Market news for Monday May 27

Market news for Monday May 27
Market news for Monday May 27

(Illustration: Camille Charbonneau)

THE ESSENTIAL NEWS

• Goldman Sachs predicts that oil demand will continue to increase until 2034. Goldman Sachs on Monday raised its forecast for global oil demand for 2030 and expects consumption to peak in 2034 due to a potential slowdown in the adoption of electric vehicles, which will allow refineries to operate at higher than average rates until the end of this decade.

• xAI, Elon Musk’s company, raises $6 billion in new funds. Elon Musk’s AI company xAI has raised $6 billion in Series B funding, reaching a post-money valuation of $24 billion, with investors betting big on company rivals like OpenAI in the race to AI that is intensifying.

• BlackRock encouraged Anglo to extend negotiations with BHP. Anglo American has been encouraged by its major shareholders, including BlackRock, to continue negotiations with BHP Group over its proposed £38.6 billion mining merger, a person familiar with the matter told Reuters on Saturday.

• Australian company Arafura Rare Earths obtains $300 million in funding from Canada. Arafura Rare Earths said it has secured up to $300 million in debt financing from Export Development Canada (EDC) for its Nolans project in Australia’s Northern Territory.

• Tesla shareholders should reject Musk’s $56 billion compensation package. Proxy advisory firm Glass Lewis said Saturday it urged Tesla shareholders to reject a $56 billion compensation plan for Chief Executive Elon Musk, which if passed would be the plan for the most important remuneration for a general manager in American companies.

TRENDS BEFORE OPENING

THE Canadian stock indices are progressing thanks to the increase in oil price and thegold. Meanwhile, the European stocks remain muted as major markets are closed and investors remain cautious ahead of key inflation data in the United States and Europe later in the week. In Asia, the Japanese Nikkei closed higher, with financial stocks recovering following the increase in government bond yields. THE dollar falls slightly against a basket of currencies.

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