Daily Pulse
One of our most accessible tools, this daily comment keeps you abreast of developments on the North American and international financial markets.
Michel Doucet
Vice-President and
Portfolio Manager
April 30, 2025
Canada
Canadian Prime Minister Mark Carney won the election by promising to manage the global trade war with the US and its president, Donald Trump. Carney plans to create a more resilient Canadian economy by dismantling internal trade barriers, boosting housing construction, and building stronger alliances in Asia and Europe to lessen Canada's dependence on the US. Carney has already spoken with Trump and will meet with him soon to negotiate, aiming to protect Canada's economy and sovereignty in the face of US tariffs and threats.
United States
Wall Street traders cautiously added fuel to the stock rebound, in a high-stakes bet that Corporate America will weather slowing economic growth and tariff-fueled disruptions to earnings. Investors looked past weak consumer confidence and labor data to send the S&P 500 to its best six-day advance since March 2022 - with the gauge up about 8% in the span. Treasuries extended their April gains on bets US activity will further cool.
At a rally marking 100 days, President Trump criticized Federal Reserve Chairman Jerome Powell, saying he's "not really doing a good job" and that Trump knows more about interest rates than Powell does. Trump defended his economic policies, including tariffs, which he claims will inspire economic growth and lure manufacturers back to the US, despite polls showing voters are wary of his agenda. Trump signed directives easing some planned tariffs, including a two-year reduction in auto parts levies, and warned automakers that they need to move their manufacturing back to the US or face consequences.
Europe
President Vladimir Putin is insisting that Russia must take control of four regions of Ukraine it doesn’t fully occupy as part of any agreement to end the war. The demand has dealt a blow to US President Donald Trump’s efforts to reach a ceasefire and a permanent end to the war, with negotiations currently at an impasse. Putin has declared the four regions to be “forever” part of Russia, while Ukrainian President Volodymyr Zelenskiy is insisting on a full and unconditional ceasefire as the first step towards ending the war.
UBS’s markets unit posted a record performance, spurred by volatility that has yet to peak, according to CEO Sergio Ermotti. Net income beat, driven by a 32% revenue surge from trading. Barclays equity traders delivered their best quarter for almost three years. Volkswagen’s earnings plunged 40% on higher costs as tariffs cloud the future. And yet more firms pulled guidance with Mercedes and Stellantis removing their outlooks for the year.
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Asia
Samsung Electronics Co.'s chip division reported operating income of 1.1 trillion won in the March quarter, beating expectations. The company benefited from a rebound in demand for PC memory and smartphones, as well as Chinese customers stockpiling supplies ahead of US tariffs. Despite the strong quarter, concerns remain about long-term demand and challenges in Samsung's high-bandwidth memory business and contract chipmaking division.
Grab Holdings Ltd. raised its full-year earnings forecast after quarterly sales rose 18% to $773 million, surpassing the average estimate of $766 million, and first-quarter adjusted Ebitda rose 71% to $106 million, topping estimates. Grab is weighing a takeover of GoTo at a valuation of more than $7 billion, and is also betting on new initiatives and products in areas from digital finance to its core delivery services to help its revenue accelerate from 2025.