Record-breaking day on Wall Street for Nasdaq, S&P 500
The Nasdaq Composite and Standard and Poor's 500 hit new record highs following release of a favorable jobs report.
Nvidia closed with a market capitalization of $3.89 trillion, soon to eclipse Apple as the world's most valuable company.
"We are seeing a real bout of irrational exuberance; the stock market is very biased towards optimism," Kristina Hooper, Chief Market Strategist at Man Group in New York told CNBC Thursday. "But there's some basis for it. I think there is some level of relief because the jobs report was not as weak as it could have been."
U.S. Markets Rally
Canada Advances
S&P/TSX Composite (Canada) (^GSPTSE): Up 164.60 points (0.61 percent) to 27,034.26
UK and European Markets Mostly Higher
FTSE 100 (^FTSE): Up 48.51 points (0.55 percent) to 8,823.20
DAX (^GDAXI): Added 144.02 points (0.61 percent) to 23,934.13
CAC 40 (^FCHI): Edged up 16.13 points (0.21 percent) to 7,754.55
EURO STOXX 50 (^STOXX50E): Climbed 24.43 points (0.46 percent) to 5,343.15
Euronext 100 (^N100): Increased 3.87 points (0.25 percent) to 1,581.23
BEL 20 (^BFX): Declined 6.67 points (0.15 percent) to 4,486.13
Asia and Pacific Mixed
SSE Composite (China) (000001.SS): Edged up 6.36 points (0.18 percent) to 3,461.15
Nikkei 225 (Japan) (^N225): Inched up 23.42 points (0.06 percent) to 39,785.90
Hang Seng Index (^HSI): Fell 151.47 points (0.63 percent) to 24,069.94
STI Index (Singapore) (^STI): Gained 8.80 points (0.22 percent) to 4,019.57
S&P/ASX 200 (^AXJO): Slipped 1.90 points (0.02 percent) to 8,595.80
All Ordinaries (Australia) (^AORD): Rose 4.90 points (0.06 percent) to 8,833.60
S&P BSE SENSEX (India) (^BSESN): Dropped 170.22 points (0.20 percent) to 83,239.47
IDX COMPOSITE (Indonesia) (^JKSE): Down 3.19 points (0.05 percent) to 6,878.05
FTSE Bursa Malaysia KLCI (^KLSE): Fell 1.22 points (0.08 percent) to 1,548.99
S&P/NZX 50 (New Zealand) (^NZ50): Declined 79.81 points (0.62 percent) to 12,704.48
KOSPI (South Korea) (^KS11): Surged 41.21 points (1.34 percent) to 3,116.27
TWSE (Taiwan) (^TWII): Gained 135.23 points (0.60 percent) to 22,712.97
Middle East Markets Close Higher
TA-125 (Israel) (^TA125.TA): Rose 28.09 points (0.91 percent) to 3,106.80
EGX 30 (Egypt) (^CASE30): Increased 113.30 points (0.35 percent) to 32,820.50
Africa Gains
Johannesburg All Share (South Africa) (^JN0U.JO): Gained 48.24 points (0.89 percent) to 5,469.10.
Currency Markets
US Dollar Index (DX-Y.NYB): Strengthened 0.40 points (0.42 percent) to 97.18
MSCI Europe (^125904-USD-STRD): Rose 7.18 points (0.30 percent) to 2,429.92
British Pound Index (^XDB): Up 0.12 points (0.09 percent) to 136.48
Euro Currency Index (^XDE): Fell 0.42 points (0.36 percent) to 117.56
Japanese Yen Index (^XDN): Dropped 0.62 points (0.89 percent) to 68.96
Australian Dollar Index (^XDA): Slipped 0.11 points (0.17 percent) to 65.71
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Canada News.Net
4 hours ago
- Canada News.Net
Quebec to 'Carefully Examine' New Proposal for Saguenay LNG Megaproject
The government of Premier Francois Legault is promising to "carefully examine" a proposal for a new gas liquefaction plant and terminal in the Saguenay-Lac St. Jean region that would be just as big as the GNL-Quebec megaproject the province rejected in 2021 after years of opposition, Le Devoir revealed in an exclusive dispatch Friday. The proposal by Marinvest Energy Canada, a subsidiary of Bergen, Norway-based Marinvest Energy, would also require a new pipeline through several hundred kilometres of wilderness to connect the plant with TC Energy's Canada-wide gas network, just as GNL-Quebec intended, Le Devoir writes. The gas would be produced by primarily by hydraulic fracturing, or fracking, a methane-intensive process that is prohibited in Quebec. After squashing the previous LNG proposal, Quebec became the world's first jurisdiction to ban oil and gas exploration in 2022. "We believe there is a strong business case for an LNG [liquefied natural gas] project in Quebec aimed at exporting Canadian natural gas to international markets, particularly in Europe," Greg Cano, one of three Marinvest Energy Canada directors and the only one not based in Norway, told Le Devoir in an email. "We believe Quebec can play a key role in diversifying export options for Canadian natural gas, particularly at a time when relying solely on the U.S. market presents increasing challenges." That optimism runs counter to an analysis released just six weeks ago by Investors for Paris Compliance (IPC), which pointed to an expected 40% increase in global LNG production between 2024 and 2028 to argue that there's no business case for a new terminal in Quebec. European LNG demand was down 18% between 2022 and 2024, and the group said Canadian exporters would also have trouble competing in Asian markets, The Canadian Press reported at the time. "Investing in infrastructure that will be very expensive and likely won't be profitable will weaken our economy rather than strengthen it," economist and IPC senior advisor Renaud Gignac told the news agency. IPC warned that inflation could drive the cost of the $18-billion GNL-Quebec project above $33 billion, making it impossible to complete without taxpayer subsidies. "These are considerable investments that mobilize public capital and labour as well," Gignac said. "When you direct resources to this type of project, you make choices, and we believe there are options that could be more profitable in the long term, for both public and private investors." One of Marinvest's identified lobbying targets, Hydro-Quebec, has been going all-in on those other options, with a planned $185-billion investment in renewable energy, energy efficiency, and new transmission over the next decade. Cano also tried to position LNG as "carbon-free" energy, even though methane is a climate super-pollutant with about 84 times the warming potential of carbon dioxide over the crucial 20-year span when humanity will be scrambling to get climate change under control. The Legault rejected the notion that gas is carbon-free in its response to the GNL-Quebec bid, "emphasizing in particular that the project that was to be built in Saguenay risked 'disadvantaging the energy transition' in the countries that would purchase this liquefied natural gas," Le Devoir says. A provincial spokesperson told the paper it was too soon to say whether the project would be eligible for subsidies, and the office of Natural Resources Minister Tim Hodgson wouldn't say whether it would qualify as one of the "nation-building" projects the Carney government is looking for. But "the current context is disrupting several aspects of our economy," a spokesperson for provincial Economy and Energy Minister Christine Frechette told Le Devoir in a statement. "We have always said that if new projects are presented, we are ready to examine them carefully. That is what we will do with this one." The spokesperson added that "social acceptability remains an essential condition for any project, and there will have to be benefits for Quebec." In a release, Greenpeace Canada urged the Carney government to exclude the Marinvest proposal from its list of nation-building projects, while calling on Quebec to "close the door on new fossil fuel transportation and export projects so that it can focus on renewable energy." "We should be building offshore wind farms, not floating fossil fuel plants", said Greenpeace Senior Energy Strategist Keith Stewart. "There is no way that a fossil fuel project with so little consultation and such a weak business case should be on Mark Carney's list of projects that can bypass environmental laws." Marinvest has hired two lobbyists to carry its message to the provincial government, Le Devoir reports, and two in Ottawa, Greenpeace says.
Canada Standard
5 hours ago
- Canada Standard
Quebec to 'Carefully Examine' New Proposal for Saguenay LNG Megaproject
The government of Premier Francois Legault is promising to "carefully examine" a proposal for a new gas liquefaction plant and terminal in the Saguenay-Lac St. Jean region that would be just as big as the GNL-Quebec megaproject the province rejected in 2021 after years of opposition, Le Devoir revealed in an exclusive dispatch Friday. The proposal by Marinvest Energy Canada, a subsidiary of Bergen, Norway-based Marinvest Energy, would also require a new pipeline through several hundred kilometres of wilderness to connect the plant with TC Energy's Canada-wide gas network, just as GNL-Quebec intended, Le Devoir writes. The gas would be produced by primarily by hydraulic fracturing, or fracking, a methane-intensive process that is prohibited in Quebec. After squashing the previous LNG proposal, Quebec became the world's first jurisdiction to ban oil and gas exploration in 2022. "We believe there is a strong business case for an LNG [liquefied natural gas] project in Quebec aimed at exporting Canadian natural gas to international markets, particularly in Europe," Greg Cano, one of three Marinvest Energy Canada directors and the only one not based in Norway, told Le Devoir in an email. "We believe Quebec can play a key role in diversifying export options for Canadian natural gas, particularly at a time when relying solely on the U.S. market presents increasing challenges." That optimism runs counter to an analysis released just six weeks ago by Investors for Paris Compliance (IPC), which pointed to an expected 40% increase in global LNG production between 2024 and 2028 to argue that there's no business case for a new terminal in Quebec. European LNG demand was down 18% between 2022 and 2024, and the group said Canadian exporters would also have trouble competing in Asian markets, The Canadian Press reported at the time. View our latest digests "Investing in infrastructure that will be very expensive and likely won't be profitable will weaken our economy rather than strengthen it," economist and IPC senior advisor Renaud Gignac told the news agency. IPC warned that inflation could drive the cost of the $18-billion GNL-Quebec project above $33 billion, making it impossible to complete without taxpayer subsidies. "These are considerable investments that mobilize public capital and labour as well," Gignac said. "When you direct resources to this type of project, you make choices, and we believe there are options that could be more profitable in the long term, for both public and private investors." One of Marinvest's identified lobbying targets, Hydro-Quebec, has been going all-in on those other options, with a planned $185-billion investment in renewable energy, energy efficiency, and new transmission over the next decade. Cano also tried to position LNG as "carbon-free" energy, even though methane is a climate super-pollutant with about 84 times the warming potential of carbon dioxide over the crucial 20-year span when humanity will be scrambling to get climate change under control. The Legault rejected the notion that gas is carbon-free in its response to the GNL-Quebec bid, "emphasizing in particular that the project that was to be built in Saguenay risked 'disadvantaging the energy transition' in the countries that would purchase this liquefied natural gas," Le Devoir says. A provincial spokesperson told the paper it was too soon to say whether the project would be eligible for subsidies, and the office of Natural Resources Minister Tim Hodgson wouldn't say whether it would qualify as one of the "nation-building" projects the Carney government is looking for. But "the current context is disrupting several aspects of our economy," a spokesperson for provincial Economy and Energy Minister Christine Frechette told Le Devoir in a statement. "We have always said that if new projects are presented, we are ready to examine them carefully. That is what we will do with this one." The spokesperson added that "social acceptability remains an essential condition for any project, and there will have to be benefits for Quebec." In a release, Greenpeace Canada urged the Carney government to exclude the Marinvest proposal from its list of nation-building projects, while calling on Quebec to "close the door on new fossil fuel transportation and export projects so that it can focus on renewable energy." "We should be building offshore wind farms, not floating fossil fuel plants", said Greenpeace Senior Energy Strategist Keith Stewart. "There is no way that a fossil fuel project with so little consultation and such a weak business case should be on Mark Carney's list of projects that can bypass environmental laws." Marinvest has hired two lobbyists to carry its message to the provincial government, Le Devoir reports, and two in Ottawa, Greenpeace says. Source: The Energy Mix
Canada News.Net
5 hours ago
- Canada News.Net
What family firms like Rothschild can teach Canadian businesses about resilience
Family businesses constitute a vital component of Canada's economic landscape. They make up 63 per cent of privately held firms, employ nearly seven million people and generate about $575 billion a year. While Canadian family-run businesses express international ambitions, their overseas engagement tends to be more conservative compared to their non-family counterparts. In today's turbulent economic environment - marked by geopolitical tensions, technological disruption and shifting trade patterns - international competitiveness is more important than ever. Around the world, family firms have shown remarkable resilience in the face of external shocks. Some of the world's longest-standing corporations are family-owned, having endured world wars, revolutions, natural disasters and pandemics. For Canadian family firms aspiring to expand abroad, such examples offer both inspiration and insight. Among such long-standing multinationals is Rothschild, a centuries-old European family-run investment bank. Our case study of Rothschild, based on historical analysis, highlights how the family's enduring relationships, reliable routines and long-term goals gave it significant advantages in international business. At the same time, however, families can contribute unique biases, especially " bifurcation bias" - a tendency to favour family resources over equally or more valuable non-family ones. Our study reveals that bifurcation bias can compromise a firm's international trajectory, especially in distant and complex markets. Initially a merchant business, the firm was founded in the late 18th century by Mayer Amschel Rothschild, a Frankfurt Jew. Rothschild and his wife, Guttle, had 10 children, including five sons: Amschel, Salomon, Nathan, Carl and James. In 1798, Rothschild sent Nathan to Manchester, England, which initiated the firm's growth in that country and a transition from merchant operations to financial transactions. By the 1820s, Rothschild became a multinational bank, with Amschel, Salomon, Nathan, Carl and James leading banking houses in Frankfurt, Vienna, London, Naples and Paris, respectively. In the 19th century, the Rothschild's strategy of relying on family members initially worked well for the firm. The five Rothschild brothers corresponded in a coded language and shared a common pool of resources at a time when shared balance sheets were uncommon in international banking. Their close familial bonds allowed the brothers to move information, money and goods across international borders with a speed and reach that wasn't accessible to competitors. Rivals, by contrast, had to worry about protecting sensitive information and enforcing commitments. This internal cohesiveness safeguarded the Rothschild's business, facilitated transactions and allowed them to maintain resilience through the periods of significant political upheaval: the Napoleonic wars, revolutions and, ultimately, the First World War, which interrupted economic and social progress in Europe. However, this same over-reliance on family became a disadvantage when Rothschild expanded into the United States. The Rothschilds showed an interest in the American market as early as the 1820s. However, their repeated attempts to send family members to the U.S to expand operations failed, as none were willing to stay, preferring the comforts of European life. Since they were unable to establish a family-based anchor in the country, the Rothschilds appointed an agent, August Belmont, to run the U.S. operations on their behalf in 1837. However, Belmont wasn't given the authority to exercise entrepreneurial judgment, make investments or enter into deals. He also didn't have unrestricted access to capital, was never entrusted with an official Rothschild mandate or acknowledged as a full-fledged partner. The Rothschilds were unwilling to delegate such decisions to someone who was not a direct male descendant of the founder, Mayer Amschel Rothschild. This failure to use Belmont as a link between the family - with its successful experiences, capabilities, routines and connections in Europe - and the American market - with its growing opportunities and the valuable networks Belmont had begun to develop - ultimately prevented Rothschild from replicating its success in the U.S. The Rothschilds were eventually eclipsed by the Barings and JP Morgan banks in America. Both competitors followed a different path in the market by opening full-fledged U.S. subsidiaries under their corporate brands with significant funds and decision-making autonomy. Bifurcation bias does not always have an immediate negative impact. In fact, biased governance practices remained inconsequential for the Rothschilds - as long as there were enough capable family heirs available to lead the bank's dispersed operations. In the short- to medium-term, the family's connections, time-tested routines and mutual reliability built a well of resilience that sustained the bank through the 19th century, one of the most volatile political periods in European history. But as a firm's international ambitions outgrow the size of the family, bifurcation bias can damage competitiveness, both in international markets and at home. At some point, family firms must shift from emotional, biased decision-making to efficient governance systems, which may involve incorporating non-family managers and selecting resources, locations and projects that do not carry emotional significance. Many successful family firms implement tools in their governance systems to detect and eliminate biased behaviour. For instance, family-owned multinationals such as Merck (Germany), Cargill (U.S.) and Tata Group (India) have checks and balances that prevent decision-makers from thinking only in family terms. The most successful strategies to safeguard against bifurcation bias invite outside scrutiny into corporate decision-making: appointing non-family CEOs, establishing independent boards, hiring consultants and granting partners decision-making powers. Today, as the global business environment faces arguably unprecedented volatility, firms are seeking to build resilience to survive the turbulence. While multi-generational family firms must learn to guard against bifurcation bias to thrive in international markets, their demonstrated ability to withstand external shocks offers valuable lessons for other companies. How can non-family firms emulate the Rothschild's success and longevity? The Rothschild case teaches us the value of having a shared organizational language, setting long-term goals, maintaining stable routines and placing a strong emphasis on brand reputation. These strategies can help any company, family-owned or not, build resilience during volatile times.
