CANADA CHATTER
PRE-OPEN
Canadian futures are pointing to a higher open as oil prices rise on data showing robust fuel consumption in the U.S. and expected fall in Russian supply late in the year. European equities rose, boosted by oil stocks. Japanese shares ended lower, tracking overnight losses on the Wall Street. Goldinched up as U.S. Treasury yields slipped, with a strong U.S. dollar capping gains.
NEWS & COMPANIES
Asante Gold Corporation (CSE: ASE), announced drill results from its ongoing drilling program at the South Russel prospect located on the Bibiani Gold Mining Lease, 3.8 km southwest from the Bibiani Process Plant.
The discovery hole, MGRCD21-047, was announced March 29, 2022 with follow up drilling demonstrating potential for possible development of a satellite pit. To date, Asante has confirmed over 200m strike length of mineralization. The gold mineralized system remains open along strike and at depth.
Highlights:
Additional drill intercepts up to 17.2m down hole grading at 4.47g/t Au.
Significant gold mineralization has been intersected at shallower depths and from surface.
Footprint of mineralization tested and confirmed over 200m strike length and remains open along strike and depth.
Assay results provide strong indication of potential for gold endowment at the southern portion of the Bibiani Mining Lease.
Follow-up drill holes are planned to the south and north along strike of the recent intercepts.
Selected intercepts include:
MGDD22-101 – 17.2m @ 4.47g/t Au from 78.8m to 96m
Including 5m @ 8.02 g/t Au from 80m to 85m
MGRCD22-067 – 19m @ 3.18 g/t Au from 72m to 91m
Including 4m @ 7.02 g/t Au from 73m to 77m
MGRCD22-058 – 10m @ 3.51 g/t Au from 123m to 133m
MGDD22-091 – 8m @ 3.21 g/t Au from 207m to 215m
MGDD22-060 – 5m @ 5.46 g/t Au from 279m to 284m
MGRCD22-065 – 17m @ 0.74 g/t Au from 24m to 41m
MGRCD22-070 – 7m @ 1.47 g/t Au from 55m to 62m
MGDD22-073- 7.5m @ 0.56 g/t Au from 1.2m to 8.7m
MGDD22-073- 3m @ 1.23g/t Au from 16.2m to 19.2m
Dave Anthony, President, and CEO stated, “These additional assay results from the initial drilling program at South Russel are exciting and confirm the significant exploration potential of the Bibiani gold corridor. The assay results received so far lends itself to possible satellite pit development at South Russel. We are pleased with the results of our exploration program and we look forward to continued success.”
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY), announced that its board of directors has approved and authorized the grant of 80,000 stock options (the “Options“) to consultants of the Company effective August 17, 2022. The Options were granted in accordance with the terms of the Company’s stock option plan. One (1) Option entitles the holder thereof to purchase one (1) common share of the Company (each a “Share” and collectively, the “Shares“) at a price of CAD$0.425 per Share. The exercise price of the Options was set as the closing trading price of the Shares on August 17, 2022. All of the Options vested on their date of grant and expire five (5) years from their date of grant. The grant of Options is subject to acceptance by the TSX Venture Exchange.
Enbridge Inc. (TSX: ENB), Phillips 66 on Wednesday offered to acquire the public units of DCP Midstream in a deal that would value the pipeline operator at $7.2 billion deal and bulk up Phillip’s natural gas liquids business. A deal would mark the first major move by Mark Lashier, who took over as the chief executive officer of Phillips 66 last month. Enbridge, which owned 50% of DCP’s general partner, said it would reduce its stake in the company to 13.2% from 28.3%. It received a $400 million cash payment from Phillips 66 as part of the deal. Enbridge will, in turn, take over as operator and more than double its stake in Grey Oak pipeline, previously operated by Phillips 66. The Grey Oak pipeline transport crude oil from West Texas to the Gulf Coast.
Lumina Gold Corp. (TSXV: LUM), VP of Corporate Development Scott Hicks joined Steve Darling from Proactive to share results from the completed 36,000 metre drill program at the Cangrejos project in Ecuador. Hicks telling Proactive the company saw, at Gran Bestia, Long intercepts in seven ridge holes which are expected to add mineral resources and remains open in all directions. The drill holes at Cangrejos retuned 0.70 g/t gold equivalent over 222 metres and is open to the southwest and to depth. Hicks says the company continues to work on the Pre-Feasibility Study which is expected to be released in Q2 of 2023.
Rugby Mining Limited (TSXV: RUG) announces that it will seek TSX Venture Exchange approval to change the name of the Company to Rugby Resources Ltd. (the “Name Change”). In accordance with current TSXV policies, shareholder approval will not be required for the proposed Name Change. The Name Change has been approved by the Company’s board of directors. The Company’s trading symbol “RUG” will remain the same. The effective date of the Name Change will be disclosed in a subsequent news release.
Voyager Digital Ltd. (OTC Pink: VYGVQ) today announced that European Holdings ApS, an indirect wholly-owned subsidiary of Voyager, agreed to sell all of its equity interests in Coinify ApS (“Coinify”) to Ascension ApS, an entity owned by certain members of Coinify management, for US$2 million in cash. An additional, conditional earn-out payment is stipulated in the event of a subsequent sale of Coinify by Ascension ApS within three years following the transaction, thus preserving potential upside for Voyager.
LOVE Pharma Co. (CSE: LUV), announced that it has entered into a definitive agreement (the “Agreement”) to acquire Doc Hygiene Pharmaceuticals Inc. (“Doc Hygiene”) for aggregate consideration of US$300,000 (the “Acquisition”). Doc Hygiene has a premium hygiene product line and brand for hygiene and sanitizing needs and a robust e-commerce platform for products and SKU’s.
ECONOMIC EVENTS (EST)
0830 Producer prices mm for July: Prior -1.1%
0830 Producer prices yy for July: Prior 14.3%
0830 Raw materials prices mm for July: Prior -0.1%
0830 Raw materials prices yy for July: Prior 32.4%
COMPANIES REPORTING
August 18 & 19:
None
CORPORATE EVENTS
No majors on tap
0830 Producer prices mm for July: Prior -1.1%
0830 Producer prices yy for July: Prior 14.3%
0830 Raw materials prices mm for July: Prior -0.1%
0830 Raw materials prices yy for July: Prior 32.4%
COMPANIES REPORTING
August 18 & 19:
None
CORPORATE EVENTS
No majors on tap
EX-DIVIDENDS
Fortis Inc: Amount C$0.53
Quebecor Inc: Amount C$0.30
Sleep Country Canada Holdings Inc: Amount C$0.21
Fortis Inc: Amount C$0.53
Quebecor Inc: Amount C$0.30
Sleep Country Canada Holdings Inc: Amount C$0.21
WORLD MARKETS
(07:27 EST)
US CHATTER
PRE-OPEN
US Futures edged higher, even as minutes from the Fed’s July meeting suggested the central bank would keep raising rates to tame inflation. European equities rose, boosted by oil stocks. Japanese shares ended lower, tracking overnight losses on the Wall Street. Goldinched up as U.S. Treasury yields slipped, with a strong dollar capping gains. Oil prices rose, after data showed robust fuel consumption in the U.S. and expected fall in Russian supply late in the year. Initial jobless claims and existing home sales numbers are due for release later during the day.
US Futures edged higher, even as minutes from the Fed’s July meeting suggested the central bank would keep raising rates to tame inflation. European equities rose, boosted by oil stocks. Japanese shares ended lower, tracking overnight losses on the Wall Street. Goldinched up as U.S. Treasury yields slipped, with a strong dollar capping gains. Oil prices rose, after data showed robust fuel consumption in the U.S. and expected fall in Russian supply late in the year. Initial jobless claims and existing home sales numbers are due for release later during the day.
NEWS & COMPANIES
U.S. oil companies are working around a century-old shipping law to supply fuel to the U.S. East Coast, according to data from Refinitiv and oil trading sources, as high demand for gasoline and global disruptions in fuel markets sent prices higher.
U.S. oil companies are working around a century-old shipping law to supply fuel to the U.S. East Coast, according to data from Refinitiv and oil trading sources, as high demand for gasoline and global disruptions in fuel markets sent prices higher.
According to minutes released, Wednesday from central bank’s policy-setting committee last month, it indicated they will keep hiking rates until inflation comes down in a big way. The Fed raised rates by three-quarters of a point in June and July, and another increase is expected when Chairman Jerome Powell and others on the Federal Open Market Committee meet again in September. The minutes did, however, indicate that the Fed could ease off rate increases if central bankers see that their tighter policy is successfully fighting the four-decade-high inflation with which consumers are grappling. Gas prices have come down a bit, helping ease the rate of inflation, but the Fed and markets alike are looking for signs that it’ll keep sliding. (CNBC).
Cisco Systems Inc: The company gave a positive forecast for first-quarter sales as a COVID-19 recovery in China eases supply chain shortages and helps it meet demand for networking hardware. The networking major expects current-quarter revenue to rise between 2% and 4%, while analysts predicted it would remain flat. Annual revenue is forecast to jump 4% to 6%. “The guide was good enough because they start lapping stronger year-ago numbers. So the guide for the year and quarter are seen as a sign of confidence by the company,” Elazar Advisors analyst Chaim Siegel said. Fourth-quarter adjusted profit was 83 cents per share, one cent above estimates. Revenue came in at $13.1 billion, beating expectations of $12.73 billion.
Estee Lauder Cos Inc: The company forecast full-year sales and adjusted profit below estimates, due to a hit from COVID-19-related lockdowns in major market China. The company expects full-year 2023 net sales to increase between 3% and 5%, compared with analysts’ average estimate of a 7.6% rise. Estee also sees full-year 2023 adjusted profit per share to increase between 5% and 7%, below estimates of a 10.5% gain.
KKR & Co Inc: Spanish telecom firm Telefonica is in talks to sell a controlling stake in its fibre network in Peru to the U.S. buyout fund, Expansion newspaper reported, citing unidentified market sources. Expansion did not provide an estimate of the stake’s value. A Telefonica spokesperson did not immediately respond to Reuters request for comment. KKR’s Spanish unit did not immediately return phone calls.
Phillips 66 & DCP Midstream LP: Phillips 66 on Wednesday offered to acquire the public units of DCP Midstream in a deal that would value the pipeline operator at $7.2 billion deal and bulk up Phillip’s natural gas liquids business. A deal would mark the first major move by Mark Lashier, who took over as the chief executive officer of Phillips 66 last month. Canadian pipeline operator Enbridge, which owned 50% of DCP’s general partner, said it would reduce its stake in the company to 13.2% from 28.3%. It received a $400 million cash payment from Phillips 66 as part of the deal. Enbridge will, in turn, take over as operator and more than double its stake in Grey Oak pipeline, previously operated by Phillips 66. The Grey Oak pipeline transport crude oil from West Texas to the Gulf Coast.
Cisco Systems Inc: The company gave a positive forecast for first-quarter sales as a COVID-19 recovery in China eases supply chain shortages and helps it meet demand for networking hardware. The networking major expects current-quarter revenue to rise between 2% and 4%, while analysts predicted it would remain flat. Annual revenue is forecast to jump 4% to 6%. “The guide was good enough because they start lapping stronger year-ago numbers. So the guide for the year and quarter are seen as a sign of confidence by the company,” Elazar Advisors analyst Chaim Siegel said. Fourth-quarter adjusted profit was 83 cents per share, one cent above estimates. Revenue came in at $13.1 billion, beating expectations of $12.73 billion.
Estee Lauder Cos Inc: The company forecast full-year sales and adjusted profit below estimates, due to a hit from COVID-19-related lockdowns in major market China. The company expects full-year 2023 net sales to increase between 3% and 5%, compared with analysts’ average estimate of a 7.6% rise. Estee also sees full-year 2023 adjusted profit per share to increase between 5% and 7%, below estimates of a 10.5% gain.
KKR & Co Inc: Spanish telecom firm Telefonica is in talks to sell a controlling stake in its fibre network in Peru to the U.S. buyout fund, Expansion newspaper reported, citing unidentified market sources. Expansion did not provide an estimate of the stake’s value. A Telefonica spokesperson did not immediately respond to Reuters request for comment. KKR’s Spanish unit did not immediately return phone calls.
Phillips 66 & DCP Midstream LP: Phillips 66 on Wednesday offered to acquire the public units of DCP Midstream in a deal that would value the pipeline operator at $7.2 billion deal and bulk up Phillip’s natural gas liquids business. A deal would mark the first major move by Mark Lashier, who took over as the chief executive officer of Phillips 66 last month. Canadian pipeline operator Enbridge, which owned 50% of DCP’s general partner, said it would reduce its stake in the company to 13.2% from 28.3%. It received a $400 million cash payment from Phillips 66 as part of the deal. Enbridge will, in turn, take over as operator and more than double its stake in Grey Oak pipeline, previously operated by Phillips 66. The Grey Oak pipeline transport crude oil from West Texas to the Gulf Coast.
Tapestry Inc: The company forecast full-year earnings below estimates after reporting lower-than-expected quarterly revenue, as lockdowns in China hurt sales of its designer handbags and apparel in the region. Tapestry forecast fiscal 2023 profit between $3.80 and $3.90 per share, lower than Wall Street expectations of $3.91. The Coach handbag maker reported total revenue of $1.62 billion for the fourth quarter ended July 2, missing analysts’ average estimate of $1.64 billion.
Tesla Inc: The electric auto giant said it has slashed the delivery waiting time for its Model 3 and Model Y cars in China as it ramps up output at its Shanghai plant after upgrading production lines. The waiting time for the rear-wheel drive Model Y sport utility vehicle is now four to eight weeks, while buyers of other versions of the SUV and Model 3 sedans need to wait for 12 to 20 weeks. Tesla confirmed the shortened waiting time, first disclosed on the company’s Chinese website, citing the output ramp-up at its Shanghai plant as one of the reasons. Tesla has completed a major upgrade of the production lines at its Shanghai plant, its most productive manufacturing hub, and is ramping up output with a target of making 22,000 Model 3 and Model Y cars combined each week.
Valneva SE: The U.S. Department of Defense (DoD) has ended an encephalitis vaccine supply contract with the company, said the French drugmaker, adding that a slowdown in global travel activity, mainly affecting Asia, had led to lower demand. The development, which Valneva said had no impact on this year’s financial guidance, dragged down the company’s shares. “The DoD has communicated an interest in negotiating a new supply contract in 2023, once inventory returns to standard levels,” Valneva said, adding that the total minimum value of the existing supply contract was approximately $118 million.
Tesla Inc: The electric auto giant said it has slashed the delivery waiting time for its Model 3 and Model Y cars in China as it ramps up output at its Shanghai plant after upgrading production lines. The waiting time for the rear-wheel drive Model Y sport utility vehicle is now four to eight weeks, while buyers of other versions of the SUV and Model 3 sedans need to wait for 12 to 20 weeks. Tesla confirmed the shortened waiting time, first disclosed on the company’s Chinese website, citing the output ramp-up at its Shanghai plant as one of the reasons. Tesla has completed a major upgrade of the production lines at its Shanghai plant, its most productive manufacturing hub, and is ramping up output with a target of making 22,000 Model 3 and Model Y cars combined each week.
Valneva SE: The U.S. Department of Defense (DoD) has ended an encephalitis vaccine supply contract with the company, said the French drugmaker, adding that a slowdown in global travel activity, mainly affecting Asia, had led to lower demand. The development, which Valneva said had no impact on this year’s financial guidance, dragged down the company’s shares. “The DoD has communicated an interest in negotiating a new supply contract in 2023, once inventory returns to standard levels,” Valneva said, adding that the total minimum value of the existing supply contract was approximately $118 million.
Walmart Inc: The company may launch a platform that will use social media influencers to help the retailer and its 100,000 third-party sellers promote their goods and services online, according to trademark filings. Walmart filed trademarks for “Walmart Creator” and “Walmart Creator Collective,” which would provide social media consulting and “the promotion of goods and services of others through influencers,” according to the July 27 documents seen by Reuters. Walmart declined to comment on its plans for Walmart Creator and Walmart Creator Collective.
ECONOMIC EVENTS (EST)
0830 Initial jobless claims: Expected 265,000; Prior 262,000
0830 Jobless claims 4-week average: Prior 252,000
0830 Continued jobless claims: Expected 1.438 mln; Prior 1.428 mln
0830 Philly Fed Business Index for Aug: Expected -5; Prior -12.3
0830 Philly Fed 6M Index for Aug: Prior -18.6
0830 Philly Fed Capex Index for Aug: Prior 4.4
0830 Philly Fed Employment for Aug: Prior 19.4
0830 Philly Fed Prices Paid for Aug: Prior 52.2
0830 Philly Fed New Orders for Aug: Prior -24.8
1000 Existing home sales for July: Expected 4.89 mln; Prior 5.12 mln
1000 Existing home sales percentage change for July: Prior -5.4%
1000 Leading index change mm for July: Expected -0.5%; Prior -0.8%
0830 Initial jobless claims: Expected 265,000; Prior 262,000
0830 Jobless claims 4-week average: Prior 252,000
0830 Continued jobless claims: Expected 1.438 mln; Prior 1.428 mln
0830 Philly Fed Business Index for Aug: Expected -5; Prior -12.3
0830 Philly Fed 6M Index for Aug: Prior -18.6
0830 Philly Fed Capex Index for Aug: Prior 4.4
0830 Philly Fed Employment for Aug: Prior 19.4
0830 Philly Fed Prices Paid for Aug: Prior 52.2
0830 Philly Fed New Orders for Aug: Prior -24.8
1000 Existing home sales for July: Expected 4.89 mln; Prior 5.12 mln
1000 Existing home sales percentage change for July: Prior -5.4%
1000 Leading index change mm for July: Expected -0.5%; Prior -0.8%
COMPANIES REPORTING
Applied Materials Inc: Expected Q3 earnings of $1.79 per share
Ross Stores Inc: Expected Q2 earnings of 99 cents per share
Applied Materials Inc: Expected Q3 earnings of $1.79 per share
Ross Stores Inc: Expected Q2 earnings of 99 cents per share
EX-DIVIDENDS
Bath & Body Works Inc: Amount $0.20
Bunge Ltd: Amount $0.62
BWX Technologies Inc: Amount $0.22
Chevron Corp: Amount $1.42
Cognex Corp: Amount $0.06
Cognizant Technology Solutions Corp: Amount $0.27
Cummins Inc: Amount $1.57
Evergy Inc: Amount $0.57
Hershey Co: Amount $1.03
Microchip Technology Inc: Amount $0.30
Moody’s Corp: Amount $0.70
Otis Worldwide Corp: Amount $0.29
Raytheon Technologies Corp: Amount $0.55
Reliance Steel & Aluminum Co: Amount $0.87
Royalty Pharma PLC: Amount $0.19
Sherwin-Williams Co: Amount $0.60
Snap-On Inc: Amount $1.42
TPG Inc: Amount $0.39
TransDigm Group Inc: Amount $18.5
Walgreens Boots Alliance Inc: Amount $0.48
Bath & Body Works Inc: Amount $0.20
Bunge Ltd: Amount $0.62
BWX Technologies Inc: Amount $0.22
Chevron Corp: Amount $1.42
Cognex Corp: Amount $0.06
Cognizant Technology Solutions Corp: Amount $0.27
Cummins Inc: Amount $1.57
Evergy Inc: Amount $0.57
Hershey Co: Amount $1.03
Microchip Technology Inc: Amount $0.30
Moody’s Corp: Amount $0.70
Otis Worldwide Corp: Amount $0.29
Raytheon Technologies Corp: Amount $0.55
Reliance Steel & Aluminum Co: Amount $0.87
Royalty Pharma PLC: Amount $0.19
Sherwin-Williams Co: Amount $0.60
Snap-On Inc: Amount $1.42
TPG Inc: Amount $0.39
TransDigm Group Inc: Amount $18.5
Walgreens Boots Alliance Inc: Amount $0.48
EUROPEAN & ASIA CHATTER
EARLY MORNING MARKETS
S&P 500 Index Mini Futures: 4,274.50; down 0.05%; 2.25 points
DJIA Mini Futures: 33,956.00; down 0.02%; 7 points
Nikkei: 28,974.18; down 0.85%; 248.59 points
MSCI Asia, Ex-JP: 526.52; down 0.51%; 2.72 points
EUR/USD: $1.0165; down 0.16%; 0.0016 point
GBP/USD: $1.2036; down 0.10%; 0.0012 point
USD/JPY: 135.11 yen; up 0.06%; 0.08 point
Spot Gold: $1,762.32; up 0.07%; $1.27
U.S. Crude: $88.10; down 0.01%; $0.01
Brent Crude: $93.68; up 0.03%; $0.03
10-Yr U.S. Treasury Yield: 2.8695%; down 0.024 point
10-Yr Bund Yield: 1.0810%; up 0.003 point
EARLY MORNING MARKETS
S&P 500 Index Mini Futures: 4,274.50; down 0.05%; 2.25 points
DJIA Mini Futures: 33,956.00; down 0.02%; 7 points
Nikkei: 28,974.18; down 0.85%; 248.59 points
MSCI Asia, Ex-JP: 526.52; down 0.51%; 2.72 points
EUR/USD: $1.0165; down 0.16%; 0.0016 point
GBP/USD: $1.2036; down 0.10%; 0.0012 point
USD/JPY: 135.11 yen; up 0.06%; 0.08 point
Spot Gold: $1,762.32; up 0.07%; $1.27
U.S. Crude: $88.10; down 0.01%; $0.01
Brent Crude: $93.68; up 0.03%; $0.03
10-Yr U.S. Treasury Yield: 2.8695%; down 0.024 point
10-Yr Bund Yield: 1.0810%; up 0.003 point
Euro STOXX 50 futures were up 9 points at 3,763, FTSE futures added 17 points to 7,513, and German DAX futures were 32 points higher at 13,647, by 0430 GMT.
Asian shares tracked lower, in step with Wall Street‘s losses, as even the prospect of a less aggressive Federal Reserve has still set the U.S. central bank on a path for interest rates to stay higher for longer.
Oil prices were little changed as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession.
COMPANIES & NEWS
Federal Reserve officials saw “little evidence” late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of their July 26-27 policy meeting.
Ukrainian forces said they had beaten back a Russian attack in the southern region of Kherson, while shelling by Kremlin forces in Kharkiv in Ukraine’s north killed seven people as the near six-month war grinds on with no let up in fighting.
China’s efforts to coerce and undermine Taiwan risk miscalculation and its pressure campaign will most likely continue, Daniel Kritenbrink, the top U.S. diplomat for East Asia, said on Wednesday.
Activist investor Nelson Peltz is “supportive” of a plan by consumer goods maker Unilever to de-carbonize all five of its newly established business units, in an endorsement of its sustainability strategy, a Unilever executive told Reuters.
Sanofi has stopped further work on amcenestrant, a treatment once seen to have strong commercial potential in breast cancer, after a second trial failure dealt a major blow to the French healthcare company’s development prospects.
The plaintiff in the first lawsuit over the heartburn drug Zantac scheduled to go to trial has agreed to drop his case, according to his attorney and drugmakers named as defendants.
COMPANY ANNOUNCEMENTS
Adyen NV HY 2022 Earnings Call
Geberit AG Q2 2022 Earnings Release
GN Store Nord A/S Q2 2022 Earnings Call
KGHM Polska Miedz SA HY 2022 Earnings Call
Kojamo Oyj Q2 2022 Earnings Release
Nibe Industrier AB Q2 2022 Earnings Release
Royal Unibrew A/S Q2 2022 Earnings Call
ECONOMIC EVENTS (GMT)
0900 Euro Zone Construction Output mm for June: Prior 0.36%
0900 Euro Zone HICP Final mm for July: Expected 0.1%; Prior 0.8%
0900 Euro Zone HICP Final yy for July: Expected 8.9%; Prior 8.9%
0900 Euro Zone HICP-X F&E mm for July: Expected 0.4%; Prior 0.4%
0900 Euro Zone HICP-X F&E Final yy for July: Expected 5.0%; Prior 5.0%
0900 Euro Zone HICP-X Tobacco mm for July: Prior 0.8%
0900 Euro Zone HICP-X Tobacco yy for July: Prior 8.8%
0900 Euro Zone HICP-X F, E, A, T Final mm for July: Expected -0.2%; Prior -0.2%
0900 Euro Zone HICP-X F,E,A&T Final yy for July: Expected 4.0%; Prior 4.0%
0900 Euro Zone HICP Ex-Tobacco Revised for July: Prior 116.70
0900 Euro Zone HICP Excl Tobacco Unrevised for July: Prior 116.70
2301 United Kingdom GfK Consumer Confidence for Aug: Expected -42; Prior -41
Asian shares tracked lower, in step with Wall Street‘s losses, as even the prospect of a less aggressive Federal Reserve has still set the U.S. central bank on a path for interest rates to stay higher for longer.
Oil prices were little changed as investors grappled with falling stockpiles in the United States, rising output from Russia and worries about a potential global recession.
COMPANIES & NEWS
Federal Reserve officials saw “little evidence” late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of their July 26-27 policy meeting.
Ukrainian forces said they had beaten back a Russian attack in the southern region of Kherson, while shelling by Kremlin forces in Kharkiv in Ukraine’s north killed seven people as the near six-month war grinds on with no let up in fighting.
China’s efforts to coerce and undermine Taiwan risk miscalculation and its pressure campaign will most likely continue, Daniel Kritenbrink, the top U.S. diplomat for East Asia, said on Wednesday.
Activist investor Nelson Peltz is “supportive” of a plan by consumer goods maker Unilever to de-carbonize all five of its newly established business units, in an endorsement of its sustainability strategy, a Unilever executive told Reuters.
Sanofi has stopped further work on amcenestrant, a treatment once seen to have strong commercial potential in breast cancer, after a second trial failure dealt a major blow to the French healthcare company’s development prospects.
The plaintiff in the first lawsuit over the heartburn drug Zantac scheduled to go to trial has agreed to drop his case, according to his attorney and drugmakers named as defendants.
COMPANY ANNOUNCEMENTS
Adyen NV HY 2022 Earnings Call
Geberit AG Q2 2022 Earnings Release
GN Store Nord A/S Q2 2022 Earnings Call
KGHM Polska Miedz SA HY 2022 Earnings Call
Kojamo Oyj Q2 2022 Earnings Release
Nibe Industrier AB Q2 2022 Earnings Release
Royal Unibrew A/S Q2 2022 Earnings Call
ECONOMIC EVENTS (GMT)
0900 Euro Zone Construction Output mm for June: Prior 0.36%
0900 Euro Zone HICP Final mm for July: Expected 0.1%; Prior 0.8%
0900 Euro Zone HICP Final yy for July: Expected 8.9%; Prior 8.9%
0900 Euro Zone HICP-X F&E mm for July: Expected 0.4%; Prior 0.4%
0900 Euro Zone HICP-X F&E Final yy for July: Expected 5.0%; Prior 5.0%
0900 Euro Zone HICP-X Tobacco mm for July: Prior 0.8%
0900 Euro Zone HICP-X Tobacco yy for July: Prior 8.8%
0900 Euro Zone HICP-X F, E, A, T Final mm for July: Expected -0.2%; Prior -0.2%
0900 Euro Zone HICP-X F,E,A&T Final yy for July: Expected 4.0%; Prior 4.0%
0900 Euro Zone HICP Ex-Tobacco Revised for July: Prior 116.70
0900 Euro Zone HICP Excl Tobacco Unrevised for July: Prior 116.70
2301 United Kingdom GfK Consumer Confidence for Aug: Expected -42; Prior -41
Sources (but not limited too) Reuters, CNBC, Globe & Mail, InvestorIntel Corp, Kitco, Refinitiv.
