Mining Discovery

LATEST UPDATES: US CANADA AND EUROPE

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Gold is trading higher and looks too be on track for its best week in nearly five months, as the U.S. dollar continues to pull back. U.S. gold futures higher by 0.57% to $1,779.08 per ounce, having gained almost 2.1% this week. Gold however is still poised for a fourth consecutive monthly drop, its worst run of monthly losses since November 2020.

Weighing on Gold prices are central banks adopting an aggressive approach to interest rate hikes and monetary policy tightening in their attempt to combat inflation, along with a strong showing from U.S. Treasury yields earlier in July. 

“Although bullion saw a sell-off below $1,700 (earlier this month), it is significant that long-term support at $1,675/80 was tested and held. Gold has been trying to form a bottom since,” Halley said. (Reuters).

Spot silver higher by 0.2% to $20.02 per ounce, but is set for a monthly loss. Platinum rose 0.9% to $896.15.

Palladium eased 0.2% to $2,072.87, but has gained about 7% this month, its best since February.
 
The U.S. economy unexpectedly contracted in the second quarter, further raising the risk of an economic slowdown, which helped lift safe-haven gold’s prices by more than 1%.

Oil prices are higher as we look to OPEC+ meeting next week 3rd August. Sources said the group will consider keeping oil output unchanged for September, with two OPEC+ sources saying a modest increase would be discussed. Analysts, however, said it would be difficult for OPEC+ to boost supply, given that many producers are already struggling to meet production quotas.

Global equities are up on expectations U.S. monetary tightening would not be as hawkish as initially expected after disappointing growth figures. 

“It certainly feels like we are back in trade-off mode again, where sentiment is shifting between recessionary risks in H2 and a fundamentally undersupplied (oil) market,” said Stephen Innes, managing partner at SPI Asset Management.

 
 
CANADA CHATTER
 
PRE-OPEN
Canada’s main stock index futures rose, with investor focus on a slew of results and economic growth data that could influence the central bank’s rate-hike plans. Wall Street futures were higher, as positive forecasts from Apple and Amazon indicated resilience in mega-cap companies in the face of weaker consumer spending, with hopes of a less aggressive monetary policy boosting sentiment. European shares climbed as a host of strong earnings from corporate Europe overshadowed fears of a global recession. Japan’s Nikkei reversed its course to close slightly lower as Denso outlook soured sentiment. The U.S. dollar struggled broadly against its rivals in the wake of worrying U.S. economic data, while gold prices rose. Oil gained as attention turned to next week’s OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.
 
 
COMPANIES & NEWS
Intellabridge Technology Corporation (CSE: KASH) announced that its December 31, 2021 annual audited financial statements, management discussion and analysis and CEO and CFO certifications of the annual filings for the year ended December 31, 2021 have now been filed on www.sedar.comwww.thecse.com, and www.otcqb.com.
The Company is also planning to file its interim financial statements and accompanying management discussion and analysis for the three (3) month period ending March 31, 2022 on or before August 3, 2022. The cease trade order (“CTO”) issued effective May 6, 2022, will continue to prohibit the trading by any person of any securities of the Company (with the exception of the OTCQB), including trades in the Company’s common shares made through the Canadian Securities Exchange. The Company expects the CTO to remain in place until such time as the Interim Filings and all continuous disclosure requirements have been filed and the Company receives an order from the OSC revoking the CTO.
The Company is not currently subject to any insolvency proceedings, has a strong balance sheet with more than 2 years of runway based on current expenses. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
 
Cornish Metals Inc. (TSX-V/AIM: CUSN), announced the results of its 2022 Annual General and Special Meeting of the shareholders of the Company held via live audio teleconference on July 28, 2022 (the “Meeting”). Proxies representing 305,975,225 common shares of the Company (“Common Shares”), being approximately 57.6% of the issued and outstanding Common Shares, were voted.  All resolutions were passed.
 
Focus Graphite Inc. (TSXV:FMS), announced the launch of the second phase (12,000 m) of its 2022 core drilling program on its Lac Tétépisca project. Phase 2 of the program was initiated following the receipt on July 6 of two land use permits from the ministry of Forests, Wildlife and Parks of Québec (“MFFP”) relating to the Manicouagan-Ouest Graphitic Corridor (“MOGC”) deposit sector and the areas of the “West Limb” and “Southwest MOCG” exploration targets. The Lac Tétépisca graphite project is wholly owned by Focus. It is located on the Nitassinan (ancestral territory) of the Pessamit Innuin the Côte-Nord region, 234 km north-northwest of the city of Baie-Comeau. Marc Roy, CEO of Focus, said: “Our team is pleased to have obtained the necessary approvals to launch the second phase of drilling on our Lac Tétépisca project. We are now able to continue exploration drilling on the West Limb and Southwest MOGC targets as well as deep infill drilling on the MOGC deposit.” The exploration drilling program for the West Limb and Southwest MOGC targets aims to validate the occurrence of graphite mineralization within the extension, of the magnetic and electromagnetic anomaly associated with the MOGC deposit, over an approximate distance of five kilometres. A deep infill drilling program is also underway at the MOGC deposit. The purpose of this program is to convert a portion of the 59.3 million tonnes (Mt) of Mineral Indicated Mineral Resources grading 10.61% Cg* into Measured Resources, as well as a portion of the 14.9 Mt of Inferred Mineral Resources grading 11.06% Cg* in Indicated Resources. The conversion of Inferred and Indicated mineral resources to higher category resources is necessary to allow the MOGC deposit to reach the next step of the development process, the Preliminary Economic Study (“PEA”). *Source: Report entitled “NI 43-101 Technical Report, Mineral Resource Estimate, Lac Tétépisca Graphite Project, Québec”” prepared by DRA Global Ltd., Montreal office, filed on www.sedar.com 
 
UGE International Ltd. (TSXV: UGE), a leader in the commercial and community solar sector, is pleased to announce that it has closed the brokered “best efforts” private placement of debenture units of the Company (the “Green Debentures”) previously disclosed in the Company’s July 5, 2022 press release, for aggregate gross proceeds of $2,225,000 (the “Offering”). The Offering was led by Canaccord Genuity Corp, on behalf of a syndicate of agents including PI Financial Corp. and IA Securities (collectively, the “Agents”) in accordance with the terms and conditions of an agency agreement (the “Agency Agreement”) entered into on the Closing Date by the Company and the Agents.
 
Voyager Digital Ltd. (TSX:VOYG), US banking regulators have ordered crypto the Firm to cease and desist from making “false and misleading” claims that its customers’ funds were protected by the government. The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) sent a letter to the firm on Thursday, stating they believed that Voyager had misled customers by claiming their funds with the company would be covered by the FDIC.
 
Enbridge Inc: The company said it will invest C$5.1 billion in the joint construction and operation of the Woodfibre LNG project with Pacific Energy Corp Ltd. Under the partnership, Enbridge will invest in a 30% ownership stake in Woodfibre LNG project, with Pacific Energy retaining the remaining stake in the facility. The move comes as energy companies looks to shift away from more polluting fuels and deepen their presence in a market benefiting from the Russian invasion of Ukraine. Enbridge also reported earnings attributable to common shareholders of C$450 million, or 22 Canadian cents per share, in the second quarter ended June 30, from C$1.39 billion or 69 Canadian cents per share, a year earlier. Earnings were hit by non-cash, net unrealized derivative losses of C$850 million.

Magna International Inc: The Canadian auto parts maker reported a lower-than-expected quarterly profit, hit by higher commodity and energy costs worsened by Russia’s invasion of Ukraine. Magna, which operates six plants in Russia that employed 2,500 people, said its facilities remain substantially idled and production is not expected to resume before 2024. The Aurora, Canada-based manufacturer flagged reduced earnings on lower sales at facilities in Russia and recorded non-cash impairment charges of $376 million for the second quarter ended June 30, related to its investment in Russia. The company, which makes parts such as body structures, chassis and powertrain for customers including Ford Motor and Volkswagen, expects the ongoing cost pressures to continue through the year. Magna’s quarterly net sales rose 3.6% to $9.36 billion, helped by an increase in prices and higher global light vehicle production. Excluding items, it reported a profit of 83 cents per share, compared to analysts’ estimates of 94 cents per share, according to Refinitiv data. 


ECONOMIC EVENTS (EST)
0830 GDP mm for May: Expected -0.2%; Prior 0.3%
1100 Budget balance for April: Prior -C$25.75 bln
1100 Budget, year-to-date for April: Prior -C$95.57 bln


COMPANIES REPORTING
July 29:
Canfor Corp: Expected Q2 earnings of C$2.70 per share
Enbridge Inc: Expected Q2 earnings of 71 Canadian cents per share
Imperial Oil Ltd: Expected Q2 earnings of C$2.54 per share
Magna International Inc: Expected Q2 earnings of 93 cents per share


CORPORATE EVENTS (EST)
0800 Magna International Inc: Q2 earnings conference call
0800 Sleep Country Canada Holdings Inc: Q2 earnings conference call
0800 TMX Group Ltd: Q2 earnings conference call
0830 Fairfax Financial Holdings Ltd: Q2 earnings conference call
0830 MEG Energy Corp: Q2 earnings conference call
0830 TFI International Inc: Q2 earnings conference call
0900 Dundee Precious Metals Inc: Q2 earnings conference call
0900 Enbridge Inc: Q2 earnings conference call
0900 Yamana Gold Inc: Q2 earnings conference call
1000 ARC Resources Ltd: Q2 earnings conference call
1000 Intact Financial Corp: Q2 earnings conference call
1100 Canfor Corp: Q2 earnings conference call
1100 Imperial Oil Ltd: Q2 earnings conference call
1130 Eldorado Gold Corp: Q2 earnings conference call


EX-DIVIDENDS
Bank of Montreal: Amount C$1.39
Emera Inc: Amount C$0.66
 
 
 
WORLD MARKETS
(07:24 EST)
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US CHATTER
 
PRE-OPEN
Wall Street futures were higher, as positive forecasts from Apple and Amazon indicated resilience in mega-cap companies in the face of weaker consumer spending, with hopes of a less aggressive monetary policy boosting sentiment. European shares climbed as a host of strong earnings from corporate Europe overshadowed fears of a global recession. Japan’s Nikkei reversed its course to close slightly lower as Denso outlook soured sentiment. The U.S. dollar struggled broadly against its rivals in the wake of worrying U.S. economic data, while goldprices rose. Oil gained as attention turned to next week’s OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost. Scheduled on the economic calendar are consumer spending data, PCE price index data and University of Michigan’s final consumer sentiment index reading due for release.
 
 
COMPANIES & NEWS
President Joe Biden and Chinese President Xi-Jinping spoke for more than two hours Thursday, and they began arrangements for their first face-to-face meeting since Biden was inaugurated.
 
The U.S. Environmental Protection Agency plans to use new limits on traditional pollutants like ozone and coal ash to help encourage the retirement of the nation’s remaining coal-fired power plants, after the Supreme Court limited the agency’s ability to impose sweeping climate regulations, according to EPA chief Michael Regan.

• Amazon.com Inc: The e-commerce giant on Thursday said it expects a jump in third-quarter revenue, as the retailer collects bigger fees from Prime loyalty subscriptions and as consumer demand remained high in spite of rising inflation. In a press release, Chief Executive Andy Jassy said the company is “seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds, and adding unique benefits such as free delivery from Grubhub for a year.” Still, sales growth has slowed year-over-year in some of the retailer’s business segments. In North America, the company’s largest market, net sales climbed 10% in the just-ended second quarter, compared with a 22% gain in the same period a year ago. Its international unit saw an outright decline of 12%. 

• Apple Inc: The tech giant on Thursday said parts shortages are easing and that demand for iPhones is unceasing despite consumers tightening other spending, helping it top Wall Street expectations and forecast faster sales growth ahead. Though macroeconomic indicators around the world are turning negative, Chief Financial Officer Luca Maestri told Reuters there had been no slowdown in demand for iPhones, the company’s biggest source of revenue. Phone sales in the fiscal third quarter rose 3% to $40.7 billion, when Wall Street had braced for a 3% decline. By contrast, the overall global smartphone market dropped 9% during the just-ended quarter, according to Canalys data. Separately, the company should brace for a weakening of demand in China as shoppers curb spending in an anemic economy, some analysts warned, after the iPhone maker said demand had rebounded in mid-June after COVID-19 lockdowns hampered sales.

• Chevron Corp: The oil major posted its biggest quarterly earnings ever, built on strong fuel margins and high prices for natural gas and oil, and boosted its expectations for share buybacks in the coming months. It posted second-quarter net profit of $11.6 billion, or $5.95 per diluted share, more than triple the $3.1 billion, or $1.60 per share, in the same period last year. The company’s average sales price for a barrel of crude oil and natural gas liquids was $89 in the quarter, compared with $54 a barrel a year earlier. Chevron increased the top end of its annual share repurchase guidance range to $15 billion from $10 billion. Analysts from large financial firms were not expecting an expansion of the buyback program this soon after it raised its guidance in May to the top end of its $5 billion-$10 billion range.

• Continental Resources Inc: The U.S. shale producer Continental Resources Inc beat second-quarter profit expectations on Thursday, on the back of higher oil prices. Continental also said it was still evaluating a take-private offer in June from billionaire-founder Harold Hamm’s family trust, which valued the company at over $25 billion. The proposal and the quarterly profit jump both come at a time of soaring energy prices on tight supply as demand rose to pre-pandemic levels and as Western countries-imposed sanctions on Russia following its invasion of Ukraine. Analysts also see the take-private attempt as an indication of Hamm’s clear frustration at how public producers are expected to forego raising crude output in favor of higher shareholder payouts, even as oil prices have risen beyond $100 a barrel.

• Exxon Mobil Corp: The top U.S. oil producer posted its biggest quarterly profit ever on the back of soaring energy prices and as it kept a tight rein on spending. The company reported second-quarter net income of $17.9 billion, or $4.21 per share, an almost four-fold increase over the $4.69 billion, or $1.10 per share, it earned in the same period last year. Exxon’s results also beat its best quarter of 2008, when Brent crude oil prices peaked at $147 per barrel, and its best-ever quarter reached in 2012, when the company earned $15.9 billion, largely due to asset sales in Japan and tax-related items. It kept its capital investments at $9.5 billion in the first half of the year, in line with full-year guidance. The profit included a $300 million booked identified item associated with the sale of the Barnett Shale upstream asset.

• Intel Corp: The chipmaker slashed its annual sales and profit forecasts on Thursday after missing estimates for second-quarter results as demand for its chips used in personal computers cools, sending shares down. The company also forecast current-quarter results well below expectations, blaming the “sudden and rapid decline” in economic activity and execution issues. Intel now expects fiscal 2022 revenue between $65 billion and $68 billion, compared with its earlier forecast of $76 billion. It also forecast adjusted profit of $2.30 per share, down from a prior outlook of $3.60 per share.

• Petroleo Brasileiro SA: The Brazilian company smashed second quarter profit and margin estimates, boosted by divestments and higher margins in its fuel and natural gas businesses, the company said on Thursday. reported a net income of 54.33 billion reais. That represented a 26.8% increase from the same period last year and was well above the Refinitiv consensus estimate of 38 billion reais. Earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for certain non-recurring factors, came in at 98.26 billion reais, up 58.6% in annual terms and well above the Refinitiv estimate of 83.2 billion reais. The company approved a record dividend payout of 87.8 billion reais, Brazil’s state-run oil company said on Thursday, a move that will boost the government’s coffers heading into a tense election.

• Procter & Gamble Co: The company beat quarterly sales estimates , helped by higher prices of its detergents and homecare products. Major consumer goods companies have so far seen little resistance to price hikes they have implemented in order to cushion the blow of surging transportation and commodity costs, with the products they make usually among the last to see a slowdown in demand during economic downturns. The Tide detergent maker said net sales rose 3% to $19.52 billion in the fourth quarter ended June 30, compared with analysts’ estimates of $19.41 billion, according to IBES data from Refinitiv. However, the company forecast average fiscal 2023 earnings per share of $5.93, below analysts’ estimates of a $6.02, with the company blaming about $3.3 billion of headwinds from a stronger dollar and higher commodity and freight costs.

• Roku Inc: The company posted a wider-than-expected quarterly loss on Thursday and withdrew its revenue growth rate estimate for the year as the current economic turmoil squeezes its ad business, sending the streaming platform’s shares down. Roku’s total net revenue rose more than 18% to $764.4 million for the second quarter ended June 30, but failed to match analysts’ estimates of $805.2 million, according to Refinitiv IBES data. It also reported a loss of 82 cents per share, wider than the 69-cent per-share loss that analysts had expected. The company projected current-quarter revenue to grow 3% to $700 million, lower than the $901.7 million estimated by analysts.

• Vale SA: The Brazilian miner said on Thursday its second-quarter net income fell 18.9% from the previous year, hit mainly by a sharp decline in iron ore prices and escalating costs, but results still topped analysts’ estimates. Vale, one of the world’s largest iron ore miners, posted net income of $6.15 billion, above expectations of $2.837 billion, according to a Refinitiv forecast. Recurring net income, however, fell 49.8% from the year before. Vale is the latest global miner to be weighed down by higher costs tied to inflation and lower commodity prices. The company flagged that its iron ore, nickel and copper units had been affected by price increases in fuel and freight expenses, among others.

 First Solar Inc: The company will consider expanding its U.S. manufacturing operations if proposed climate change legislation that would subsidize solar equipment production is signed into law, its chief executive said on Thursday. The comments by the top U.S. solar panel maker marked a reversal for CEO Mark Widmar, who had said in recent weeks that his company was unlikely to build its next factory in the United States due to a lack of federal incentives for solar manufacturing.
 
• Lyondell Basell Industries: The chemical maker has turned away at least one would-be buyer of its Houston crude oil refinery due for closure in December 2023, said sources familiar with the matter. The would-be buyer is also located on the Houston Ship Channel and has the resources to finance a purchase of the 263,776 barrel-per-day (bpd) Houston refinery, the sources said. Sources familiar with mergers and acquisitions in the U.S. refining industry said it appeared Lyondell has ended efforts to sell the refinery.
 

ECONOMIC EVENTS (EST)
0830 Personal income mm for June: Expected 0.5%; Prior 0.5%
0830 Personal consumption real mm for June: Prior -0.4%
0830 Consumption, adjusted mm for June: Expected 0.9%; Prior 0.2%
0830 Core PCE price index mm for June: Expected 0.5%; Prior 0.3%
0830 Core PCE price index yy for June: Expected 4.7%; Prior 4.7%
0830 PCE price index mm for June: Prior 0.6%
0830 PCE price index yy for June: Prior 6.3%
0830 Employment wages qq for Q2 : Prior 1.2%
0830 Employment benefits qq for Q2 : Prior 1.8%
0830 Employment costs for Q2 : Expected 1.2%; Prior 1.4%
0945 Chicago PMI for July: Expected 55.0; Prior 56.0
1000 U Mich Sentiment Final for July: Expected 51.1; Prior 51.1
1000 U Mich Conditions Final for July: Prior 57.1
1000 U Mich Expectations Final for July: Prior 47.3
1000 U Mich 1-year inflation final for July: Prior 5.2%
1000 U Mich 5-year inflation final for July: Prior 2.8%


COMPANIES REPORTING RESULTS
Abbvie Inc: Expected Q2 earnings of $3.31 per share
Cboe Global Markets Inc: Expected Q2 earnings of $1.69 per share
Charter Communications Inc: Expected Q2 earnings of $6.89 per share
LyondellBasell Industries NV: Expected Q2 earnings of $4.67 per share
Mettler-Toledo International Inc: Expected Q2 earnings of $9.67 per share
Weyerhaeuser Co: Expected Q2 earnings of 98 cents per share
WW Grainger Inc: Expected Q2 earnings of $6.65 per share


EX-DIVIDENDS
AES Corp: Amount $0.15
Ally Financial Inc: Amount $0.30
Aon PLC: Amount $0.56
Blackstone Inc: Amount $1.27
Caseys General Stores Inc: Amount $0.38
Citigroup Inc: Amount $0.51
East West Bancorp Inc: Amount $0.40
Hasbro Inc: Amount $0.70
Kinder Morgan Inc: Amount $0.27
Levi Strauss & Co: Amount $0.12
NRG Energy Inc: Amount $0.35
Omega Healthcare Investors Inc: Amount $0.67
ONEOK Inc: Amount $0.93
Pinnacle West Capital Corp: Amount $0.85
Public Storage: Amount $13.1
Realty Income Corp: Amount $0.24
Synchrony Financial: Amount $0.23
Texas Instruments Inc: Amount $1.15
 

EUROPE, ASIA CHATER

MARKET VIEW (04:30 GMT)
S&P 500 Index Mini Futures: 4,098.75; up 0.62%; 25.25 points
DJIA Mini Futures: 32,513.00; up 0.07%; 23 points
Nikkei: 27,768.60; down 0.17%; 46.88 points
MSCI Asia, Ex-JP: 522.91; down 0.27%; 1.39 points
EUR/USD: $1.0213; up 0.15%; 0.0015 point
GBP/USD: $1.2190; up 0.16%; 0.0019 point
USD/JPY: 133.41 yen; down 0.66%; 0.88 point
Spot Gold: $1,761.35; up 0.33%; $5.86
U.S. Crude: $96.74; up 0.33%; $0.32
Brent Crude: $107.04; down 0.09%; $0.10
10-Yr U.S. Treasury Yield: 2.6704%; down 0.009 point
10-Yr Bund Yield: 0.8095%; up 0.01 point
 
Euro STOXX 50 futures were up 16 points at 3,663.0, FTSE futures added 19.5 points to 7,315.5, and German DAX futures were higher 77 points at 13,357.0, by 0430 GMT.

Asian stocks turned lower, with investors focusing on a U.S. recession after data showed its economy shrinking for a second straight quarter rather than a possible slowdown in the pace of rate hikes.

Oil prices were steady to higher in Asia trade, lifted by supply concerns as attention turns to the next meeting between OPEC and its allies, though fears of recession capped gains.


COMPANIES & NEWS
Standard Chartered reported first-half pre-tax profit rose 19%, in line with market expectations, as the emerging markets-focused lender benefited from rising interest rates.

Europe’s biggest oil companies Shell and TotalEnergies extended share buybacks on Thursday after their second-quarter profits beat an already record-breaking previous quarter on the back of soaring crude, gas and oil product prices.

Cosmetics group L’Oreal bucked a declining trend for the luxury and fashion industry in China with sales growing in the second quarter despite COVID-19 lockdowns, as the make-up market rebounds.
 
AstraZeneca Plc: The healthcare it expected prescriptions of its COVID therapy to drive sales growth of more than 20% this year, as company reported second-quarter profit that topped analyst estimates. The London-listed company increased its full-year revenue guidance, saying it expects it to rise by a percentage in the “low twenties” rather than the “high teens” forecast previously. Analysts at brokerages Jefferies and JPMorgan said investors were unlikely to be impressed by the earnings outlook. Second-quarter adjusted earnings almost doubled to $1.72 cents per share for the three months ended June 30, on revenue of about $10.8 billion, up 31%. Analysts on average expected profit of $1.56 cents per share on revenue of around $10.5 billion. The company also said Michel Demaré will take over from non-executive Chairman Leif Johansson when he retires next year. Demaré currently serves as the chair of AstraZeneca’s remuneration committee.
 
Marsh & McLennan Companies Inc: Lloyd’s of London insurer Ascot and broker Marsh launched marine cargo and war insurance for grain and food products moving from Ukrainian Black Sea ports, removing a hurdle to getting shipments underway. Russia and Ukraine signed a deal last week, brokered by Turkey and the United Nations, to reopen grain and fertiliser exports that have been blocked by war to ease an international food crisis. U.N. aid chief Martin Griffiths said on Thursday he was hopeful that the first shipment of grain from a Ukrainian Black Sea port could take place as early as Friday, but “crucial” details for the safe passage of vessels were still being worked out. The Lloyd’s of London facility will provide up to $50 million of cover in marine cargo and war insurance, Lloyd’s, Ascot and Marsh said in a statement. 
 
NatWest Group Plc: The British bank raised its full-year guidance and made a bumper payout to shareholders after rising interest rates lifted its finances, despite runaway inflation threatening to crunch the UK economy. NatWest reported pretax profit up 13% at 2.6 billion pounds for the six months to June 30, ahead of analyst forecasts. The bank said it would pay an interim dividend of 3.5 pence per share and a special dividend with share consolidation of 1.75 billion pounds, equivalent to 16.8 pence per share. Taken with an earlier buyback, the bank said it had paid out 3.3 billion pounds in the first half.

• Shell Plc: The oil major said it will set up a joint venture with China’s Shenergy Group to build a hydrogen refuelling network in Shanghai, the first of its kind for the European energy major in Asia. The joint venture plans to build six to 10 hydrogen refuelling stations in Shanghai and the surrounding Yangzte River Delta in the next five years and up to 30 stations by 2030. These 30 stations could supply hydrogen fuel to about 3,000 trucks or buses every day, Shell said in a statement. The new entity will source low-emission industrial by-product hydrogen from the local chemical plants in the near term and seek to produce and supply green hydrogen – sourced from renewables like solar and wind power – in the long run, Shell added.


ECONOMIC EVENTS (GMT)
0530 France Consumer Spending mm for June: Expected -0.6%; Prior 0.7%
0530 France GDP Preliminary QQ for Q2: Expected 0.2%; Prior -0.2%
0530 France GDP yy Preliminary for Q2: Prior 4.5%
0600 Germany Import Prices mm for June: Expected 0.8%; Prior 0.9%
0600 Germany Import Prices yy for June: Expected 29.9%; Prior 30.6% 
0600 Sweden Unemployment Rate for June: Prior 8.5%
0600 Sweden Unemployment Rate SA for June: Prior 7.8% 
0600 Sweden Total Employment for June: Prior 5.175 mln
0630 Switzerland Retail Sales yy for June: Prior -1.6% 
0645 France CPI (EU Norm) Preliminary yy for July: Expected 6.7%; Prior 6.5%
0645 France CPI (EU Norm) Preliminary mm for July: Expected 0.3%; Prior 0.9%
0645 France CPI Preliminary yy NSA for July: Expected 6.0%; Prior 5.8%
0645 France CPI Preliminary MM NSA for July: Expected 0.3%; Prior 0.7% 
0700 Spain Estimated GDP QQ for Q2: Expected 0.4%; Prior 0.2%
0700 Spain Estimated GDP yy for Q2: Expected 5.5%; Prior 6.3% 
0700 Spain HICP Flash yy for July: Expected 10.4%; Prior 10.0% 
0700 Spain CPI yy Flash NSA for July: Expected 10.6%; Prior 10.2% 
0700 Spain HICP Flash mm for July: Expected -0.8%; Prior 1.9% 
0700 Spain CPI mm Flash NSA for July: Expected -0.25%; Prior 1.90% 
0700 Spain CPI Flash NSA for July: Prior 110.267
0700 Switzerland KOF Indicator for July: Expected 95.2; Prior 96.9
0700 Switzerland Official Reserves Assets for June: Prior 9,98,729.28 mln CHF
0700 Austria GDP Growth QQ Preliminary for Q2: Prior 1.5% 
0700 Austria PPI mm for June: Prior 0.4% 
0700 Austria PPI yy for June: Prior 20.9% 
0755 Germany Unemployment Change SA for July: Expected 15,000; Prior 1,33,000
0755 Germany Unemployment Total NSA for July: Prior 2.363 mln 
0755 Germany Unemployment Rate SA for July: Expected 5.4%; Prior 5.3% 
0755 Germany Unemployment Total SA for July: Prior 2.417 mln
0800 Germany GDP Flash QQ SA for Q2: Expected 0.1%; Prior 0.2% 
0800 Germany GDP Flash yy NSA for Q2: Expected 1.8%; Prior 4.0% 
0800 Germany GDP Flash yy SA for Q2: Expected 1.7%; Prior 3.8% 
0800 Italy GDP Preliminary QQ for Q2: Expected 0.3%; Prior 0.1% 
0800 Italy GDP Preliminary yy for Q2: Expected 3.7%; prior 6.2% 
0800 Spain Current Account Balance for May: Prior -0.48 bln EUR
0830 United Kingdom BOE Consumer Credit for June: Expected 1.000 bln; Prior 0.844 bln GBP
0830 United Kingdom Mortgage Lending for June: Expected 5.400 bln; Prior 7.426 bln GBP
0830 United Kingdom Mortgage Approvals for June: Expected 65,000; Prior 66,163
0830 United Kingdom M4 Money Supply for June: Prior 0.5% 
0830 United Kingdom Broad Money for June: Prior 30,48,812 mln GBP
0830 Portugal CPI Flash mm for July: Prior 0.8% 
0830 Portugal CPI Flash yy for July: Prior 8.7% 
0830 Portugal GDP QQ Preliminary for Q2: Prior 2.6% 
0830 Portugal GDP yy Preliminary for Q2: Prior 11.9% 
0900 Euro Zone HICP Flash yy for July: Expected 8.6%; Prior 8.6% 
0900 Euro Zone HICP-X Food and Energy Flash yy for July: Expected 4.7%; Prior 4.6% 
0900 Euro Zone HICP-X Food, Energy, Alcohol and Tobacco Flash yy for July: Expected 3.8%; Prior 3.7%
0900 Euro Zone HICP-X Food, Energy, Alcohol and Tobacco Flash mm for July: Prior 0.20% 
0900 Euro Zone CPI NSA for July: Prior 117.00
0900 Euro Zone GDP Flash Preliminary yy for Q2: Expected 3.4%; Prior 5.4% 
0900 Euro Zone GDP Flash Preliminary QQ for Q2: Expected 0.2%; Prior 0.6% 
0900 Italy Consumer Price Preliminary mm for July: Expected 0.6%; Prior 1.2% 
0900 Italy Consumer Price Preliminary yy for July: Expected 8.1%; Prior 8.0% 
0900 Italy CPI (EU Norm) Preliminary mm for July: Expected -0.9%; Prior 1.2% 
0900 Italy CPI (EU Norm) Preliminary yy for July: Expected 8.8%; Prior 8.5% 
0900 Italy CPI NSA for July: Prior 112.5
1000 Portugal Unemployment Rate for June: Prior 6.10% 
 
Source (not limited too): Reuters, CNBC, Globe & Mail, InvestorIntel Corp, Kitco, Refinitiv
 
 

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