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Canadian oil and gas producer Cenovus Energy CVE-T +9.88%increase on Thursday posted a fall in first-quarter profit but managed to beat Wall Street estimates on the back of higher output and improved refining margins.

The Calgary-based company’s U.S.-listed shares were up nearly 1.4 per cent in premarket trading following the results.

Energy producers in Canada have been benefiting from the completion of the Trans Mountain pipeline expansion project, which offers the only export route to international markets bypassing the U.S.

The pipeline has raised its capacity to 890,000 barrels per day.

Peer Imperial Oil last week posted its highest-ever first-quarter earnings , driven by stronger margins in its refining and fuel sales business.

Suncor Energy on Tuesday beat quarterly profit estimates on greater refinery production and sales volumes.

Cenovus’ total upstream production was 818,900 barrels of oil equivalent per day (boepd) in the first quarter, up from 800,900 boepd a year earlier.

Its total quarterly downstream throughput was 665,400 barrels (bbl) per day, compared with 655,200 bbl per day a year ago.

Refinery utilization in the Canadian Refining segment rose to 104 per cent from 94 per cent a year ago, while it rose to 90 per cent in the U.S. Refining segment from 87 per cent.

CEOs of Canadian oil and gas producers, including Cenovus’ Jon McKenzie, had said earlier in April they are seeking to avoid making abrupt decisions about spending or production, with oil prices hitting four-year lows and recession fears growing.

Cenovus’ first-quarter net income fell to $859-million from C$1.18-billion a year earlier, as crude prices declined on uncertainty surrounding the U.S. economy, tariff policies and fears of oversupply.

However, the company’s quarterly profit per share of 47 cents surpassed analysts’ average estimate of 37 cents per share, according to data compiled by LSEG.

Nutrien NTR-T +0.80%increase fell short of Wall Street expectations for first-quarter profit on Wednesday, as the top potash producer was impacted by delayed field activity due to wet weather conditions in North America.

The company’s quarterly sales for crop nutrients was down at US$1.19 billion compared with $1.31 billion from a year ago, while sales for crop protection products was down at $972 million compared with $1.11 billion from 2024.

The Saskatoon-based firm posted an adjusted profit of 11 cents US per share for the quarter ended March 31, compared with the analysts’ average estimate of 31 cents per share, according to data compiled by LSEG.

Barrick Gold Corp. (GOLD) on Wednesday reported first-quarter net income of $474 million.

The Toronto-based company said it had profit of 27 cents per share. Earnings, adjusted for non-recurring costs, came to 35 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

The gold and copper mining company posted revenue of $3.13 billion in the period.

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 Fortis Inc. (FTS) on Wednesday reported first-quarter net income of $362.2 million.

The St. john`S, Newfoundland-based company said it had net income of 70 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.

The electric and gas utility posted revenue of $2.33 billion in the period.

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George Weston Ltd. (WNGRF) on Tuesday reported net income of $57.8 million in its first quarter.

On a per-share basis, the Toronto-based company said it had profit of 43 cents. Earnings, adjusted for non-recurring costs, were $1.80 per share.

The baked goods maker and parent of the conglomerate Loblaw posted revenue of $9.95 billion in the period.

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Highlights

• Operating DPW^1,2 grew 3%, attributable to continued momentum in Personal lines
• Combined ratio¹ was solid at 91.3%, remaining stable year-over-year despite 2.5 points of higher catastrophe losses
• Net operating income per share¹ increased 10% to $4.01 driven by solid underwriting results, as well as investment and distribution income increasing 9% and 17%, respectively
• BVPS¹ increased 4% sequentially and 13% year-over-year to $96.16, with solid EPS of $3.69 in the quarter
• Operating ROE¹ of 16.5% (ROE¹ of 13.7%) with a strong and resilient balance sheet, including $3.1 billion of total capital margin¹

https://www.newswire.ca/news-releases/intact-financial-corporation-reports-q1-2025-results-868408812.html

The People’s Bank of China reduced its benchmark interest rate and reserve requirement ratio and also unveiled a slew of measures to support economy hit by trade tariffs.

The PBoC cut the 7-day reverse repo rate by 10 basis points to 1.4 percent. The new rate takes effect on May 8.

The reserve requirement ratio was lowered to 9.0 percent from 9.50 percent. The reduction is set to release CNY 1 trillion liquidity into the financial system.

In order to promote lending to the tech sector, the bank decided to increase re-lending fund by CNY 300 billion, PBoC Governor Pan Gongsheng said. For domestic consumption and elderly care, the bank will set up a CNY 500 billion, Pan said.

Another measure was a reduction in the housing provident fund loan rate to support the real estate sector.

Pan also outlined more measures that included rate reductions on re-lending tools and loans for policy banks.

The announcement from PBoC came ahead of anticipated US-China trade talks.

ING economist Lynn Song said the easing steps will likely result in short-term interest rates falling. This could push the USDCNY a little higher, but the impact should not be too dramatic, he noted.

The economist still sees more room for additional policy easing if needed, given deflationary pressures and the risk of moderating growth.

Song expects another 20bp of rate cuts and 50bp of RRR cuts this year, and that the next move might not come until after the US Federal Reserve resumes rate cuts.

These measures will help to shore up growth at the margin, economists at Capital Economics said. However, any boost to credit demand will be moderate and these moves are no substitute for an expansion in fiscal support, they noted.

The Federal Reserve on Wednesday announced its widely expected decision to leave interest rates unchanged, highlighting increased uncertainty about the economic outlook.

In support of its dual goals of maximum employment and inflation at a rate of 2 percent over the longer run, the Fed said it decided to leave the target for the federal funds rate at 4.25 to 4.50 percent for the third straight meeting.

The Fed noted swings in net exports have affected the data but said recent indicators suggest economic activity has continued to expand at a solid pace.

The central bank also said the unemployment rate has stabilized at a low level and labor market conditions remain solid while acknowledging inflation remains somewhat elevated.

The Fed said there are risks to both sides of its dual mandate and warned of increasing risks of higher unemployment and higher inflation.

In considering the extent and timing of additional adjustments to rates, the Fed said it will carefully assess incoming data, the evolving outlook, and the balance of risks.

The Fed reiterated it would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of its dual goals.

The central bank’s next monetary policy meeting is scheduled for June 17-18, when Fed officials will also provide their latest projections for the economy, inflation and interest rates.

CME Group’s FedWatch Tool is currently indicating a 71.6 percent chance the Fed will once again leave interest rates unchanged next month but a 27.8 percent chance of a quarter point rate cut.

OTTAWA — Prime Minister Mark Carney said Friday he will meet with U.S. President Donald Trump at the White House on Tuesday.

It will be the first face-to-face meeting for the two since Carney was first sworn in as prime minister on March 14, and will come before Carney has named his new cabinet following Monday’s federal election.

The two are set to discuss Trump’s trade war on Canada and the talks could set the stage for negotiation of a new trade and security pact with the United States.

In his first press conference since securing a minority government in his first federal election, Carney was asked by reporters how he’ll approach Parliament and talks with the Trump administration.

Asked whether he would insist on U.S. tariffs being lifted as a condition of negotiations with the Trump administration, Carney said he doesn’t want to negotiate in public.

When one reporter asked him if he’s worried about being “ambushed” by Trump administration officials in the meeting — as happened to Ukrainian President Volodymyr Zelenskyy earlier this year — Carney said he’ll head into the meeting “well-prepared.”

“I go there with the expectation of … difficult but constructive discussions. That’s the spirit of the conversations that the president and I had,” Carney said. “You know, you go to these meetings well-prepared, understanding the objectives of your counterpart and always acting in the best interests of Canada, and we’ll go from there.”

Prime Minister Carney lays out agenda in first news conference since election win

The White House has cited the cross-border flow of deadly fentanyl to justify its tariffs on Canada, even though only small amounts of the drug have been seized at the northern border.

“There will be difficult discussions,” Carney said in French. “The fentanyl-related tariffs, we don’t understand why they’re still in place.”

Trump also has pointed to the U.S. trade deficit with Canada as a rationale for tariffs.

Trump has repeatedly made the false claim that the U.S. “subsidizes” Canada to the tune of $200 billion annually. The U.S. government’s trade office said the trade deficit with Canada was US$63.3 billion in 2024, a 1.4 per cent decrease since 2023. A trade deficit is also not a subsidy.

Carney campaigned on being the best candidate to deal with Trump’s aggressive push to bolster American manufacturing through massive levies on imports, as well as the president’s threatening statements about making Canada a U.S. state.

Trump toned down his aggressive rhetoric during the election campaign itself and recently referred to Carney as a “very nice gentleman.”

But in the final days of the campaign, Trump again started talking about making Canada a “cherished” U.S. state.

Carney said Trump did not talk about annexing Canada in their call on Tuesday.

The prime minister said that as trade and security discussions resume with the Trump administration, it’s important to separate “wants from reality.”

“The Canadian people clearly have stated, virtually without exception, is this will never ever happen,” Carney said, referring to Trump’s annexation comments.

“We’re meeting as heads of our government to discuss (the Canada-U.S.) partnership. Now, I’m not pretending those discussions will be easy. They won’t proceed in a straight line. There will be zigs and zags, ups and downs, but as I said in my remarks, I will fight for the best deal for Canada and only accept the best for Canada and take as much time as necessary.”

Former prime minister Justin Trudeau spent his last days in office being frequently needled by Trump as the president floated annexation and levied tariffs.

This report by The Canadian Press was first published May 2, 2025.