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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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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.

Access a Zacks stock report on FTS at https://www.zacks.com/ap/FTS

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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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.

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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.

Politics, Geopolitics & Conflict

– The fourth round of indirect nuclear negotiations between the U.S. and Iran, initially scheduled for May 3 in Rome, has been postponed. While Omani officials cited logistical reasons, Iranian authorities say the delay is due to Washington’s imposition of new sanctions targeting oil and petrochemicals during the negotiations, which Tehran has criticized as unconstructive. Things are about to get choppier with respect to these talks, as well, with Trump this week dismissing National Security Adviser Mike Waltz following a security breach that saw him add a journalist to a classified Signal chat that involved U.S. military plans. SoS Rubio has been appointed to replace him, giving him the role of both NSA and SoS (like Kissinger). This is all taking place against a backdrop of incidents in Iran that have not been fully investigated or explained. On April 26, a massive explosion occurred at the Shahid Rajaee port in Bandar Abbas, Iran’s largest maritime hub. The blast resulted in at least 70 deaths and hundreds of injuries. Preliminary investigations suggest that the explosion originated from containers containing rocket fuel chemicals. It remains unclear whether this incident was sabotage or negligence. Iranian media are blaming it on negligence; however, details are few and far between. Tehran has dismissed any speculation of sabotage or foreign meddling. Reports have emerged tying the heart of the explosion to a facility owned by a charitable foundation overseen by Supreme Leader Ayatollah Ali Khamenei’s office. The charitable foundation, Bonyad Mostazafan, is under U.S. sanctions for enriching Khamenei and for direct ties to Iran’s Revolutionary Guards forces. A second explosion on April 29 at the Avanar Parsian Chemical Industries warehouse in Isfahan Province led to two fatalities and two injuries. The facility is known for producing fireworks and industrial gunpowder, and an investigation is underway to determine the cause of the blast. Again–there is no talk from Iran of sabotage or foreign meddling.

– Syria’s new president, Ahmed al-Sharaa, is finding it a bit challenging to transition smoothly from rebel leader to formal leader of a post-Assad nation, and unrest is quickly getting out of control, particularly in the south. In the past week, the southern region has witnessed deadly clashes between the Druze community and forces aligned with the ruling Hay’at Tahrir al-Sham (HTS) coalition. This bout of violent unrest came about after an allegedly fabricated audio clip insulting the Prophet Muhammad was said to be falsely attributed to a Druze cleric. This led to retaliatory attacks in areas like Jaramana and Sahnaya, resulting in over 100 deaths, including civilians, Druze fighters, and HTS members. Israel, which (along with Turkey) has military operations in Syria, stepped in to support the Druze with airstrikes targeting what Israel said were extremist groups responsible for the violence. As we have noted previously, Turkey and Israel have conflicting agendas in Syria, where both are attempting to control the next rulers of the country. From a broader perspective, we are now witnessing a significant change in the regional balance of power in terms of external influence, with Russia and Iran weakened in Syria (but Russia regrouping in Libya and the wider Sahel) and Turkey gaining power and influence. On Friday, Israel’s Netanyahu said Israeli forces had struck a target near the presidential palace in the Syrian capital Damascus.

– The Saudis this week, via unnamed sources speaking to mainstream media, suggested that May 5th’s OPEC+ meet could bring a decision to ramp up output, with Riyadh indicating it can withstand low oil prices for some time. (Keep a close eye on Oilprice.com coverage of this early next week).

Deals, Mergers & Acquisitions

– Chevron’s proposed $53B acquisition of Hess Corporation is facing more legal challenges, with ExxonMobil now launching arbitration proceedings, asserting a right of first refusal over Hess’s stake in the coveted Stabroek block offshore Guyana. The International Chamber of Commerce (ICC) has scheduled a hearing for May 26 in London to address this dispute.

– Woodside Energy has entered into a long-term agreement with BP to supply up to 640 billion cubic feet of natural gas for its Louisiana LNG project. Deliveries are scheduled to begin in 2029. This is the first tranche of a diversified portfolio of feedgas that will support the Louisiana LNG project and connect up several basins and pipelines.

-VARO Energy has announced plans to acquire Preem, Sweden’s largest oil refiner. This acquisition will position VARO as Europe’s second-largest renewable fuel producer, significantly expanding its distribution and storage network across major European markets.

-QatarEnergy is in discussions with Japanese companies, including JERA and Mitsui & Co., for a long-term LNG supply agreement. The deal would involve the delivery of at least 3 million metric tons per annum, linked to Qatar’s North Field expansion project.

Discovery & Development

-TotalEnergies and Oman’s OQEP have commenced construction on the Marsa LNG project in Oman. A charter contract for a new LNG bunkering vessel has been signed by Marsa LNG, marking a significant step in the project’s development.

-ExxonMobil’s Yellowtail project (it’s 4th development in Guyana’s Stabroek Block) is on track for first production in Q3, expected to add some 250,000 bpd to Guyana’s output with the newly arrived ONE GUYANA FPSO vessel. Additionally, ExxonMobil has submitted a field development plan for the Hammerhead project, which is set to produce around 150,000 bpd starting in 2029, pending government approval. (We also note: Guyana’s Natural Resource Fund recorded $605.5 million in oil revenues for the first quarter of 2025, encompassing seven profit oil payments and one royalty payment. Despite increased production, revenues are projected to decline due to a forecasted 10.9% drop in oil prices).

-Rhino Resources (in partnership with Azule Energy, Namibian state-run NAMCOR, and Korres Investments) has announced a light oil discovery at the Capricornus 1-X well in Block 2914 (PEL 85) within Namibia’s Orange Basin. The well encountered a high-quality reservoir with 38 meters of net pay and no observed water contact. This marks Rhino’s second consecutive successful well in the region, following the Sagittarius 1-X discovery earlier this year.

Companies & Earnings

-A fatal accident took place this week at the Port Arthur LNG construction site in Texas, where a scaffolding collapse resulted in three fatalities and two injuries. Investigations are underway to determine the cause of the incident. Families of 2 of the 3 Houston men killed in the incident have filed a $1M lawsuit in the matter.

-On the earnings beat, this week has seen Q1 earnings deliver mixed signals but strong cash flows, with Shell coming in hot with $5.6B in Q1 adjusted earnings (lower YoY, but overtaking Wall Street expectations). Those adjusted earnings represent a 28% decline YoY, but beat expectations of $5 billion. (Down from $7.7 billion in the same period of 2024). Two things contributed to the downturn: A stellar 2024 to compare it with, and lower LNG production and prices. Despite this, Shell is still focusing on shareholders, announcing a $3.5 billion share buyback program for the next quarter (14th quarter in a row with buybacks over $3B). Shell also completed the acquisition of Singapore-based Pavilion Energy, aiming to bolster its Asia LNG portfolio. Shell is down 11% over the past 30 days.

-Equinor came in with adjusted operating income of $8.65B, also exceeding analyst expectations of $8.51 billion, and up from $7.53 billion the previous year. Higher European gas prices and solid operational efficiency were behind the performance, with Equinor holding fast to its 2025 capital expenditure forecast of $13B. It also maintains its expectation of a 4% increase in oil and gas output YoY (from 2024). Equinor plans to reward shareholders with $9 billion in dividends and share buybacks this year. Equinor is trading down over 16% for the last four weeks.

-EOG Resources reported $5.67B in revenue for Q1, representing a YoY decline of 7.4%. Adjusted earnings came in at $2.87/ share, exceeding analyst expectations of $2.79, with performance given a bump by a 63.4% YoY increase in nat gas prices and a 4.8% rise in total production to 98.1 MBoe. Still, the EOG trimmed its 2025 capital expenditure plan by $200 million, adjusting the range to $5.8 billion–$6.2 billion, citing trade war uncertainties. EOG is trading down over 14% in the past month.