Stocks climbed a tad on Tuesday, even though oil prices marched higher (Brent gained 3.2%) and the war in Iran doesn’t seem like it’ll ease up anytime soon. In fact, Iraq said one of its oil fields was targeted by a drone strike, and The Wall Street Journal reported that Russia, true to form, is sharing satellite imagery and drone tech with Iran to keep it in the fight. But for now markets are still trying to “look through” the disruption and are hoping/praying the oil disruption will be short-lived. Is this patience or complacency? We’ll see!

S&P 500: 0.25%

TSX: 0.16%

WHO’S UP
• Airline stocks rose after carriers said strong demand is helping them weather rising jet-fuel costs. Air Canada popped 4%. Delta climbed 6.5%.

WHO’S DOWN
• Eli Lilly fell almost 6% , leaving it -13.5% YTD, after HSBC downgraded its stock to “sell.” The investment bank is worried that the market for obesity drugs might be smaller than analysts forecasted.

Other interesting stuff

• Canadian mortgage billionaire Stephen Smith bought a 26.9% stake in everyone’s favourite 183-year-old business rag, The Economist. Don’t get mad if we start calling it The Ecanamist 🇨🇦.

• Another quick thing about oil: Bloomberg Opinion’s John Authers made the case that, once you take inflation into account, today’s oil shock pales to those of the past. Which might help to explain Wall Street’s relative calm.

• CBC published a good piece about how moving to a different province with cheaper housing might not be the giant, life-improving money-saver some Canadians hope. That’s because other, more costly necessities (groceries! insurance!) can cancel out the savings. Which, yeah, is pretty obvious, but the piece has some good visuals (see screen grab) that drive home the point.

• Speaking of rising costs: apparently, we haven’t bought hot dogs in a while because they now cost $10/pack, as friend-of-the-letter Rob Carrick observed.

• Not that we needed a survey to tell us this, but 57% of Canadians now consider China a more dependable partner than the U.S. under President Trump, according to Politico. Canadians also tend to think China will be the dominant world power ten years from now. “This is what hegemonic suicide looks like,” one U.S. public policy professor remarked in response. Spicy!

• Bloomberg’s Joe Weisenthal unloaded this banger.

OK, that’s it. Take care. —Jared

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