European shares gained on Tuesday, recovering from a retreat in Asian markets, as rising tensions with Iran pushed oil prices higher. The Stoxx Europe 600 index rose 0.4% in early trading, led by energy and defense stocks.
Market Overview
Asian markets had declined earlier, with Japan's Nikkei 225 falling 1.2% and Hong Kong's Hang Seng dropping 0.8%, as investors grew cautious over potential supply disruptions from the Middle East. Oil prices climbed, with Brent crude rising above $85 per barrel, its highest level in weeks.
In corporate news, Rogers Communications offered voluntary departure packages to roughly 10,000 employees, while Quebec furniture company Canadel announced it is shutting down, citing the U.S. trade war. The TSX moved lower, while U.S. markets edged to new records ahead of key earnings reports.
Geopolitical Tensions
Prime Minister Mark Carney promised 'good news' in the spring economic update, as Canada unveiled its first national sovereign wealth fund. Meanwhile, the Royal Canadian Mint is reviewing allegations about gold from tainted Colombian mines, and a B.C. man's extradition ruling was overturned in a Silk Road trafficking case.
In other news, Honda recalled nearly 40,000 vehicles over risk of injury, and a man charged in the killings of Edmonton police officers allegedly sold the gun to the shooter for $2,500. The world is entering a new era of wildfire, with Japan deploying hundreds of firefighters as blazes rage in the north.
