U.S. rail freight traffic to Canada recovered sharply in April, rising 14.7% year-over-year to 3.8 million tons, Statistics Canada data showed, as the sector rebounds from a trade-war driven slump, according to a Dow Jones Newswires Market Talk roundup published Friday. The April tonnage matched the five-year average for the month. During 2023 and 2024, freight loadings from U.S. rail connections in Canada represented an average 12% of total monthly rail tonnage, but that share fell to an average 10.4% in 2025 before edging up to 10.9% in the first quarter of 2026 and 11.4% in April, the data agency noted.
In a separate note, Jefferies analysts wrote that Zeekr’s overseas rollout came later than some peers but sales momentum has scaled rapidly since the second half of 2025, and they believe the market is not yet fully appreciating the earnings upside this brings to parent company Geely. Zeekr is seeing strong early traction in Australia, with its five-seater SUV 7X having ranked as the top seller in the A$65,000 range and mid-size SUV market since January, the analysts said. Just 18 months into the market, demand is well established, with more than 1,000 pre-orders before launch and tight inventory keeping delivery lead times at eight to 12 weeks, they added. The recent uptick in fuel prices should begin to support reported deliveries through September, Jefferies said. The brokerage maintains a buy rating for the stock at a target price of HK$28.00. Zeekr shares last traded at HK$17.06.
European energy stocks moved lower in morning trade on Friday as oil prices continued to drop despite an Iranian attack against a cargo ship in the Strait of Hormuz. Brent crude fell 2.25% to $73.81 a barrel, while West Texas Intermediate was down 1.6% to $68.90 a barrel. Prices continued to slide as investors bet supply from the gulf would continue to ramp up as vessels leave the waterway, though shipping concerns remained after the attack on the Singapore-flagged cargo ship, according to Dow Jones Newswires. In London, BP fell 1.6% while Shell slid 0.9%. Spain’s Repsol was 1.5% lower and Italy’s Eni fell 1.2%. France’s TotalEnergies was 0.8% down.
The attack Thursday prompted the International Maritime Organization to pause evacuation operations for the hundreds of ships still stuck in the Persian Gulf. However, analysts at ING said in a note that “the latest strike on a vessel will likely slow traffic,” but “with the broader market focused on a recovery in oil flows from the region, price momentum still appears to be to the downside.” Prices had climbed in the previous session after the attack but reversed direction Friday as the market weighed the recovery of oil flows from the region.