Flagging the USD sell-off, which is giving some support to the loonie. Should it continue, we’ll dive into company-level revenue exposure to a rising CAD.

The confusion on trade over the weekend has led to a new rule at Bullpen: don’t start writing about the trade war until late at night.

What started with a retroactive exemption of tariffs on electronics quickly turned into conflicting headline after headline, before being cleared up by the man himself:

Trump highlighted more tariffs on the category could come following a national security review, but exposed names are trading higher pre-market regardless.

Our anchor through the uncertainty remains - China exposure isn’t just in electronics, and the Trump administration is financially incentivized to figure this out.

The US 10Y is flirting with 4.5%, though it isn’t the absolute figure that matters but the pace of change, which has been rapid - up nearly 50 bps last week.

Such volatility in rates drives corporate uncertainty, slowing down deal processes, growth investment, and ultimately economic activity.

While we can’t confirm the rumours of China/Japan fire selling treasuries, or the view that this bond market activity caused Trump to reverse course on tariffs, one thing seems clear: markets are on shaky foundations right now.

To close out last week we highlighted the U.S. banks should report strong trading activity. JPMorgan and Morgan Stanley confirmed this view, reporting record equities trading revenue (45%+ Y/Y).

While it shouldn’t be long-lived, a strong trading backdrop should favour some Canadian banks more than others.

The U.S. banks continued to take additional provisions to buffer against economic weakness, as companies pause growth investment.

We’ll see if the Canadian lenders follow suit, after taking additional provisions in Q1.

We’ve been digging through filings to figure out which of Canada’s largest companies have seen insider buying this year. Check out the full piece below, and watch for our insider selling report this week!

If the above link doesn’t work, try this: www.bullpen.finance/content/91

We missed this earnings call sound bite from Ryanair’s CEO Michael O’Leary, but it’s too funny to not share:

With European air travel to the U.S. falling off a cliff (a trend we talked about recently), Ryanair could pick up some of the demand shift, and Michael might be in a better mood.

Gold names keep ripping higher, making the economics of producers even more attractive than when we first wrote they have more upside if gold prices hold.

MTY Food Group posted solid Q1’25 results: