Canada
PRE-OPEN
Canadian markets look to a higher open ahead of the Bank of Canada’s upcoming rate decision, while higher oil prices boosted investors’ mood. U.S. stock futures and the U.S. dollar were muted ahead of the release of crucial inflation data, which will guide the Federal Reserve in its monetary policy decision. European shares were up on strong performance in tech stocks. In Asian equity markets, the Nikkei closed lower on profit booking and China stocks ended down, dragged by real estate shares. Gold edged down on Chinese demand worries.
Asante Gold Corporation (CSE: ASE) CEO Clips – Asante Gold Corporation: A Beacon of Gold Mining Innovation in Ghana
Description: In the heart of Ghana’s Golden Triangle, Asante Gold Corporation stands as a testament to innovative gold mining. Since its inception, Asante has swiftly moved to the forefront of the gold mining industry, demonstrating a remarkable ability to transform underloved assets into prolific gold-producing mines. With a strategic focus on the Bibiani and Ashanti Gold Belts, Asante’s journey from exploration to operation mirrors Ghana’s rich gold mining heritage and its modern-day potential.
Short Link: https://refini.tv/
Short Link: https://refini.tv/
Tocvan Ventures Corp. (CSE: TOC) – Active Drill Program Update
Anfield Energy, Inc. (TSXV: AEC ; OTCQB: ANLDF ; FRANKFURT:0AD) announce it has submitted its production reactivation plan for the Shootaring Canyon mill to the State of Utah’s Department of Environmental Quality (UDEQ). This major milestone is critical to restarting uranium production at Shootaring. The plan addresses the updating the mill’s radioactive materials license from its current standby status to operational status and the increasing of both throughput capacity and the tripling of licensed production capacity. Following approval of the reactivation plan and mill refurbishment, Anfield will be able to both recommence uranium production and start vanadium production in 2026 — joining a select group of North American and U.S. uranium producers meeting the resurgence in uranium demand.
The plan outlines an increase in mill throughput capacity to 1,000 tons per day from 750 tons per day and an increase in annual uranium production capacity to 3 million pounds from 1 million pounds. The Shootaring mill – one of only 3 licensed, permitted and constructed conventional uranium mills in the U.S. — is a significant differentiator between Anfield and its peers.
Corey Dias, Anfield’s CEO states, “We at Anfield are very proud of achieving the important milestone of submitting the production restart application for Shootaring. This is an achievement which has taken close to 18 months of engineering and design input to complete and caps a decade of methodical and strategic progression in asset development. Since acquiring the Shootaring Canyon mill in 2015, we have maintained the facility, waiting for the right market conditions to return the mill to production status. With uranium reaching highs of greater than US$100 per pound earlier this year, and a global environment in which demand is expected to continue outstripping supply, we believe this is the ideal time to advance our uranium assets to production.”
“We believe that it is important to highlight the challenges related to starting this process from a greenfield position to reaching Anfield’s current production position. For example, a company with no existing radioactive materials license or mill site would need: 1) to secure an appropriate site for mill construction and tailings buildout; 2) to complete baseline environmental studies regarding potential environmental impacts of mill operations to satisfy NEPA requirements (typically a two to three-year undertaking); 3) access to infrastructure – roads and power; and 4) the radioactive materials license itself, which requires the submittal of a comprehensive application that incorporates not only the previous items, but also a mill facility and tailings construction, operation and reclamation and decommissioning plan, including confirmatory studies outlining emissions related to mill operations, as well as other ancillary permits.
“Finally, the installation of Doug Beahm as Chief Operating Officer (COO), bringing with him a wealth of experience in progressing assets to production, means Anfield will have the right permitted assets in the right place, at the right time, with the right production-focused leadership. The uprating of Anfield’s status to production-ready will also be a strong case for an uprating in Anfield’s valuation and share price to be much more in line with Anfield’s peers.”
Halcones Precious Metals Corp. (TSXV: HPM) has withdrawn from its option to acquire the Carachapampa project (the “Project”) in Chile pursuant to the terms of the Carachapampa option agreement.
Halcones is currently evaluating opportunities in an effort to reactivate its business and build shareholder value.
About Halcones Precious Metals Corp.:
Halcones is focused on exploring for and developing gold-silver projects in the Maricunga Belt, Chile, the premiere gold mining district in South America. The Company has a team with a strong background of exploration success in the region.
Mink Ventures Corporation (TSXV: MINK) announced that it has completed the 80% earn in, on its 40 km2 Montcalm Nickel Copper Cobalt Project. The final assessment credit transfers occurred in late March and Mink’s 80% interest in the 196 claims is now recorded on title through MLAS. The project surrounds Glencore’s former Montcalm Mine located approximately 65 km northwest of Timmins, Ontario. The Company also reports the successful completion of a second phase of surface geophysical surveys in the SW Target Area which detected multiple, new induced polarization (IP) anomalies. Some of the higher priority IP anomalies are associated with strong magnetic “bullseye” anomalies and/or historical untested electromagnetic anomalies. (See Figures 1-3.) Numerous surface and 3D borehole IP targets remain to be drill tested across the fully permitted nickel copper cobalt project.
Natasha Dixon, President and CEO, commented, “I commend our exploration team, and our technical suppliers and contractors, who have worked very hard within tight timelines, to safely, complete the exploration work programs required by Mink to earn its 80% interest, now registered on title, and ensure the claims remain in good standing with significant banked assessment. Within 14 months, the Company completed two drill programs along with significant downhole 3D IP and surface IP geophysical surveys which generated numerous new targets over a sizeable property; they interpreted the data, wrote and filed the reports to meet the assessment timelines; and secured non-dilutive OJEP funding which covered about 14% of the expenditures.”
Mink is well positioned next to the Montcalm Mine with historical production of approximately 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2010). The mine ceased production in June 2009 and the last estimated reserve as of January of 2009 was 2,800,000 tonnes grading 1.26% Ni, 0.59% Cu, and 0.05% Co. (Ontario Mineral Inventory Record MD142B09NE00007). Mink’s proximity to the former mine with extensions of the mine lithology on Mink’s exploration lands and numerous untested targets demonstrates the potential for new discoveries.
To view the source version of this press release, please visit https://www.
Namibia Critical Metals Inc. TSXV: NMI)(OTCQB:NMREF) announce an updated NI 43-101 Mineral Resource Estimate for the large-scale “Lofdal 2B-4” heavy rare earth project.
The Company conducted a two-stage infill drilling campaign for the subprojects Area 4 and Area 2B (press releases of 2 February 2024, 6 December 2023 and 31 January 2023) with the purpose of increasing the confidence of the resources for the planned open pits of Area 4 and Area 2B. The MSA Group provided an NI 43-101 Mineral Resource Estimate which includes the new data.
Highlights of the mineral resource update include:
- Contained tonnages of Dysprosium and Terbium – the most valuable heavy rare earth elements – amount to 4,503 tonnes Dysprosium oxide and 693 tonnes Terbium oxide in the combined Measured and Indicated Resource categories which represents an increase of 11% and 12%, respectively, compared to the previous Mineral Resource Statement (filed on SEDAR on 30 June 2021);
- 38% increase in contained Dysprosium oxide and 39% increase in contained Terbium oxide in the Inferred Resources for the combined Area 4 and Area 2B deposits;
- 31% increase in contained Total Rare Earth Oxide (TREO) tonnage in the combined Measured and Indicated Resource categories from 72,680 tonnes to 93,731 tonnes;
- The combined Measured and Indicated Mineral Resources increased from 44.8 million tonnes at 0.17% TREO to 58.5 million tonnes at 0.16% TREO for the combined Area 4 and Area 2B deposits based on the same cut-off of 0.1 % TREO as in the previous PEA (filed on SEDAR on 30 June 2021);
Darrin Campbell, President of Namibia Critical Metals stated:
“We are very pleased with the continued success of our development approach at Lofdal. With just under 11,000 meters of drilling last year, we have increased the overall contained rare earth tonnage by an impressive 37%. The Measured and Indicated resource shells at Lofdal 2B and 4 contain over 4,500 tonnes Dysprosium oxide and over 690 tonnes Terbium oxide which clearly establishes Lofdal as a globally significant heavy rare earth deposit. The updated resource will be incorporated into our Pre-Feasibility Study for “Lofdal 2B-4″ currently under way and expected to be completed in Q3 2024”
“TREO” refers to total rare earth oxides plus yttrium oxide; “HREO” refers to heavy rare earth oxides plus yttrium oxide; “heavy rare earths” as used in all Company presentations comprise europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu) and yttrium (Y). Light rare earths comprise lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd) and samarium (Sm).
SOURCE: Namibia Critical Metals Inc.
View the original press release on accesswire.com.
Nicola Mining Inc. (TSXV: NIM) (FSE: HLIA),announce that on April 1, 2024, it and Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) (“Talisker”) have signed a Milling Agreement (the “Agreement”). Under the Agreement, Talisker may transport material to Nicola’s mill site, located near Merritt, British Columbia. Nicola’s Merritt Mill is a unique $30.0 million plus milling and processing facility constructed on free-hold industrial-zoned land owned 100% by the Company.
Nicola’s Merritt Mill is the only facility in the Province of British Columbia permitted to accept third party gold and silver mill feed from throughout the province.
Since 2016, Nicola has entered into several profit share agreements with mining companies, including Osisko Development.
The Company is in a strong position as it prepares to commence milling operations and is in the process of finalizing its 2024 Exploration Program, at the historic Craigmont Copper Mine. Details 2024 Exploration Program will be announced later.
Qualified Person
William Whitty, P. Geo, Nicola’s VP of Exploration, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release.
William Whitty, P. Geo, Nicola’s VP of Exploration, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release.
To view the source version of this press release, please visit https://www.
North Peak Resources Ltd. (TSXV: NPR) is finalizing plans for its upcoming drilling campaign on its Prospect Mountain Property in Eureka, Nevada (the “Property” or “Prospect Mountain“) which is expected to consist of up to 15,000 feet of R/C drilling with 20-30 holes targeting the gold zones on patented claims in the Wabash and Delaware/Madrid areas located in the northern portion of the Property (“Prospect Mountain North“) (see Figure 1 below). Drilling at Prospect Mountain North will be at select areas around the former high-grade Williams, Wabash and Chicago gold mines, and the Wabash area which had 91 holes for 27,615 feet of vertical RC drilling completed in 1998/1999 when the gold price was much lower (see Figure 2 below). The campaign is also expected to include follow-up on a drill hole drilled by Homestake Mining that returned very promising gold assays; it is a lone hole located in the eastern portion of the Property with no other historic drilling activity nearby (see Figure 3 below).
“The deep hole drilled in late 2023 (PM23-01) confirmed the camp’s geologic structures and faults and now we can focus on drilling the gold zones in the northern and eastern parts of the Property, which was always our goal,” said Brian Hinchcliffe, North Peak’s CEO. “Prospect Mountain itself was mined for gold from 4 shafts from the 9,600-foot elevation down to the 6,500 level off and on from 1870 until 1980 from both the east and west sides of the mountain and has not been explored since gold was $275 an ounce.”
To view the source version of this press release, please visit https://www.
News Source: North Peak Resources Ltd.
Rugby Resources Ltd. (TSXV: RUG) report that work has commenced at the Mantau iron oxide-copper-gold (“IOCG”) project in the Metallogenic – Coastal Belt near Antofagasta, northern Chile. This prolific “Mineral Belt” has a long history of mining and hosts sizable copper deposits linked both genetically and spatially to the Atacama Fault System. Manto-type copper-silver, porphyry copper and IOCG deposits are present in the district with Mantos Blancos and Antucoya being the closest large-scale active mines (Figure 1).
Rugby’s local Chilean geologist recently conducted a site visit to facilitate planning for a drone magnetic survey. A detailed rock sampling program will follow the drone survey to assess existing copper and gold targets identified by earlier reconnaissance programs. Systematic geochemical soil sampling is planned while access routes to existing high-priority drilling targets will be finalized.
Yale Simpson, Rugby’s Chairman, stated: “The Mantau Project exhibits multiple features supportive of an IOCG geological environment. Located only 25 kilometres (“km”)from the recent ‘Marimaca Copper Discovery’ we believe there is considerable potential for a significant copper discovery at Mantau.
“We are employing our proven discovery methods and techniques at Mantau and other exciting targets found in our extensive project portfolio. We expect Rugby to have steady news flow in 2024 with expectation of encouraging developments to come at Mantau and elsewhere”.
Rugby’s Mantau project covers 4,500 hectares. It is located 70 km northeast of the regional capital Antofagasta and 40 km due north of the Mantos Blancos mine. The topography is undulating to moderately steep with elevations rising from 1,200 metres (“m”) to a maximum of 1,680 m (see Figure 2). Mantau is very accessible via both sealed and good-quality gravel roads. Exploration can be performed year-round.
For additional information you are invited to visit the Rugby Resources Ltd. website at: www.rugbyresourcesltd.com.
West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF) announce the arrival of a second underground diamond drill at its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.
In response to the recent drilling success at the newly defined North Austin zone, a second diamond drill has been added at Madsen to continue growing and de-risking this high-priority, near-mine resource area.
Based on positive results from recent underground drilling programs at Madsen, two near-mine expansion areas – North and South Austin – have been prioritized for immediate expansion and infill drilling (Figures 1 & 2). The two focus areas sit adjacent to existing underground development marking them both as high caliber targets that could potentially be developed early during future mine restart and production. It’s important to note that successful drilling in these areas is expected to add growth to the existing Madsen resource, bringing new ounces onto the books in areas not previously mined.
Shane Williams, President & CEO, stated, “The addition of a second underground drill at Madsen will expedite our efforts in de-risking the resource and building a runway of high-confidence mineable inventory that will be critical during restart of mining operations. The North and South Austin Zones have already demonstrated potential for grade and continuity and our team looks forward to continuing to advance these two high-priority areas simultaneously with the underground drilling program.”
Company’s website at https://www.
Xtract One Technologies Inc. (TSX: XTRA), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced that it is partnering with Oak View Group (“OVG”), the global venue development, advisory, and investment company for the sports and live entertainment industry, to bring its fan screening solution to secure all entrances of Co-op Live in Manchester, England opening on April 23, 2024.
The next generation, 23,500 capacity venue is the largest arena in the UK and is Xtract One’s first OVG customer partnership in Europe. In this three-year contract, Xtract One’s SmartGateways will provide this new venue with fast and frictionless fan screening that optimizes their experience without compromising security, with an AI-powered, multi-layered security solution that secures all patrons.
“We are thrilled to partner with Xtract One to bring our cutting-edge security solution to Co-op Live in Manchester,” said Gary Roden, Executive Director and General Manager of Co-op Live. “We pride ourselves on leveraging leading-edge innovation to bring our fans memorable experiences. The safety and security of our fans is always our number one priority at Co-op Live, and partnering with Xtract One further helps us deliver this outcome. We are excited to launch this innovative project, and look forward to delivering an exceptional fan experience for years to come.”
The full deployment across all stadium entrances will account for UK-specific security risks allowing security teams to protect fans effectively.
“We are excited to expand our footprint and partner once again with Oak View Group to provide our state-of-the-art security solution for Co-op Live in Manchester,” said Peter Evans, CEO of Xtract One Technologies. “Our SmartGateway ensures that security screening is fast, effective, and most importantly, non-invasive, allowing patrons to move through the entrance seamlessly. Most importantly, through our continued partnership with OVG and Co-op Live, we have a strategic anchor upon which to build our pragmatic approach to growth, and expansion outside of North America. We look forward to continuing to revolutionize the way venues approach security, outside of North.”
To learn more, visit www.xtractone.com.
InvestorTalk with John Carter from Silver Bullet Mines Corp. (TSXV: SBMI | OTCQB: SBMCF)
9:00-9:20 AM EST Wednesday, April 10, 2024 Join Zoom Meeting — Click Here
Any questions, please contact 647 289 7714.
Terry Lynch will be moderating another exciting Save Canadian Mining event:
Join Terry, Mac and John on Friday April 12th at 10:00 AM ET / 7:00 AM PT
Join Save Canadian Mining for a pivotal episode in our Ban The Bots Series, featuring a compelling dialogue on the critical issue of investor inequality within Canadian capital markets.
This session shines a spotlight on the insights of John Chisholm, a seasoned financier and influential investor, alongside Mac Balkam, CEO of Eskay Mining Corp and a former RCMP officer with deep expertise in combating stock market fraud. Together, they will unravel how “naked short selling” is merely the tip of the iceberg, revealing a systemic problem of unequal treatment among investors that undermines the very principles of fairness and integrity in our financial systems.
Dive into this crucial discussion that calls for a reevaluation of market practices to ensure equity and justice for all investors.
Dive into this crucial discussion that calls for a reevaluation of market practices to ensure equity and justice for all investors.
ECONOMIC DATA (EDT))
0830 Building permits mm for Feb: Expected -4.5%; Prior 13.5%
0945 BoC rate decision : Expected 5.00%; Prior 5.00%
1100 LSEG IPSOS Primary Consumer Sentiment Index for April: Prior 47.89
CORPORATE DATA (EDT)
1400 North West Company Inc: Q4 earnings conference call
1000 EQB Inc: Annual Shareholders Meeting
World Markets
Euro STOXX 50 futures were up 28 points at 4,971, FTSE futures added 43 points to 7,988.5, and German DAX futures gained 79 points at 18,398, by 0430 GMT.
Japan’s Nikkei was down as investors kept watch for possible intervention by Japanese authorities to stop theyen‘s decline and awaited U.S. inflation data for clues to future interest rate moves.
Oil prices were little changed after two straight days of losses, as the deadlock in Gaza ceasefire talks renewed uncertainty about the security of supplies from the Middle East, offsetting a bigger-than-expected build in U.S. crude inventories.
S&P 500 Index Mini Futures: 5,265; up 0.09%; 4.75 points
DJIA Mini Futures: 39,224; up 0.07%; 28 points
Nikkei: 39,640.49; down 0.33%; 132.64 points
MSCI Asia, Ex-JP: 545.55; up 0.68%; 3.67 points
EUR/USD: $1.0852; down 0.05%; 0.0005 point
GBP/USD: $1.2676; down 0.02%; 0.0003 point
USD/JPY: 151.79 yen; flat
Spot Gold: $2,354.53; up 0.08%; $1.95
U.S. Crude: $85.26; up 0.04%; $0.03
Brent Crude: $89.43; up 0.01%; $0.01
10-Yr U.S. Treasury Yield: 4.3557%; down 0.010 point
10-Yr Bund Yield: 2.3720%; up 0.003 point
Japan’s Nikkei was down as investors kept watch for possible intervention by Japanese authorities to stop theyen‘s decline and awaited U.S. inflation data for clues to future interest rate moves.
Oil prices were little changed after two straight days of losses, as the deadlock in Gaza ceasefire talks renewed uncertainty about the security of supplies from the Middle East, offsetting a bigger-than-expected build in U.S. crude inventories.
S&P 500 Index Mini Futures: 5,265; up 0.09%; 4.75 points
DJIA Mini Futures: 39,224; up 0.07%; 28 points
Nikkei: 39,640.49; down 0.33%; 132.64 points
MSCI Asia, Ex-JP: 545.55; up 0.68%; 3.67 points
EUR/USD: $1.0852; down 0.05%; 0.0005 point
GBP/USD: $1.2676; down 0.02%; 0.0003 point
USD/JPY: 151.79 yen; flat
Spot Gold: $2,354.53; up 0.08%; $1.95
U.S. Crude: $85.26; up 0.04%; $0.03
Brent Crude: $89.43; up 0.01%; $0.01
10-Yr U.S. Treasury Yield: 4.3557%; down 0.010 point
10-Yr Bund Yield: 2.3720%; up 0.003 point
(07:31 EDT)
US
Investors will be closely watching a key inflation report from the Labor Department for signs of progress in the battle to bring down inflation. But that’s not quite what experts are predicting. The consumer price index is expected to register increases of 0.3% both for the all-items measure and the core yardstick that excludes volatile food and energy. That would put inflation rates on a 12-month basis of 3.4% and 3.7%, respectively. Federal Reserve officials have looked for inflation to consistently hit a 2% target before they start cutting interest rates. The report, which measures costs for a wide-ranging basket of goods and services, will be released at 8:30 a.m. ET. CNBC.
Markets continued to find direction momentum Tuesday as investors await a key inflation report. The Dow Jones Industrial Average closed just below the flatline, slipping 9.13 points, or 0.02%. The S&P 500, meanwhile, picked up 0.14% while the Nasdaq Composite added slightly more, with a rise of 0.32%.
Alphabet Inc, Apple Inc & Microsoft Corp: Independent browser companies in the European Union are seeing a spike in users in the first month after EU legislation forced Alphabet’s Google, Microsoft and Apple to make it easier for users to switch to rivals, according to data provided to Reuters by six companies. The early results come after the EU’s sweeping Digital Markets Act, which aims to remove unfair competition, took effect on March 7, forcing big tech companies to offer mobile users the ability to select from a list of available web browsers from a “choice screen.” Browsers are software that help users connect to the internet and are traditionally offered by big technology companies like Apple and Google for free in exchange for tracking which websites consumers visit and selling advertisement to them.
Apple Inc: The company has assembled $14 billion worth of iPhones in India in fiscal 2024, Bloomberg News reported. Apple now makes as much as 14% or about 1 in 7 of its marquee devices from India, the report said, citing people familiar with the matter. Foxconn assembled nearly 67% while Pegatron Corp made about 17% of the India-made iPhones, the Bloomberg report added. Wistron Corp’s plant in the southern Indian state of Karnataka, which the Tata Group took over last year, made the remaining. Apple declined to comment on the Bloomberg report.
Bank of America, Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase & Co, Morgan Stanley & Wells Fargo & Co: As U.S. banking giants prepare to report slightly lower first-quarter profits, investors will focus on how much more income executives expect from interest payments this year. JPMorgan Chase is likely to post a 4% drop in earnings per share (EPS) from the year-ago quarter on Friday, analysts estimated in an survey. Declines of 35% and 11% are forecast for Citigroup and Wells Fargo, respectively. Goldman Sachs is expected on Monday to post a 13% slide. On Tuesday, Bank of America is likely to show a 18% decline, while Morgan Stanley is seen announcing a 2% drop, analysts said. Analysts are weighing how the path of U.S. interest rates will bolster banks’ net interest income (NII), or the difference between what lenders earn on loans and pay out for deposits.
Delta Air Lines Inc: The airline Delta Air Lines offered an upbeat outlook for the current quarter after its first-quarter earnings topped Wall Street estimates on buoyant travel demand, sending its shares higher in premarket trading. The carrier forecast an adjusted profit of $2.20-$2.50 per share in the quarter through June compared with analysts expectations of $2.23 per share. It expects to post an operating margin of 14%-15%, with a 5%-7% year-on-year increase in the second-quarter revenue. The company reaffirmed its forecast for a profit of $6 to $7 per share in 2024 with a free cash flow of $3 billion-$4 billion. Its non-fuel costs rose at a slower-than-expected pace, thanks to a strong operational performance in the March quarter. Delta expects a 2% year-on-year increase in non-fuel costs in the current quarter. Adjusted profit for the first quarter came in at 45 cents a share, compared with analysts expectations of 36 cents per share.
Apple Inc: The company has assembled $14 billion worth of iPhones in India in fiscal 2024, Bloomberg News reported. Apple now makes as much as 14% or about 1 in 7 of its marquee devices from India, the report said, citing people familiar with the matter. Foxconn assembled nearly 67% while Pegatron Corp made about 17% of the India-made iPhones, the Bloomberg report added. Wistron Corp’s plant in the southern Indian state of Karnataka, which the Tata Group took over last year, made the remaining. Apple declined to comment on the Bloomberg report.
Bank of America, Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase & Co, Morgan Stanley & Wells Fargo & Co: As U.S. banking giants prepare to report slightly lower first-quarter profits, investors will focus on how much more income executives expect from interest payments this year. JPMorgan Chase is likely to post a 4% drop in earnings per share (EPS) from the year-ago quarter on Friday, analysts estimated in an survey. Declines of 35% and 11% are forecast for Citigroup and Wells Fargo, respectively. Goldman Sachs is expected on Monday to post a 13% slide. On Tuesday, Bank of America is likely to show a 18% decline, while Morgan Stanley is seen announcing a 2% drop, analysts said. Analysts are weighing how the path of U.S. interest rates will bolster banks’ net interest income (NII), or the difference between what lenders earn on loans and pay out for deposits.
Delta Air Lines Inc: The airline Delta Air Lines offered an upbeat outlook for the current quarter after its first-quarter earnings topped Wall Street estimates on buoyant travel demand, sending its shares higher in premarket trading. The carrier forecast an adjusted profit of $2.20-$2.50 per share in the quarter through June compared with analysts expectations of $2.23 per share. It expects to post an operating margin of 14%-15%, with a 5%-7% year-on-year increase in the second-quarter revenue. The company reaffirmed its forecast for a profit of $6 to $7 per share in 2024 with a free cash flow of $3 billion-$4 billion. Its non-fuel costs rose at a slower-than-expected pace, thanks to a strong operational performance in the March quarter. Delta expects a 2% year-on-year increase in non-fuel costs in the current quarter. Adjusted profit for the first quarter came in at 45 cents a share, compared with analysts expectations of 36 cents per share.
Koninklijke Philips NV: A U.S. federal court issued a decree to restrict the production and sale of Philips’ new sleep apnea machines at several facilities in the country, the Food and Drug Administration said on Tuesday. The U.S. District Court for the Western District of Pennsylvania has entered into what is known as a consent decree against the company’s subsidiary Philips Respironics to curb the sale and production until certain requirements are met. The plan outlines remediation options such as a new or reworked device for the patients with the option for partial refund of certain devices. As part of this plan, Philips is also required to make several attempts to contact a patient or a medical equipment provider regarding actions they must take to help ensure patients receive remediation in a timely manner.
Microsoft Corp: China’s NetEase and U.S. games peer Microsoft said they will bring popular titles including “World of Warcraft” back to China after a fallout involving the developer that ended an almost 15-year partnership. The pair said they are working to bring online games from Blizzard Entertainment, a subsidiary of Activision Blizzard which Microsoft bought last year, back to the world’s second-largest economy, starting this summer. NetEase was the publisher of Blizzard games in China from 2008 to 2023. “We at Blizzard are thrilled to reestablish our partnership with NetEase and to work together, with deep appreciation for the collaboration between our teams, to deliver legendary gaming experiences to players in China,” said Blizzard Entertainment President Johanna Faries in a joint statement.
Petroleo Brasileiro SA: Brazil’s energy minister Alexandre Silveira said on Tuesday that he respects Petrobras’ Chief Executive Jean Paul Prates, and that any decision regarding the CEO is to be made by Brazil’s President Luiz Inacio Lula da Silva. The remarks come after days of speculation over Prates’ future, with some saying the embattled CEO would not survive “to the end of the week.” Prates has been under fire from parts of the government, among them Silveira, that want to see him bring down fuel prices and ramp up job-creating investments. Uncertainty about the future of Petrobras brought volatility to the company’s shares prices in recent sessions. The minister also told reporters that the extra dividends withheld from Petrobras shareholders in March will be issued when the state-run oil firm’s board decides the time is right.
SilverBow Resources Inc: The U.S. oil and gas producer said in a filing it has requested additional information on Kimmeridge Energy Management’s assets amid ongoing takeover talks. SilverBow rejected majority shareholder Kimmeridge’s offer last month, which aimed at combining SilverBow with Kimmeridge’s gas-producing assets in South Texas.
ECONOMIC DATA (EDT)
0830 Core consumer prices mm SA for March: Expected 0.3%; Prior 0.4%
0830 Core consumer prices yy NSA for March: Expected 3.7%; Prior 3.8%
0830 Consumer Prices Index NSA for March: Expected 312.098; Prior 310.326
0830 Core Consumer Prices Index SA for March: Prior 315.57
0830 Consumer prices mm SA for March: Expected 0.3%; Prior 0.4%
0830 Consumer prices yy NSA for March: Expected 3.4%; Prior 3.2%
0830 Real weekly earnings mm for March: Prior 0.0%
0830 Consumer prices mm NSA for March: Prior 0.620%
0830 Consumer Prices Index SA for March: Prior 311.05
0830 Consumer Prices Wage Earner for March: Prior 304.284
1000 Wholesale inventories R mm for Feb: Expected 0.5%; Prior 0.5%
1000 Wholesale sales mm for Feb: Expected 0.4%; Prior -1.7%
1100 Cleveland Fed consumer prices for March: Prior 0.4%
1100 LSEG IPSOS Primary Consumer Sentiment Index for April: Prior 53.15
1400 Federal budget for March: Expected -$197.50 bln; Prior -$296.00 bln
Europe / Asia
Ratings agency Fitch revised its outlook on China‘s sovereign credit rating to negative on Tuesday, citing risks to public finances as the economy faced increasing uncertainty in its shift to new growth models.
Simon Harris became Ireland‘s youngest ever prime minister, pledging to bring new ideas and energy to the less than 12 months he has boost the coalition government’s bid to halt a first electoral victory by left-wing Sinn Fein.
Japanese Prime Minister Fumio Kishida said on Tuesday he saw opportunities for more collaboration with the United States in next-generation computer chips.
Airbus jet deliveries rose 12% in the first quarter, the European planemaker said on Tuesday.
Shell‘s former CEO, Ben van Beurden, said on Tuesday that European oil and gas companies will find it increasingly difficult to compete with U.S.-listed rivals.
Puma is using this year’s Olympic Games and its partnership with sprint champions Jamaica to focus on speed as it jostles with Adidas and Nike to carve out space in an increasingly competitive running and lifestyle market.
MP Materials Corp: The rare-earths producer said Australian billionaire Gina Rinehart’s mining firm had taken a 5.3% stake in the company, expanding her investments in the mineral ore sector. In a regulatory filing last week, the Nevada-based miner said Hancock Prospecting, owned by Australia’s richest person Rinehart, holds about 8.8 million shares of MP Materials. MP Materials is the second-biggest producer of rare earths outside China after Australia’s Lynas Rare Earths. Lynas ended talks with MP Materials over a potential merger in February. Hancock declined to comment.
Shell Plc: The company’s former CEO, Ben van Beurden, said on Tuesday that European oil and gas companies will find it increasingly difficult to compete with U.S.-listed rivals. There are “a deeper pool of investors and capital in New York and the attitude is more positive towards oil and gas companies,” van Beurden, who stepped down in 2021, told the FT Commodities Global Summit. “All of this conspires against companies listed in Europe and increasingly this will be a problem,” he said. Shell’s shares were “massively undervalued,” van Beurden added. Shell’s current CEO, Wael Sawan, was quoted by Bloomberg Opinion on Monday as saying the British company was looking at “all options” including switching its listing to New York from London.
Taiwan Semiconductor Manufacturing Co: The Taiwan chipmaker reported a 16.5% rise in first-quarter revenue, beating market expectations and at the high end of the company’s own guidance as its sales boom on demand for artificial intelligence applications. The world’s largest contract chipmaker has benefited from a surge towards AI that has helped it weather the tapering off of pandemic-led demand and pushed TSMC’s stock to a record high. Revenue in the first three months of this year came in at $18.54 billion, up from $16.72 billion in the year-ago period. It is scheduled to report first quarter earnings on April 18, where it will also update its outlook for the current quarter and the year. TSMC is expected to report a 4% rise in first quarter net profit, according to estimates.
India’s Paytm said on Tuesday that Surinder Chawla had resigned as the chief executive officer and managing director of its banking unit Paytm Payments Bank “on account of personal reasons”.
Promoters of private lender IndusInd Bank will buy a 60% stake in the Indian arm of global asset manager Invesco, the two companies said on Tuesday, without disclosing the deal amount.
