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U.S. retail sales increased solidly for a third straight month in April, though part of the rise in receipts was due to soaring inflation amid the war with Iran.
Global stock markets faltered and oil prices held above $100 a barrel as fears of renewed military escalation in the Middle East kept investors on edge. European shares fell broadly, while Japan's Nikkei gained almost 1%. Oil prices, trading above $107, faced renewed upward pressure after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz and reports that Tehran's air defenses had engaged 'hostile targets'.
Prime Minister Mark Carney states that Canada will not allow the U.S. to dictate terms for the USMCA review, emphasizing the need for negotiation and mutual agreement.
GE Vernova raised its annual forecasts for revenue and adjusted core profit margin, betting on surging demand from data centers and grid infrastructure, sending its shares up over 13% to an all-time high in early trading.
U.S. utility stocks marked their strongest start to the year since 2019, benefiting from an investor retreat from riskier assets during the Iran war and strong electricity demand from firms building out artificial intelligence infrastructure.
The article discusses how the ongoing conflict in the Middle East has led to significant disruptions in global oil supplies, causing sharp increases in energy prices and raising the risk of a global economic downturn. It highlights the impact on U.S. businesses, such as Emerald Packaging, which faces challenges due to rising plastic resin costs, and notes the closure of aluminum extrusion plants in India due to gas shortages. The piece also mentions the Federal Reserve's response to the situation and the broader implications for global markets.
Exxon Mobil is seeking to abandon its corporate registration in New Jersey and redomicile in Texas where its headquarters is located, in a move that could help bolster its defenses against activist shareholders and climate advocates.