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TORONTO – Celestica Inc. boosted its financial guidance for its full year as it reported its first-quarter profit and revenue rose compared with a year ago.

The technology company, which keeps its books in U.S. dollars, says it earned US$212.3 million or US$1.83 per diluted share in the quarter ended March 31, up from US$86.2 million or 74 cents US per diluted share a year earlier.

On an adjusted basis, Celestica says it earned US$2.16 per diluted share in its latest quarter, up from an adjusted profit of US$1.20 per diluted share in the same quarter last year.

Revenue totalled US$4.05 billion, up from US$2.65 billion.

In its outlook, the company says it now expects its 2026 revenue to total US$19.0 billion, up from earlier expectations for US$17.0 billion.

Celestica says its adjusted earnings per share for the year are now expected to total US$10.15, up from its earlier forecast for US$8.75.

This report by The Canadian Press was first published April 28, 2026.

Companies in this story: (TSX:CLS)

• Spotify’s soft guidance overshadowed a first-quarter earnings beat and the stock plummeted.
• The company expects to add 17 million net users to reach 778 million MAUs this quarter and to grow its premium subscribers by 6 million to 299 million. 
• But net premium subscribers had been expected to grow to just over 300.4 million.

Shares of Swedish audio-streamer Spotify fell over 13% after the market opened Tuesday, as soft guidance overshadowed an earnings beat.

The company said first-quarter revenue rose 8% from last year to 4.5 billion euros ($5.3 billion), while monthly active users (MAUs) rose 12% year-on-year to 761 million, both slightly above FactSet estimates.

Premium subscribers grew 9% to 293 million, reflecting 3 million quarterly net adds, Spotify said. 

For the current quarter, Spotify expects to add 17 million net users to reach 778 million MAUs. It expects to grow its premium subscribers by 6 million to 299 million.

While second-quarter MAU guidance was slightly above Wall Street’s expectations, net premium subscribers had been expected to grow to just over 300.4 million, according to analysts polled by FactSet.

The guidance is “subject to substantial uncertainty,” Spotify said in an earnings presentation. 

Operating income was guided to 630 million euros, while the Street was expecting closer to 680 million euros, per FactSet estimates.

Spotify has repeatedly hiked prices for its premium subscription in an attempt to improve profitability.

In February, the company increased the subscription price from $11.99 to $12.99 a month in the U.S. 

At Monday’s close, the stock was down 14% year-to-date.

Published Mon, Apr 27 20269:05 PM EDTUpdated 2 Hours

• President Donald Trump is dissatisfied with Iran’s proposal to open the Strait of Hormuz, according to The New York Times.
• The strait remains effectively closed to tanker traffic, cutting of Gulf oil exports to the world.

https://www.cnbc.com/2026/04/28/oil-prices-us-iran-hormuz-negotiations-wti-brent-crude.html

Shell PLC SHEL-N +1.38%increase is acquiring ARC Resources Ltd. ARX-T +1.47%increase in a US$16.4-billion deal, boosting its holdings in a basin that supplies gas to LNG Canada as the British company mulls an expansion of a liquefied natural gas export terminal it partially owns in Kitimat, B.C.

The deal, announced Monday, will increase Shell’s production by roughly 370,000 barrels a day. ARC is the largest pure-play producer in the Montney basin, which straddles Alberta and northeast British Columbia. Its portfolio includes natural gas, condensate, natural gas liquids and crude oil. Those operations are in the same regionas Shell’s existing Groundbirch asset in B.C.–which supplies gas to the LNG Canada liquefaction plant – and its Gold Creek project in Alberta.

Analysts said the deal underscores the attractiveness of Canadian assets – particularly those in the liquefied natural gas sector. Demand for the fuel is surging, in part owing to the push for natural-gas-fired electricity to power data centres that run artificial-intelligence models.

Wael Sawan, Shell’s chief executive, said in a statement that the acquisition would establish Canada as “a heartland” for the company and complement its existing footprint in the country.

LNG Canada gas flaring far exceeding permitted volumes, documents show

But it also marks something of a turnaround for Shell on the fossil fuels front. Last year, the company exited the Alberta oil sands, swapping its remaining 10-per-cent interest in the Albian mine in the province’s north for a greater stake in an upgrader and carbon-capture project outside Edmonton. Shell attributed that decision to its strategy of moving toward assets with lower greenhouse gas emissions.

Monday’s announcement comes as a Shell-led consortium contemplates the expansion of LNG Canada. Shell holds a 40-per-cent share in the asset, whose liquefied natural gas can reach Asian buyers faster than most other North American suppliers.

While there has been no final investment decision made on the second phase of the terminal, it is on the list of five projects that Prime Minister Mark Carney has said will be reviewed for fast-track approval under Ottawa’s Building Canada Act.

Expanding Canada’s oil and gas exports has come into sharp focus recently, as the conflict in Iran shakes up the structure of energy markets and countries that face a severe supply crunch look for stable supplies.

Between the world’s hunger for gas to displace coal – particularly in Asia – and Shell customers seeking diversified energy supplies, Canada is in a strong position to take advantage of the global LNG market, Mr. Sawan told The Globe and Mail in September.

The deal announced Monday combines Calgary-based ARC’s more than 1.5 million net acres with the British company’s 440,000 acres in the Montney formation and adds roughly two billion barrels of proved and probable oil reserves to its books. ARC’s proven and probable gas reserves can also “support Shell’s growth in LNG Canada,” Shell said.

ARC CEO Terry Anderson said in a statement he’s pleased that the company’s “assets and world class people will play an important role in helping Shell to further strengthen Canada’s resource landscape whilst also providing the secure energy that the world needs.”

National Bank of Canada had already flagged ARC as a takeover candidate, analyst Travis Wood said in a Monday research note. The company is a strong operator with a vast undeveloped inventory, he added, which will likely be accelerated given Shell’s access to global markets.

“This deal clearly signals a compounding benefit to the Canadian gas market with global integrated names showing an appetite for Canadian resources, which we haven’t seen in a while,” Mr. Wood said.

More consolidation in the region is likely for three reasons, he wrote: Chatter around increasing Canadian energy exports into a world hyperfocused on energy security and supply; a wave of LNG projects coming online on B.C.’s West Coast in the coming years; and the continuing thesis of product scarcity in the region.

Scotiabank analysts said in a research note that the deal could increase investor interest in other large Montney producers such as Tourmaline Oil Corp., Whitecap Resources Inc., which are both based in Calgary, and Denver-based Ovintiv Inc.

Related: Ovintiv, formerly Encana, to sell Anadarko assets for $3-billion

The acquisition boosts Shell from the seventh-largest producer in the Montney to second place, trailing only Ovintiv, said Andrew Dittmar, principal analyst at Enverus Intelligence Research.

Between the high-quality gas in the Montney and crude in the oil sands, Canada represents one of the world’s “most attractive opportunities,” Mr. Dittmar wrote in an a note Monday.

Under the terms of the agreement, ARC’s shareholders will receive $8.20 in cash and 0.40247 ordinary shares of Shell for each ARC share. Shell will also take on roughly US$2.8-billion of ARC’s net debt and leases.

TD Cowen equity research analyst Aaron Bilkoski wrote Monday in a note that the likelihood of a competing offer for ARC is relatively low, adding that the assets could become more valuable should LNG Canada Phase 2 move forward.

Shell will hold an investor call about the deal on Tuesday morning.

The United Arab Emirates said on Tuesday it was quitting oil-producers’ group OPEC, as an unprecedented energy crisis triggered by the Iran war exposes discord among Gulf nations.

The loss of the UAE, a long-standing OPEC member, could create disarray and weaken the group, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.

UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision was taken after a careful look at the regional power’s energy strategies.

Asked whether the UAE consulted with OPEC’s de facto leader, Saudi Arabia, he said the UAE did not raise the issue with any other country.

“This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” said the energy minister.

OPEC Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a choke point between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas normally passes, because of Iranian threats and attacks against vessels.

Iran-U.S. peace talks stall as both sides seem determined to enforce their blockades

Mazrouei said the move, in which the UAE will also leave the OPEC+ grouping, would not have a huge impact on the market because of the situation in the strait.

Move is a win for Trump

The UAE’s exit from OPEC represents a win for U.S. President Donald Trump, who in a 2018 address to the U.N. General Assembly accused the organization of “ripping off the rest of the world” by inflating oil prices.

Trump has also linked U.S. military support for the Gulf with oil prices, saying that while the U.S. defends OPEC members they “exploit this by imposing high oil prices.”

The move came after the UAE, a regional business and financial hub and one of Washington’s most important allies, criticized fellow Arab states for not doing enough to protect it from numerous Iranian attacks during the war.

Anwar Gargash, the diplomatic adviser for the UAE president, criticized the Arab and Gulf response to the Iranian attacks in a session at the Gulf Influencers Forum on Monday.

“The Gulf Cooperation Council countries supported each other logistically, but politically and militarily, I think their position has been the weakest historically,” Gargash said.

“I expect this weak stance from the Arab League and I am not surprised by it, but I haven’t expected it from the (Gulf) Cooperation Council and I am surprised by it,” he said.

Mazrouei noted the UAE has been a member of OPEC and OPEC+ for a long time, but he said the world would demand more energy, suggesting his country’s move will help meet those needs.

The UAE’s exit comes as global spare capacity hovers at historically low levels, leaving the oil market increasingly tight.

Operating outside the producer group allows the UAE to fully leverage its position as a supplier of some of the world’s lowest-cost and lowest-carbon barrels.

Ultimately, the UAE views its exit from the bloc as a net positive for consumers and the broader global economy, ensuring a more responsive and reliable energy supply.

Prime Minister Mark Carney says Canada will launch its first ever national sovereign wealth fund, an investment account that he says will ensure all Canadians reap the rewards of government support for major new projects.

The Canada Strong Fund will begin with an initial endowment of $25-billion.

The Prime Minister made the announcement Monday, one day before his government releases a spring economic update.

A sovereign wealth fund is a state-owned investment account that is typically independently managed.

“This will be a Government of Canada fund, but more importantly, it will be a people’s fund. It will be your fund,” Mr. Carney said at a news conference in Ottawa at the Canada Science and Technology Museum, according to his prepared remarks.

Mr. Carney described the fund as a national savings and investment account that is designed to grow wealth for future generations.

“Many countries that are blessed with natural resources, like Norway, have them. Canada has not. Until now. The new Canada Strong Fund will give all Canadians a direct stake in building Canada strong,” he said.

Canada to host September summit in Toronto to help draw billions in foreign investment, Carney says

The fund is linked to planned federal support for what the government describes as nation-building projects, including ports and natural resources projects.

“Over time, the fund will grow through asset recycling and reinvestment, creating even greater opportunities for future generations,” he said, adding that Canadians will be able to invest directly in the fund if they wish.

The Prime Minister said the fund will be professionally managed and will operate at arm’s length from the government as an independent Crown corporation. The government will hold consultations over the coming months on the details of the fund.

“This is about ensuring that you – and your children, and your children’s children – benefit from the prosperity we create today,” he said.

It was not immediately clear from Mr. Carney’s comments how the new fund would interact with other federal entities with similar responsibilities, including the Canada Infrastructure Bank and the Canada Growth Fund.

Finance Minister François-Philippe Champagne will have a separate and related event in Montreal.

Mr. Champagne’s office invited leaders of the country’s largest banks, pension plans and construction companies to the minister’s event, which was described to them as a pre-release of his spring economic statement, focused on infrastructure investment.

By late Sunday, the minister’s team and staff at the Prime Minister’s Office had yet to supply them with any details on the Finance Minister’s announcement.

Opinion: Mark Carney, the banker for all seasons

The Globe is not identifying the business leaders who relayed details of the event, because they were not authorized to comment on the matter.

Mr. Carney has travelled abroad extensively to attract more foreign capital to Canada, including from sovereign wealth funds in regions such as the Middle East.

He’s also inviting more than 100 of the world’s largest investors to a summit in Toronto in September.

The suspect in the White House Correspondents’ Dinner shooting told law enforcement after his arrest Saturday night that he intended to target Trump administration officials, senior federal law enforcement sources confirmed to Fox News.

Authorities identified the suspect as 31-year-old Cole Allen, of Torrance, Calif., adding that he prepared a manifesto outlining his intent and shared anti-Trump and anti-Christian rhetoric on social media.

As the dinner was underway, Allen allegedly rushed a Secret Service checkpoint at the Washington Hilton while armed with multiple weapons and opened fire, striking a Secret Service officer in his ballistic vest.

Agents returned fire and tackled Allen to the ground. The suspect and the injured officer were transported to a hospital. The Secret Service agent is expected to recover.

The incident adds to a growing list of threats against President Donald Trump, including two confirmed assassination attempts and a recent incident involving an armed intruder at Mar-a-Lago.

Overnight, the FBI and local law enforcement secured Allen’s home in Torrance, California. A federal judge in the Central District of California is expected to approve a search warrant, which would allow investigators to search the residence.

The White House said Sunday that Allen’s brother contacted the New London Police Department in Connecticut prior to the shooting, reporting that Allen had sent family members an alleged manifesto outlining his intent to target administration officials.

Officials also said Allen’s social media included anti-Trump and anti-Christian rhetoric. President Trump speaking on Fox News’ “The Sunday Briefing,” described Allen as “a very troubled guy,” citing the manifesto

Allen’s sister, Avriana Allen, told investigators in Rockville, Maryland, that her brother had made increasingly radical statements and often spoke about doing “something” to address issues in the world.

She said he had purchased two handguns and a shotgun, which he stored at their parents’ home without their knowledge, and that he regularly trained at a shooting range.

Investigators believe Allen traveled from Los Angeles to Washington, D.C., by train, with a stop in Chicago, according to acting U.S. Attorney General Todd Blanche. He said the investigation is ongoing and that more details are expected as formal charges are filed.

Blanche also noted that while the motive remains under investigation, authorities preliminarily believe Allen was targeting administration officials.

Executive Summary

• TSX ended last week slightly negative (~-1.3% weekly) after a 4-week run → momentum cooling
• Market now driven by geopolitics (oil), rates, and earnings transition
• Bank of Canada expected to hold (~2.25%), anchoring financials
• Industrial and energy signals mixed → higher volatility regime
• Upcoming week = macro + earnings + commodities interplay

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1) Macro Drivers (Primary Layer)

Interest Rates / Central Banks

• Global central banks (Fed, ECB, BoC) expected to hold rates
• Market focus:
  • Forward guidance (inflation vs growth trade-off)

Implication (TSX):

• Stable rates → supports banks (RY, TD, BMO)
• But caps upside (no multiple expansion catalyst)

---

Inflation / Growth Data

• Canada inflation ~2.4% (within target band)
• Factory sales trending +3.5% MoM (industrial strength)

Watch:

• Any upside inflation surprise → bearish for equities
• Weak growth data → cyclical sectors (industrials/materials) risk

---

2) Geopolitics & Commodities (Dominant Short-Term Driver)

Oil / Middle East (Critical)

• Oil volatility tied to Iran / Strait of Hormuz tensions
• Oil recently fluctuating ~$90–$96/bbl range

Market Sensitivity:

• ↑ Oil → Energy ↑, inflation risk ↑
• ↓ Oil → Energy ↓, broader TSX stabilizes

---

Gold & Metals

• Gold recently declined (~-2.6%) with USD strength
• Materials sector weak → drag on TSX

Watch:

• Bond yields + USD direction (key drivers)

---

3) Sector-Level Watchlist

Financials (Largest TSX Weight)

• Supported by:
  • Stable rates
  • Earnings positioning (May cycle upcoming)

Watch:

• Bond yields (10Y Canada/US)
• Credit risk headlines

---

Energy

• Most sensitive sector next week
• Direction entirely dependent on:
  • Geopolitical headlines
  • Oil price swings

---

Industrials (TTIN context)

• Mixed signals:
  • Strong factory sales
  • But macro uncertainty

Watch:

• Rail volumes
• Infrastructure announcements

---

Technology

• Recently weak (AI disruption concerns)
• High sensitivity to:
  • Rates
  • Risk sentiment

---

4) Earnings Calendar (Early Cycle Signals)

• Light TSX earnings next week, but:
  • Industrials + materials names reporting (e.g., Aecon, West Fraser)
• Broader trend:
  • Banks report in May → positioning phase now

Implication:

• Market trading more on expectations than actual results

---

5) Key Market Indicators to Track Daily

Indicator	Why It Matters	Bull Signal	Bear Signal
Oil price	TSX weighting driver	>$100	<$90
Bond yields	Bank margins	Rising gradually	Falling sharply
USD strength	Commodities inverse	Weak USD	Strong USD
VIX / volatility	Risk appetite	<15	>20
TSX Financials Index	Leadership signal	Outperformance	Breakdown

---

6) Scenarios (Next Trading Week)

Bull Case

• TSX +1–2%
• Drivers:
  • Oil stable / rising
  • No escalation in geopolitics
  • Stable yields

---

Base Case (Highest Probability)

• Flat (±1%)
• Drivers:
  • Market digestion after rally
  • Mixed sector signals

---

Bear Case

• TSX −2–4%
• Triggers:
  • Escalation in Middle East
  • Sharp drop in commodities
  • Risk-off rotation

---

7) What Would Change the Outlook (Disconfirmers)

• Sudden ceasefire → oil collapse → sector rotation
• Unexpected rate shift (BoC/Fed tone change)
• Earnings pre-announcements (banks or energy)

---

Actionable Takeaways

• Market regime = macro-driven, not company-specific
• Focus areas:
  • Oil (primary driver)
  • Bond yields (secondary driver)
  • Financials leadership (confirmation signal)
• Expect higher volatility + lower directional conviction vs prior weeks

Monday April 27

Bank of Japan’s monetary policy meeting (through Tuesday)

China’s industrial profits

Germany’s consumer confidence and retail sales

(10:30 a.m. ET) U.S. Dallas Fed Manufacturing Activity index for April.

Earnings include: Celestica Inc., Nucor Corp., TFI International Inc., Verizon Communications Inc.

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Tuesday April 28

Japan’s jobless rate

ECB’s three-year CPI expectations

(8:15 a.m. ET) U.S. ADP employment for April 11.

(9 a.m. ET) U.S. S&P Cotality Case-Schiller Home Prince Index (20 city) for February.

(9 a.m. ET) U.S. FHFA House Price Index for February. The Street is projecting a rise of 0.1 per cent from January and up 1.6 per cent year-over-year.

(10 a.m. ET) U.S. Conference Board Consumer Confidence Index for April.

Also: Ottawa’s spring update and U.S. Fed meeting begins.

Earnings include: Aecon Group Inc., Booking Holdings Inc., Coca-Cola Co., General Motors Co., Hilton Worldwide Holdings Inc., Robinhood Markets Inc., Spotify Technology SA, Starbucks Corp., T-Mobile US Inc., Toromont Industries Ltd., United Parcel Service Inc., Visa Inc., Winpak Ltd.

---

Wednesday April 29

Japan’s markets closed

Euro zone economic and consumer confidence

Germany’s CPI

(8:30 a.m. ET) U.S. durable and core orders for March. The Street expects month-over-month increases of 0.5 per cent for both.

(8:30 a.m. ET) U.S. goods trade deficit for March (first reading).

(8:30 a.m. ET) U.S. wholesale and retail inventories for March.

(8:30 a.m. ET) U.S. housing starts for March.

(8:30 a.m. ET) U.S. building permits for March.

(9:45 a.m. ET) Bank of Canada’s policy announcement and the release of its Monetary Policy Report with Governor Tiff Macklem’s press conference to follow.

(2 p.m. ET) U.S. Fed announcement with Chair Jerome Powell’s press briefing to follow.

Earnings include: Alamos Gold Inc., Alphabet Inc., Brookfield Infrastructure Partners LP, Canadian National Railway Co., Canadian Pacific Kansas City Ltd., Capital Power Corp., Capstone Mining Corp., Centerra Gold Inc., CGI Inc., Choice Properties REIT, Ebay Inc., FirstService Corp., GFL Environmental Inc., Kinross Gold Corp., Meta Platforms Inc., Methanex Corp., Microsoft Corp., Qualcomm Inc., West Fraser Timber Co. Ltd., Whitecap Resources Inc.

---

Thursday April 30

China’s PMI

Japan’s retail sales and industrial production

Euro zone’s GDP and CPI

Germany’s GDP and unemployment

ECB’s monetary policy meeting

(8:30 a.m. ET) Canada’s monthly real GDP for February. Consensus is a rise of 0.2 per cent from January.

(8:30 a.m. ET) Canada’s payroll survey for February.

(8:30 a.m. ET) U.S. GDP and GDP price index for Q1. The consensus projections are annualized rate increases of 2.1 per cent and 4.0 per cent, respectively.

(8:30 a.m. ET) U.S. personal spending and income for March. The Street expects month-over-month rises of 0.9 per cent and 0.3 per cent, respectively.

(8:30 a.m. ET) U.S. core PCE price index for March. Consensus is a gain of 0.3 per cent from February and up 3.2 per cent year-over-year.

(8:30 a.m. ET) U.S. employment cost index for Q1. Consensus is a rise of 0.8 per cent from Q4 and up 3.3 per cent year-over-year.

(8:30 a.m. ET) U.S. initial jobless claims for week of April 25. Estimate is 212,000, down 2,000 from the previous week.

(9:45 a.m. ET) U.S. Chicago PMI for April.

(10 a.m. ET) U.S. leading indicator for February.

Earnings include: Agnico Eagle Mines Ltd., Air Canada, AltaGas Ltd., Apple Inc., Aritzia Inc., Bombardier Inc., Caterpillar Inc., Cenovus Energy Inc., Eldorado Gold Corp., Eli Lilly and Co., Endeavour Mining Corp., Gildan Activewear Inc., Labrador Iron Ore Royalty Corp., Lumine Group Inc., Mastercard Inc., Merck & Co. Inc., NextGen Energy Ltd., Spin Master Corp., Trisura Group Ltd.

---

Friday May 1

China and Euro zone markets closed

Japan’s CPI, consumer confidence and manufacturing PMI

(8:30 a.m. ET) Canada’s provincial GDP for 2025.

(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for April.

(9:45 a.m. ET) U.S. S&P Global Manufacturing PMI for April.

(10 a.m. ET) U.S. ISM Manufacturing PMI for April.

Also: U.S. and Canadian auto sales for April.

Earnings include: Arc Resources Ltd., Brookfield Renewable Energy Partners LP, Chevron Corp., Colgate-Palmolive Co., Exxon Mobil Corp., Hudbay Minerals Inc., Imperial Oil Ltd., Magna International Inc., Premium Brands Holdings Corp., Sprott Inc., TC Energy Corp., Telus Corp., Westshore Terminals Investment Corp.