The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1357 GMT - The trade war between Canada and the U.S. continues to weigh heavily on travel between the once close allies. Statistics Canada data shows the number of trips to Canada by U.S. residents was down a third straight month in April with a 8.9% on-year fall. Travel to Canada by overseas visitors by comparison were down a modest 0.6%, though that marks a seventh consecutive monthly decline. At the same time, trips abroad by Canadian residents fell for a fourth month running, sinking by 18.9%. In that figure, the number of Canadian-resident return trips to by air to the U.S. were 14% lower and trips to the U.S. by automobile were down 35.4%. On a seasonally adjusted basis, trips to Canada by Americans fell 8.7% in April and journeys by Canadians to the U.S. were 12.3% lower by vehicle and down 1.9% by air. (robb.stewart@wsj.com; @RobbMStewart)

1320 GMT - Tech stocks should shake off any jitters regarding Iran following military action by the U.S. over the weekend, say Wedbush analysts in a research note. "With a weakened Iran and no nuclear capabilities, there is a growing view from tech investors that the opportunity for the Middle East to embrace the tech and AI boom is now on the doorstep being led by Saudi and UAE," say the analysts. They also note investors anticipate some cyberattacks from Iran could be on the horizon as retaliation, which could be a boon for companies they view favorably like Palo Alto, Cyberark, Crowdstrike, Zscaler and Checkpoint. "We would encourage investors to buy our tech winners and AI revolution stalwarts such as Nvidia, Palantir, Microsoft, Amazon, Oracle, Tesla on any weakness from geopolitical headlines," say the analysts. (denny.jacob@wsj.com; @pennedbyden)

0833 GMT - Tesla shares edge higher Monday premarket after Elon Musk's electric-vehicle company rolled out its robotaxi service in Austin, Texas. Tesla stock closed pretty much flat at $322.16 on Friday. Shares are up 1.5% Monday premarket at $327.16. Musk said Tesla was launching the service with as many as 20 Tesla Model Ys driving on public roads, without a human driver behind the wheel. The billionaire said in a post on X that customers would be charged a flat fee of $4.20 for the service. (mauro.orru@wsj.com)

0820 GMT - Brent crude could rise up to $120 a barrel in the short term in the event of a successful blockade of the Strait of Hormuz, ING's Warren Patterson says. "An effective blocking of the Hormuz would lead to a dramatic shift in the outlook for oil, pushing the market into deep deficit," according to the head of commodity strategy. "This would leave governments having to coordinate a release of oil from strategic petroleum reserves." A prolonged disruption lasting through year-end could push Brent even toward $150 a barrel, Patterson says. The international oil benchmark edges 0.6% lower to $76.54 a barrel after rising around 3% earlier in the session. (giulia.petroni@wsj.com)

0752 GMT - European natural gas markets are expected to be pricing in a higher risk of significant supply disruptions due to the latest geopolitical developments in the Middle East, according to Goldman Sachs. Analysts at the U.S. bank estimate the benchmark Dutch TTF contract could rise closer to 74 euros a megawatt-hour--from around 42 euros currently--and above 100 euros in the event of a sustained disruption of supplies through the Strait of Hormuz. The impact on U.S. natural-gas prices is instead expected to be limited given the country's position as a major net exporter of LNG with minimal import needs, Goldman says. TTF rises 2.1% to 41.80 euros a megawatt-hour in early European trade. (giulia.petroni@wsj.com)

0748 GMT - Airline stocks fall in early European trade after news of weekend strikes by the U.S. on three Iranian nuclear sites made some flight routes uncertain. London-listed IAG shares fall 2.5%, Deutsche Lufthansa shares fall 1.9% and Air France-KLM shares fall 2.2%. Meanwhile, Etihad Airways suspended all flights to and from Abu Dhabi until and including July 15. Air France suspended its June 23 flights to and from Dubai and Riyadh. Iberia suspended its June 23 flight to Doha. Meanwhile, oil prices climb, with brent crude trading up 1% at $78.02 a barrel. They could go even higher. (nina.kienle@wsj.com)

0328 GMT - Malaysia's ports and logistics sector is poised for a stronger 2H, supported by trade recovery and new regulations that favor margin expansion, says Maybank IB analyst Loh Yan Jin in a note. Westports stands to benefit from higher container volumes after a pause in U.S.-China trade tensions and improved pricing structure under the revised higher Port Klang tariff, she says. Swift Haulage could gain market share as stricter enforcement on overloaded trucks kicks in. Rising tensions in the Middle East have added to overall uncertainty, although the immediate impact remains limited for now, Loh says. Maybank upgrades its rating on the sector to positive from neutral, with Westports as its top pick on resilient intra-Asia trade, while maintaining a hold on Swift Haulage due to its higher operating costs.(yingxian.wong@wsj.com)

0202 GMT - Malaysia's equity market may remain volatile as escalating Iran-Israel tensions and U.S. involvement cloud global growth prospects, MIDF analysts say in a note. While maintaining their end-2025 KLCI target at 1590, they recommend a defensive stance, favoring sectors such as REITs, consumer staples, healthcare and utilities. However, they see short-term trading opportunities in energy stocks on expectations of higher Brent crude prices this week and potentially beyond should the situation persist. MIDF rates Bumi Armada and Deleum at buy. A further escalation could sharply slow Malaysia's export-driven economy and trigger capital outflows, the analysts warn. (yingxian.wong@wsj.com)

0052 GMT - Tesla's successful robotaxi launch in Austin, Texas on Sunday opens up its AI story, Wedbush analysts say in a research note. The robotaxi was able to maneuver "masterfully" with patience and safety, the analysts say after trying out the service. "These Robotaxis exceeded our expectations and offered a seamless and personalized travel experience that has lit the spark for autonomous driving," they say. They expect robotaxi to offer more customized and user-centric experience in the future, with cars able to communicate and coordinate with each other for an even more efficient travel experience. Wedbush maintains its outperform rating on Tesla with a target price at $500. Shares last ended flat at $322.16. (sherry.qin@wsj.com)

0046 GMT - If the Strait of Hormuz became non-navigable due to the Iran-Israel conflict, it would cause an unprecedented supply shock, Danske Bank analysts say. Only a small share of the volume through the energy gateway could find alternative routes. A full stop to traffic would drop the world oil supply by over 18 million barrels a day--nearly 20%, Minna Kuusisto writes. That is substantially more than during the three big shocks of the past 50 years. For LNG, there is no alternative route, implying a severe impact for global gas markets. Iran has several ways to disrupt traffic, though Danske Bank thinks closing the strait is a last resort as it would provoke a strong U.S. response, and because Iran's economy relies on it. However, desperate times can lead to desperate action. (fabiana.negrinochoa@wsj.com)

2355 GMT - Markets are awaiting Iran's inevitable response to U.S. attacks on three nuclear sites at the weekend, says Commonwealth Bank of Australia analyst Vivek Dhar. "A symbolic retaliation that results in a ceasefire with Israel is the most bearish scenario for oil prices and suggests Brent oil futures normalizing around $60‑$65/barrel," says Dhar. A substantial retaliation could involve disrupting trade through the Strait of Hormuz, he says. It could also include attacks on U.S. military bases and assets of U.S. allies in the region, including oil facilities, says Dhar. Iran might also "lean on proxies in Iraq and Yemen (i.e. Houthi rebels) to fight." If Iran disrupts shipping through the strait, Brent could reach at least $100/barrel, Dhar says. Front-month Brent is up 2.5% at $78.91/barrel. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2343 GMT - Oil markets are pricing in the largest risk to energy flows through the Strait of Hormuz in recent history, says Daniel Ghali, senior commodity strategist at TD Securities. He reckons a cutoff is unlikely. He notes the importance of the strait for Iranian energy exports, the majority of which flow to China. There is a relatively limited scale of U.S. energy imports flowing through the strait, Ghali adds. The strait is also important for regional food security, he says. "The strategic chokepoint remains critical flow global energy flows," says Ghali. Yet "to this day, zero barrels have been disrupted." Front-month Brent is up 2.5% at $78.91/barrel. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

June 23, 2025 12:20 ET (16:20 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.