Good afternoon and welcome to Markets Desk.
Canada and Washington are at an impasse on trade, with U.S. Trade Representative Jamieson Greer publicly criticizing Ottawa for rejecting what he called a serious offer, calling it a missed opportunity. The breakdown raises fresh questions about North American supply chain stability and puts pressure on sectors with deep cross-border exposure.
Shifting to equities, Marvell Technology is drawing attention after disclosing it issued Google a warrant covering nearly fifty-nine million shares, roughly seven percent of the company, at an exercise price of two hundred six dollars and fifty-eight cents per share. The arrangement compensates Google for committing to Marvell's custom chip architecture, a structure that deepens the two companies' strategic alignment in the AI infrastructure buildout and signals how chipmakers are locking in hyperscaler demand.
Meanwhile, Philip Morris International received FDA marketing authorization for eleven ZYN Ultra nicotine pouch products through its Swedish Match affiliate. The approval expands the company's smokeless portfolio at a moment when oral nicotine is one of the fastest-growing categories in consumer staples, giving PM a regulatory runway that competitors will find difficult to close quickly.
That's the tape. Markets Desk, signing off the floor.
