each group company.

The Japanese electronics maker said Friday that it would re-evaluate the numbers of organizations and personnel needed, and terminate loss-making businesses that have no prospect of improving profit.

Commerzbank Posts Higher Earnings After Commission Income Lifts Revenue

Commerzbank reported a rise in earnings and revenue for the first quarter that exceeded analysts' expectations, after higher commission income offset a decline in interest income.

The German lender on Friday confirmed its targets for the year, saying it is reducing its reliance on net interest income-the difference between what it earnings from loans and pays for deposits-as interest rates fall. It also reaffirmed its plans for capital returns.

BOJ Rate Hike Unlikely Until Trade Uncertainty Clears

TOKYO-The Bank of Japan will likely hold fire for the next few months due to growing concerns about the impact of U.S. tariffs, a former member of the BOJ's policy board says.

"It may be difficult to take action unless the bank is able to confirm in data such as the tankan survey that [President] Trump's tariffs won't change corporate behavior significantly," said Seiji Adachi, who sat on the bank's policy board for five years until his term expired in March.

Air-Traffic Control Overhaul Needs Billions in Upfront Investment, Transportation Secretary Says

The Trump administration can revamp the nation's air-traffic control system in three to four years if Congress approves billions of dollars in funding, Transportation Secretary Sean Duffy said Thursday.

The Transportation Department outlined a plan to replace antiquated radar, telecommunications equipment, surveillance systems, air-traffic control towers and other facilities. Duffy didn't share details on the proposed overhaul's cost, but said it would take "lots of billions."

American Is Elected Pope for First Time

VATICAN CITY-The Roman Catholic Church elected the first American pope in its history, placing its 1.4 billion faithful in the hands of a missionary-turned-Vatican prelate who has been critical of the Trump administration's crackdown on immigration.

Cardinal Robert Francis Prevost, a 69-year-old native of Chicago, emerged on the balcony of St. Peter's Basilica and was introduced to the world as Pope Leo XIV. A throng of more than 100,000 pilgrims, tourists and ordinary Romans filling the square below reacted with surprise at the election of a pope from the U.S.-an event long considered unthinkable.

Trump Brings Millionaire Tax Idea Back to Life

WASHINGTON-Fifteen days after taking a marginal tax-rate increase off the table, President Trump put it back in play.

The president, who rejected a "millionaire tax" April 23, is now considering backing a tax structure that would return the top individual income-tax rate to 39.6% from 37% for people making over $2.5 million, according to people familiar with White House discussions.

Write to nina.kienle@wsj.com

TODAY IN CANADA

Earnings:

ACT Engy Tech 1Q

Air Canada 1Q

Algonquin Pwr 1Q

Cineplex Inc. 1Q

Docebo Inc. 1Q

Enbridge Inc. 1Q

Fiera Capital 1Q

illumin Hldgs. 1Q

Orla Mining Ltd. 1Q

Sagicor Fncl 1Q

Solaris Resrces 1Q

TELUS Corp. 1Q

TELUS Intl. 1Q

Veren Inc. 1Q

Economic Indicators $(ET)$:

0830 Apr Labour Force Survey

Stocks to Watch:

Allied Gold Announces Share Consolidation in Connection With Planned Uplisting to NYSE

Artis REIT 1Q Rev C$62.3M, 1Q FFO C$0.17/Shr

Canacol Energy 1Q EPS 93c

Canadian Utilities Names Bob Myles as CEO, Names Nancy Southern as Executive Chair

CES Energy Solutions 1Q Rev C$632.4M, Revenue Generated in the US During 1Q C$402.5 M, Revenue Generated in Canada During 1Q Set a New Qtrly Record at C$230M, Econ Uncertainty, OPEC+ Easing of Production Cuts, Ongoing Global Conflicts Have Tempered Near-Term Energy Supply-Demand Dynamics

Cipher Pharmaceuticals 1Q Rev $12M, 1Q EPS 10c

Chartwell Retirement 1Q Net C$33.2M, 1Q Rev C$243.6M

Definity Financial 1Q EPS C$0.79

Draganfly 1Q Loss/Shr C$0.63, 1Q Rev C$1.55M

Dream Office REIT 1Q FFO C$0.68/Shr

Ecosynthetix 1Q Sales $4M

Fiera Capital Appoints Maxime Ménard As Global President And Chief Executive Officer, Gabriel Castiglio Named Global Oper Chief, Lucas Pontillo Expands Mandate as Global Chief Fincl Officer and Head of Corporate Strategy

FLINT 1Q Loss/Shr C$0.03, 1Q Rev C$137.9M

Franco-Nevada 1Q EPS $1.09, 1Q Rev $368.4M, 1Q Adj EPS $1.07

GDI Integrated Facility 1Q EPS C$0.26, 1Q Rev C$616M

Glacier Media 1Q Loss/Shr C$0.03, 1Q Rev C$32.4M

Guardian Capital 1Q Loss/Shr C$0.30, 1Q Rev C$95.2M

Interfor 1Q Loss/Shr C$0.68, Sales C$735.5M, North Amer Lumber Markets Over the Near Term Expected to Remain Volatile, Near-Term Volatility Could Be Further Impacted by Potential Tariffs on Canadian Lumber Exports to the U.S.

Lassonde Industries 1Q EPS C$3.60, 1Q Adj EPS C$4, 1Q Sales C$699.7M, Expects 2025 Sales Growth Rate of Approximately 10%

Lundin Gold Declares Special Dividend of 41c, 1Q EPS 64c, 1Q Rev $356.3M, 1Q Adj EPS 64c

Maxim Power 1Q EPS C$0.05, 1Q Rev C$20.3M

NFI Group 1Q Rev $841.4M, 1Q Loss/Shr 5c

Northview Residential REIT 1Q Rev C$69.3M

Pembina Pipeline Corporation Reports Results For The First Quarter Of 2025, Raises Quarterly Common Share Dividend, And Provides Business Update, 1Q EPS C$0.80, 1Q Rev C$2.28B, Raises Dividend to C$0.71

Sangoma Technologies 3Q Rev $58.1M, 3Q Loss/Shr 4c

SIR Royalty Income Fund 1Q EPS C$0.12

Source Energy Services 1Q EPS C$1.74, 1Q Rev C$208.6M

Sun Life Raises Dividend to C$0.88

Total Energy Services 1Q EPS C$0.49

Tucows 1Q Loss/Shr $1.37, 1Q Rev $94.6M, 1Q Adj Loss/Shr $1.35

Vitalhub 1Q Rev C$21.7M

Wheaton Precious Metals 1Q EPS 55.9c, 1Q Sales $470M, 1Q Adj EPS 55.2c

Expected Major Events for Friday

05:00/JPN: Mar Indexes of Business Conditions - Preliminary Release

08:00/ITA: Mar Industrial Production

12:30/CAN: Apr Labour Force Survey

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Friday

1stdibs.com Inc $(DIBS)$ is expected to report for 1Q.

AMC Networks Inc - Class A (AMCX) is expected to report $0.63 for 1Q.

ANI Pharmaceuticals Inc $(ANIP)$ is expected to report $-0.06 for 1Q.

Air Canada (AC.T) is expected to report $-0.44 for 1Q.

Algonquin Power & Utilities Corp (AQN,AQN.T) is expected to report $0.10 for 1Q.

Alpha Metallurgical Resources Inc (AMR) is expected to report $-0.59 for 1Q.

Anika Therapeutics Inc $(ANIK)$ is expected to report $-0.14 for 1Q.

CI Financial Corp (CIFAF,CIX.T) is expected to report $0.54 for 1Q.

Calumet Inc $(CLMT)$ is expected to report for 1Q.

Cineplex Inc (CGX.T,CPXGF) is expected to report $-0.52 for 1Q.

Construction Partners Inc (ROAD) is expected to report $-0.05 for 2Q.

Dixie Group Inc (DXYN) is expected to report for 1Q.

Docebo Inc (DCBO.T) is expected to report $0.18 for 1Q.

EchoStar Corp $(SATS)$ is expected to report $-0.75 for 1Q.

Embecta Corp $(EMBC)$ is expected to report $0.30 for 2Q.

Enbridge Inc (ENB,ENB.T) is expected to report $0.94 for 1Q.

Federal Agricultural Mortgage Corp - Class C (AGM,AGMA) is expected to report $4.14 for 1Q.

Fiera Capital Corp (FSZ.T) is expected to report $0.08 for 1Q.

Gogo Inc $(GOGO)$ is expected to report $0.03 for 1Q.

InPlay Oil Corp (IPO.T) is expected to report for 1Q.

Inuvo Inc (INUV) is expected to report $-0.01 for 1Q.

Koppers Holdings Inc $(KOP)$ is expected to report $-0.19 for 1Q.

Kymera Therapeutics Inc $(KYMR)$ is expected to report $-0.88 for 1Q.

Lassonde Industries Inc - Class A (LAS.A.T) is expected to report $3.01 for 1Q.

Li-Cycle Holdings Corp (LICYF) is expected to report for 1Q.

Onex Corp (Canada) (ONEX.T) is expected to report for 1Q.

Outbrain Inc $(OB)$ is expected to report $-0.12 for 1Q.

PAR Technology Corp $(PAR)$ is expected to report $-0.43 for 1Q.

Plains All American Pipeline LP $(PAA)$ is expected to report $0.48 for 1Q.

Plains GP Holdings LP $(PAGP)$ is expected to report $0.43 for 1Q.

Silvercrest Asset Management Group Inc $(SAMG)$ is expected to report $0.27 for 1Q.

Starwood Property Trust Inc (STWD) is expected to report $0.33 for 1Q.

Sylvamo Corp (SLVM) is expected to report $0.69 for 1Q.

TELUS Corp (T.T,TU) is expected to report $0.16 for 1Q.

TELUS International (Cda) Inc (TIXT.T) is expected to report $-0.12 for 1Q.

TXNM Energy Inc (TXNM) is expected to report $0.19 for 1Q.

Telos Corp $(TLS)$ is expected to report $-0.16 for 1Q.

Ultralife Corp $(ULBI)$ is expected to report $0.13 for 1Q.

Veren Inc (VRN,VRN.T) is expected to report for 1Q.

Werewolf Therapeutics Inc $(HOWL)$ is expected to report $-0.43 for 1Q.

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ANALYST RATINGS ACTIONS

American States Water Raised to Equal-Weight From Underweight by Wells Fargo

Archer Daniels Midland Cut to Underperform From Neutral by B of A Securities

AvidXchange Cut to Neutral From Outperform by Baird

Axalta Coating Systems Cut to Neutral From Overweight by JP Morgan

Certara Raised to Overweight From Equal-Weight by Barclays

Compass Diversified Cut to Neutral From Buy by B. Riley Securities

Coty Cut to Hold From Buy by Canaccord Genuity

Energy Recovery Cut to Neutral From Buy by B. Riley Securities

Geron Cut to Sector Perform From Sector Outperform by Scotiabank

Hain Celestial Cut to Neutral From Buy by CL King

Hillenbrand Cut to Sector Weight From Overweight by Keybanc

Intl Flavors & Fragrances Raised to Overweight From Equal-Weight by Barclays

Mosaic Raised to Outperform From Sector Perform by RBC Capital

Myriad Genetics Cut to Equal-Weight From Overweight by Wells Fargo

OppFi Raised to Market Outperform From Market Perform by JMP Securities

QuidelOrtho Raised to Buy From Hold by Jefferies

Rockwell Automation Raised to Neutral From Underweight by JP Morgan

Seres Therapeutics Cut to Neutral From Buy by Chardan Capital

Theriva Biologics Cut to Hold From Buy by Maxim Group

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

May 09, 2025 05:55 ET (09:55 GMT)

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