Market news |  LesAffaires.com

Market news | LesAffaires.com

Major U.S. oil refineries will meet with Energy Secretary Jennifer Granholm and other Biden administration officials on Thursday in an emergency meeting. (Photo: 123RF)

NEWS ESSENTIALS

• A recession in the US would hurt global growth prospects. Manufacturing growth is slowing across the globe, from Asia to Europe, as health restrictions in China and Russia’s invasion of Ukraine disrupt supply chains, while the growing risk of recession in the United States poses a new threat to the global economy.

• Meeting between refineries and government on prices in the United States. Major U.S. oil refineries will meet with Energy Secretary Jennifer Granholm and other Biden administration officials on Thursday in an emergency meeting to discuss ways to bring down record oil prices. essence.

• Solidarity with Ukraine expected at the G7 despite the economic gloom. The Group of Seven (G7) will seek to demonstrate its long-term support for Ukraine in its fight against Russian aggression at a summit beginning on Sunday, even as the war’s growing impact on the global economy tests their resolve.

• Bombardier employees have accepted the new employment contract. Bombardier announced on Wednesday that workers in a key department of the Canadian business jet maker have ratified a new contract that provides wage increases of up to 18.5% over five years.

• Lower than expected revenues for Accenture in the fourth quarter. Computer services firm Accenture is now forecasting lower-than-expected revenue for the fourth quarter, due to high inflation and the impact of the rising dollar on its overseas earnings.

(Re)read all market news

TRENDS BEFORE OPENING

Futures for Canada’s main stock index are up, following the trend seen on Wall Street, as US Federal Reserve Chairman Jerome Powell says the central bank is ‘firmly committed’ to reducing inflation .

European stocks fell after the publication of a poll showing a significant slowdown in business activity in June in the euro zone, increasing fears of a sharp recession.

In Asian markets, Chinese stocks edged closer to a four-month high as the Hong Kong stock market ended the session higher, benefiting from a rise in Chinese tech companies and the auto sector linked to government support policies. .

Gold prices fell, dragged down by the strength of the US dollar. Oil prices are down as investors reassess the risks of a recession.

TITLES TO FOLLOW

• Bomber: The company announced on Wednesday that workers in a key department at the Canadian business jet maker have ratified a new contract that provides wage increases of up to 18.5% over five years. It affects around 1,800 workers, who mainly produce Bombardier’s popular Challenger business jets, which accounted for a third of the company’s deliveries in 2021.

• Brookfield Asset Management: Brazilian antitrust authorities have given the green light to an investment fund managed by Canadian company Brookfield to buy assets of car rental companies Localiza and Unidas, the companies said on Wednesday. The sale had been imposed by regulatory authorities at the end of 2021 as a condition for the merger between Localiza Rent a Car SA and Unidas, officially known as Companhia de Locacao das Americas. They now expect the transaction to close on July 1, according to jointly filed regulatory documents.

RECOMMENDATIONS

• AGF Management: Scotiabank raises its target price from C$7.75 to C$8 as the company’s second quarter results reflect its strong operational performance on several fronts despite tough industry conditions.

• Empire Company: National Bank of Canada is lowering its price target from C$48 to C$42 as it believes fourth quarter results will be unfavorable due to negative same-store sales growth, in addition to possible market share losses.

MAIN INDICATORS ON THE AGENDA

No major indicators expected today

PUBLICATIONS OF RESULTS

June 23

Aleafia Health: forecast loss per share of C$0.02 in Q1

BlackBerry: loss forecast per share of US$0.05 in Q1

Evertz TechnologiesQ4 earnings per share forecast of C$0.17

June 24

No publication of major results is expected

CORPORATE AGENDA

08:00 Medexus Pharmaceuticals: Q4 earnings conference call

08:30 Aleafia Health: Q1 earnings conference call

08:30 Aleafia Health: General Meeting of Shareholders

08:30 Neighborly Pharmacy: Q4 earnings conference call

09:00 Polaris Infrastructure: annual general meeting of shareholders

10:00 a.m. Globex Mining Enterprises: annual general meeting of shareholders

10:00 a.m. McCoy Global: annual general meeting of shareholders

10:00 a.m. Wesdome Gold Mines: annual general meeting of shareholders

10:30 a.m. Global Atomic: annual general meeting of shareholders

11:00 Converge Technology Solutions: annual general meeting of shareholders

11 a.m. Cronos Group: annual general meeting of shareholders

11 a.m. Orla Mining: annual general meeting of shareholders

11:30 a.m. United Corporations: annual general meeting of shareholders

12:00 Pipestone Energy: annual general meeting of shareholders

1:00 p.m. Filo Mining: annual general meeting of shareholders

1:00 p.m. Nevada Copper: annual general meeting of shareholders

1:00 p.m. Solaris Resources: annual general meeting of shareholders

4:00 p.m. Dundee: annual general meeting of shareholders

4:30 p.m. Tidewater Midstream and Infrastructure: annual general meeting of shareholders

5:00 p.m. Evertz Technologies: Q4 earnings conference call

5:00 p.m. Nexgen Energy: annual general meeting of shareholders

5:00 p.m. Northern Dynasty Minerals: annual general meeting of shareholders

5:00 p.m. STEP Energy Services: annual general meeting of shareholders

5:30 p.m. BlackBerry: Q1 earnings conference call

6:00 p.m. Valuea Energy: annual general meeting of shareholders

COUPON SECONDMENTS

Aecon Group: amount of CA$0.18

Canadian Pacific Railway: amount of CA$0.19

goeasy: amount of CA$0.91

Pembina Pipeline: amount of C$0.21

All analyst forecasts are based on I/B/E/S data from Refinitiv.

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