Canadian futures are looking to open higher as commodity prices jumped after Russian President Putin announced a partial military mobilization. US futures are little changed as investors awaited another likely aggressive interest rate hike from the Federal Reserve. European shares edged up, though gains were limited. Asian equities ended in the red, with Nikkei closing at a two-month low. The U.S. dollar hit a new two-decade high. Gold prices rose on safe-haven bets. Oil surged over 2% on concerns of tighter oil and gas supply.
COMPANIES & NEWS
West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY), announced the confirmation of additional multiple high-grade gold assays following the identification of visible native gold in drill core from DDH MN22-05 and to provide an update from the 2022 6,500 metre exploration drilling program (the “2022 Program“). The 2022 Program is ongoing at the Company’s Midnight Gold claim (“Midnight“) located in the Rossland Gold Camp area, British Columbia. A total of 3,080 metres were completed as of September 16, 2022. Three drills currently are active on the 15th to 17th holes of the program. The Rossland Gold Camp historically produced over 2.76 million ounces of recovered gold and 3.52 million ounces of recovered silver.
“We were excited to identify visible gold in high-grade assay intervals in MN22-05 and the assays using gravimetric and metallic screen protocols verified the significant Au grades from 14 g/t Au to 33.7 g/t Au, and 311 g/t Au, respectively, in four sample intervals contained within a 17.5 metre core intersection,” stated Greg Davison, P.Geo and QP for Midnight. “Screen metallics confirmed elevated Au in the coarse fraction (1,460 g/t Au) which contributed 20% of the contained Au and an average of 277 g/t Au for the fine fraction for the 0.3 metre interval for 69.95m – 70.25m. Anomalous silver values for the latter interval were reported at 94.9 g/t Ag. Of note, the assays for the MN22-05 core intervals immediately below the noted mineralization are pending from ALS Global.”
“The high-grade Au within the variably listwanized ultramafics occurred as discrete particles and linear arrays within moderate to pervasive quartz-serpentine replacement, simple to deformed crackle breccia textures and intersecting sets of multi-stage, commonly zoned, 1-10 mm veinlets and locally disseminated to vein-hosted pyrite, chalcopyrite and galena,” said Mr. Davison. “We look forward to receipt of Au and multi-element assays pending for the remaining 40 metres of MN22-05 and for an additional three holes submitted for analysis (MN22-06 to MN22-08) in the targets to the south, east and below the Baker Vein. Logging and sampling are underway for MN22-09 to MN22-14.”
MN22-06 was drilled to undercut the observed MN22-05 mineralization southwest of the MN22-04 intersections and the Baker Vein. Six intervals from MN22-02 and MN22-03, both east of the Baker Vein, and MN22-04 (directed northwest from the MN22-05 collar) previously reported intersections ranging from 12.8 g/t Au to 38.4 g/t Au (see Press Release of August 30, 2022). Leapfrog modelling of the current and historical drill and geological results is underway concurrent with the drilling program.
The 2022 Program is focused on identifying extensions to zones of known Midnight mineralization, areas with potential for targets within and peripheral to the OK and IXL historical mines, and deep targets below the known footprint of mineralization (see the Company’s press releases dated September 24, 2020 and December 30, 2021 for more information on the foregoing). A total of 31 collar locations are fully permitted.
Gratomic Inc. (TSXV:GRAT), provided progress update on earth-moving activities at its Aukam Graphite Project, further to its press release dated September 20, 2022. The Aukam mining team began extracting graphite from a newly discovered graphite vein in the early hours of the morning, unearthing more than 150 tonnes of graphite in one working shift and breaking the all-time record of graphite extracted at Aukam in a single day. The vein was excavated approximately 2.5 meters deep, exposing the over 150 tonnes of graphite hosted below the surface.
Ucore Rare Metals Inc. (TSXV: UCU), Pat Ryan
Wednesday, September 21st from 9:00-9:20 AM EST,
InvestorIntel.comThe Bank of Canada is pushing back against the idea it will need to cause a recession to get prices under control, while assuring financial markets it will take “whatever actions are necessary” to bring inflation back to target. In a speech on Tuesday, deputy governor Paul Beaudry challenged the idea that returninginflation to the bank’s 2-per-cent target will necessarily entail a sustained economic contraction (G&M).
The Federal Reserve is expected on Wednesday to lift interest rates by three-quarters of a percentage point for a third straight time and signal how much further and how fast borrowing costs may need to rise to tame a potentially corrosive outbreak of inflation.
President Vladimir Putin called up 300,000 reservists to fight in Ukraine and said Moscow would respond with the might of all its vast arsenal if the West pursued what he called its “nuclear blackmail” over the conflict there.
Canada’s federal government will likely drop its COVID-19 vaccine requirement for people entering Canada at the end of the month, a government source said on Tuesday.
ECONOMIC DATA
None
COMPANIES REPORTING
None
EX-DIVIDENDS
Keyera Corp: Amount C$0.16
Parkland Corp: Amount C$0.32
West Fraser Timber Co Ltd: Amount $0.30
WORLD MARKETS
(07:42 EST)
S&P 500 Index Mini Futures: 3,876.00; up 0.08%; 3.25 points
DJIA Mini Futures: 30,824.00; up 0.07%; 23 points
Nikkei: 27,350.26; down 1.22%; 338.16 points
MSCI Asia, Ex-JP: 486.67; down 1.23%; 6.07 points
EUR/USD: $0.9966; down 0.06%; 0.0006 point
GBP/USD: $1.1376; down 0.05%; 0.0006 point
USD/JPY: 143.96 yen; up 0.15%; 0.21 point
Spot Gold: $1,662.37; down 0.04%; $0.74
U.S. Crude: $84.01; up 0.08%; $0.07
Brent Crude: $90.76; up 0.15%; $0.14
10-Yr U.S. Treasury Yield: 3.5583%; down 0.014 point
10-Yr Bund Yield: 1.9280%; down 0.013 point
DJIA Mini Futures: 30,824.00; up 0.07%; 23 points
Nikkei: 27,350.26; down 1.22%; 338.16 points
MSCI Asia, Ex-JP: 486.67; down 1.23%; 6.07 points
EUR/USD: $0.9966; down 0.06%; 0.0006 point
GBP/USD: $1.1376; down 0.05%; 0.0006 point
USD/JPY: 143.96 yen; up 0.15%; 0.21 point
Spot Gold: $1,662.37; down 0.04%; $0.74
U.S. Crude: $84.01; up 0.08%; $0.07
Brent Crude: $90.76; up 0.15%; $0.14
10-Yr U.S. Treasury Yield: 3.5583%; down 0.014 point
10-Yr Bund Yield: 1.9280%; down 0.013 point
Euro STOXX 50 futures were down 12 points at 3,447, FTSE futures added 1 points to 7,197, and German DAX futures were lower 40 points at 12,644, by 0430 GMT.
Stocks in Asia sank as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve later in the day.
Oil prices ticked up on supply concerns, but expectations of another aggressive U.S. interest rate hike capped gains amid investor concerns it could lead to a recession and hurt fuel demand.
Stocks in Asia sank as investors braced for another aggressive interest rate hike from the U.S. Federal Reserve later in the day.
Oil prices ticked up on supply concerns, but expectations of another aggressive U.S. interest rate hike capped gains amid investor concerns it could lead to a recession and hurt fuel demand.
US
PRE-OPEN
U.S. stock index futures were little changed as investors awaited another likely aggressive interest rate hike from the Federal Reserve.
COMPANIES & NEWS
The Federal Reserve is expected on Wednesday to lift interest rates by three-quarters of a percentage point for a third straight time and signal how much further and how fast borrowing costs may need to rise to tame a potentially corrosive outbreak of inflation.
The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. banks are set to be grilled by both Democratic and Republican lawmakers on Wednesday on the economy, consumer protections and the lenders’ stance on fossil fuel lending and firearms, among other issues.
Oil refiners Valero Energy and Marathon Petroleum are the biggest beneficiaries of the U.S. government’s oil reserve releases, taking nearly half the crude offered, a Reuters analysis of Department of Energy data showed.
The cost of renting a home in the United States is surging and young workers have felt the sharpest pain, many of them taking on additional jobs or roommates to afford housing costs.
American Eagle Outfitters Inc: Forever 21 and American Eagle Outfitters are set to return to Japan after both U.S. fast-fashion brands exited the market in 2019, according to company announcements. Forever 21 will begin e-commerce sales next February and open a physical store in the spring, according to Japanese trading company Itochu, which acquired domestic sales and licensing rights for the brand. American Eagle said separately it was returning to Japan with two flagship stores in the Tokyo neighborhoods of Shibuya and Ikebukuro in October. The brand had only been available online in Japan following the closure of its last physical stores in 2019.
Apple Inc: The company may make one out of four iPhones in India by 2025, JPMorgan analysts said, as the tech giant moves some production away from China, amid mounting geopolitical tensions and strict COVID-19 lockdowns in the country. The brokerage expects Apple to move about 5% of iPhone 14 production from late 2022 to India, which is the world’s second-biggest smartphone market after China. It is also estimating about 25% of all Apple products, including Mac, iPad, Apple Watch and AirPods, to be manufactured outside China by 2025 from 5% currently. Cupertino, California-headquartered Apple has bet big on India since it began iPhone assembly in the country in 2017 via Wistron and later with Foxconn, in line with the Indian government’s push for local manufacturing.
Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Morgan Stanley & Wells Fargo & Co: The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. banks are set to be grilled by both Democratic and Republican lawmakers on Wednesday on the economy, consumer protections and the lenders’ stance on fossil fuel lending and firearms, among other issues. In testimony before the House of Representatives Financial Services Committee, the CEOs will tout their financial strength, role in distributing billions of dollars in COVID-19 pandemic-related aid and efforts both to boost lending in poorer communities and diversity within their ranks, according to statements released on Tuesday ahead of the hearing. The CEOs due to testify include the heads of the four largest U.S. banks: JPMorgan’s Jamie Dimon, Wells Fargo’s Charles Scharf, Bank of America’s Brian Moynihan and Citigroup’s Jane Fraser. Separately, major Wall Street banks have threatened to leave United Nations climate envoy Mark Carney’s financial alliance over legal risks, the Financial Times reported, citing several people involved in internal talks.
Beyond Meat Inc: The company’s Chief Operating Officer Doug Ramsey has been suspended effective immediately, the company said on Tuesday, following reports of the executive’s arrest for allegedly biting a man’s nose during an altercation. The plant-based meat producer said the operations activities will be overseen on an interim basis by Jonathan Nelson, senior vice president of manufacturing operations. Ramsey was detained on Saturday on charges of third-degree battery and for threatening, according to court records. He was released on a $11,000 bond on Sunday. According to media reports, the incident happened at a parking garage near Razorback Stadium in Fayetteville, Arkansas.
Boeing Co & United Airlines Holdings Inc: The airline removed 25 of its Boeing 777-200 airplanes from service this week after discovering it had failed to perform required inspections on the wing leading-edge panels. The Federal Aviation Administration (FAA) said the airline had disclosed the issue to the agency after an internal audit and proposed a plan to complete the inspections. United said on Tuesday it had canceled around 18 flights on Monday night and Tuesday morning to conduct the inspections but did not expect to cancel additional flights because of the issue. “We’ve completed inspections on 10 of those aircraft, and are working with the FAA to return others to service while inspections are ongoing over the next two weeks,” United said Tuesday. The FAA said it was reviewing United’s inspection plan “as well as looking into the circumstances that led to the missed inspections.” Separately, Boeing said on Tuesday it plans to cut about 150 finance jobs in the United States this year to simplify its corporate structure and focus more resources into manufacturing and product development.
Fennec Pharmaceuticals Inc: The U.S. Food and Drug Administration has approved the company’s intravenous therapy to prevent chemotherapy-induced hearing loss in children, according to the health regulator’s website. The approval, posted on the regulator’s website late Tuesday, for Pedmark allows it to be used to reduce the risk of ototoxicity in children aged over one month who have undergone chemotherapy using the drug cisplatin. Cisplatin is used in treating a range of cancers in children such as liver, bone and brain cancer, but can cause permanent hearing loss. Pedmark is now the only approved therapy to prevent cisplatin-induced hearing loss in the United States, with most patients opting for either cochlear implants or hearing aids.
General Electric Co: The company on Tuesday confirmed it has hired Mavi Zingoni to head up the company’s power unit, which comprises its gas, steam and nuclear power businesses. Zingoni, who served as executive managing director of client and low carbon generation business at Spanish energy group Repsol, will report to Scott Strazik, who heads GE’s portfolio of energy businesses. She will take over on Jan. 1 and will be based in the United States, according to an internal memo reviewed by Reuters, which first reported the appointment earlier Tuesday. “Her deep industry experience will play an important role in our future as we continue to work alongside our customers to accelerate the energy transition and work towards the planned spin off GE Vernova,” a GE spokesperson said.
Marathon Petroleum Corp & Valero Energy Corp: The oil refiners are the biggest beneficiaries of the U.S. government’s oil reserve releases, taking nearly half the crude offered, a Reuters analysis of Department of Energy data showed. The Biden administration has opened spigots at the nation’s Strategic Petroleum Reserve (SPR) to lower fuel prices and ease a supply crunch from Russia’s invasion of Ukraine. Awards of about 218 million barrels for the 12 months ended Sept. 30 have tamed market worries and cut energy prices. But they have slashed the reserve to 427.2 million barrels – or about four weeks of demand – the lowest level in about 38 years. This has sparked criticism because some oil was resold to buyers overseas. A few distributions came under congressional mandates while others are pending. The two biggest receivers acquired nearly 98 million barrels so far. Valero, the second largest U.S. refiner by capacity, secured 52.7 million, while top oil processor Marathon Petroleum snapped up 45.2 million barrels.
Medtronic PLC: The U.S. Food and Drug Administration on Tuesday warned that certain types of insulin pump systems manufactured by the company were vulnerable to cyberattacks and that hackers could potentially hamper insulin delivery by accessing the device. The agency issued a cybersecurity risk alert for the Medtronic MiniMed 600 Series insulin pump system, which has several components including an insulin pump and a blood glucose meter that communicate wirelessly. The FDA said it was possible for an unauthorized person to gain access to a pump while it was pairing with other system components, but so far, it was not aware of any reports related to this cybersecurity vulnerability. Medtronic also warned users about the risks and made recommendations including asking them to permanently turn off the “Remote Bolus” feature on the pump, not share device’s serial number with unauthorized personnel or conduct any connection linking of devices in a public place. The company said hackers, however, cannot gain access to the device through internet.
Palantir Technologies Inc: The company announced it signed a deal valued at $20 million over five years to expand its partnership with South Korea’s Hyundai Heavy Industries, one of the world’s largest shipbuilding conglomerates. The conglomerate’s shipbuilding affiliates including Hyundai Heavy will use Palantir’s operating system, known as Foundry, to strengthen data-driven decision making, Palantir’s Chief Operating Officer Shyam Sankar told Reuters. Companies in the export-driven economy, faced with supply chain snarls and volatility for raw material prices, are increasingly seeking to make interconnected decisions with their data that help get immediate results in weeks, Sankar said. “The operators… understand this in their stomach,” he added. “These are companies that have global operations.”
Take-Two Interactive Software Inc: The company said that a hacker had gained access to the help desk platform of its unit 2K Games and sent a malicious link to certain customers. The company urged users not to open any mails or click on any links received from 2K Games Support account and to reset passwords in case they have already clicked on the link. Take-Two said 2K Games’ support portal will remain offline while it continues to address the issue. “We will issue a notice when you can resume interacting with official 2K help desk emails,” it added.
ECONOMIC DATA (EST)
1000 Existing home sales for Aug: Expected 4.70 mln; Prior 4.81 mln
1000 Existing home sales percentage change for Aug: Prior -5.9%
1400 Fed funds target rate: Expected 3-3.25%; Prior 2.25-2.5%
1400 Fed interest on excess reserves: Prior 2.40%
1400 FFR projection-current for Q3: Prior 3.4%
1400 FFR projection-1st year for Q3: Prior 3.8%
1400 FFR projection-2nd Year for Q3: Prior 3.4%
1400 FFR projection-longer for Q3: Prior 2.5%
1400 FFR projection-3rd Year for Q3: Prior 2.1%
The Federal Reserve is expected on Wednesday to lift interest rates by three-quarters of a percentage point for a third straight time and signal how much further and how fast borrowing costs may need to rise to tame a potentially corrosive outbreak of inflation.
The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. banks are set to be grilled by both Democratic and Republican lawmakers on Wednesday on the economy, consumer protections and the lenders’ stance on fossil fuel lending and firearms, among other issues.
Oil refiners Valero Energy and Marathon Petroleum are the biggest beneficiaries of the U.S. government’s oil reserve releases, taking nearly half the crude offered, a Reuters analysis of Department of Energy data showed.
The cost of renting a home in the United States is surging and young workers have felt the sharpest pain, many of them taking on additional jobs or roommates to afford housing costs.
American Eagle Outfitters Inc: Forever 21 and American Eagle Outfitters are set to return to Japan after both U.S. fast-fashion brands exited the market in 2019, according to company announcements. Forever 21 will begin e-commerce sales next February and open a physical store in the spring, according to Japanese trading company Itochu, which acquired domestic sales and licensing rights for the brand. American Eagle said separately it was returning to Japan with two flagship stores in the Tokyo neighborhoods of Shibuya and Ikebukuro in October. The brand had only been available online in Japan following the closure of its last physical stores in 2019.
Apple Inc: The company may make one out of four iPhones in India by 2025, JPMorgan analysts said, as the tech giant moves some production away from China, amid mounting geopolitical tensions and strict COVID-19 lockdowns in the country. The brokerage expects Apple to move about 5% of iPhone 14 production from late 2022 to India, which is the world’s second-biggest smartphone market after China. It is also estimating about 25% of all Apple products, including Mac, iPad, Apple Watch and AirPods, to be manufactured outside China by 2025 from 5% currently. Cupertino, California-headquartered Apple has bet big on India since it began iPhone assembly in the country in 2017 via Wistron and later with Foxconn, in line with the Indian government’s push for local manufacturing.
Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Morgan Stanley & Wells Fargo & Co: The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. banks are set to be grilled by both Democratic and Republican lawmakers on Wednesday on the economy, consumer protections and the lenders’ stance on fossil fuel lending and firearms, among other issues. In testimony before the House of Representatives Financial Services Committee, the CEOs will tout their financial strength, role in distributing billions of dollars in COVID-19 pandemic-related aid and efforts both to boost lending in poorer communities and diversity within their ranks, according to statements released on Tuesday ahead of the hearing. The CEOs due to testify include the heads of the four largest U.S. banks: JPMorgan’s Jamie Dimon, Wells Fargo’s Charles Scharf, Bank of America’s Brian Moynihan and Citigroup’s Jane Fraser. Separately, major Wall Street banks have threatened to leave United Nations climate envoy Mark Carney’s financial alliance over legal risks, the Financial Times reported, citing several people involved in internal talks.
Beyond Meat Inc: The company’s Chief Operating Officer Doug Ramsey has been suspended effective immediately, the company said on Tuesday, following reports of the executive’s arrest for allegedly biting a man’s nose during an altercation. The plant-based meat producer said the operations activities will be overseen on an interim basis by Jonathan Nelson, senior vice president of manufacturing operations. Ramsey was detained on Saturday on charges of third-degree battery and for threatening, according to court records. He was released on a $11,000 bond on Sunday. According to media reports, the incident happened at a parking garage near Razorback Stadium in Fayetteville, Arkansas.
Boeing Co & United Airlines Holdings Inc: The airline removed 25 of its Boeing 777-200 airplanes from service this week after discovering it had failed to perform required inspections on the wing leading-edge panels. The Federal Aviation Administration (FAA) said the airline had disclosed the issue to the agency after an internal audit and proposed a plan to complete the inspections. United said on Tuesday it had canceled around 18 flights on Monday night and Tuesday morning to conduct the inspections but did not expect to cancel additional flights because of the issue. “We’ve completed inspections on 10 of those aircraft, and are working with the FAA to return others to service while inspections are ongoing over the next two weeks,” United said Tuesday. The FAA said it was reviewing United’s inspection plan “as well as looking into the circumstances that led to the missed inspections.” Separately, Boeing said on Tuesday it plans to cut about 150 finance jobs in the United States this year to simplify its corporate structure and focus more resources into manufacturing and product development.
Fennec Pharmaceuticals Inc: The U.S. Food and Drug Administration has approved the company’s intravenous therapy to prevent chemotherapy-induced hearing loss in children, according to the health regulator’s website. The approval, posted on the regulator’s website late Tuesday, for Pedmark allows it to be used to reduce the risk of ototoxicity in children aged over one month who have undergone chemotherapy using the drug cisplatin. Cisplatin is used in treating a range of cancers in children such as liver, bone and brain cancer, but can cause permanent hearing loss. Pedmark is now the only approved therapy to prevent cisplatin-induced hearing loss in the United States, with most patients opting for either cochlear implants or hearing aids.
General Electric Co: The company on Tuesday confirmed it has hired Mavi Zingoni to head up the company’s power unit, which comprises its gas, steam and nuclear power businesses. Zingoni, who served as executive managing director of client and low carbon generation business at Spanish energy group Repsol, will report to Scott Strazik, who heads GE’s portfolio of energy businesses. She will take over on Jan. 1 and will be based in the United States, according to an internal memo reviewed by Reuters, which first reported the appointment earlier Tuesday. “Her deep industry experience will play an important role in our future as we continue to work alongside our customers to accelerate the energy transition and work towards the planned spin off GE Vernova,” a GE spokesperson said.
Marathon Petroleum Corp & Valero Energy Corp: The oil refiners are the biggest beneficiaries of the U.S. government’s oil reserve releases, taking nearly half the crude offered, a Reuters analysis of Department of Energy data showed. The Biden administration has opened spigots at the nation’s Strategic Petroleum Reserve (SPR) to lower fuel prices and ease a supply crunch from Russia’s invasion of Ukraine. Awards of about 218 million barrels for the 12 months ended Sept. 30 have tamed market worries and cut energy prices. But they have slashed the reserve to 427.2 million barrels – or about four weeks of demand – the lowest level in about 38 years. This has sparked criticism because some oil was resold to buyers overseas. A few distributions came under congressional mandates while others are pending. The two biggest receivers acquired nearly 98 million barrels so far. Valero, the second largest U.S. refiner by capacity, secured 52.7 million, while top oil processor Marathon Petroleum snapped up 45.2 million barrels.
Medtronic PLC: The U.S. Food and Drug Administration on Tuesday warned that certain types of insulin pump systems manufactured by the company were vulnerable to cyberattacks and that hackers could potentially hamper insulin delivery by accessing the device. The agency issued a cybersecurity risk alert for the Medtronic MiniMed 600 Series insulin pump system, which has several components including an insulin pump and a blood glucose meter that communicate wirelessly. The FDA said it was possible for an unauthorized person to gain access to a pump while it was pairing with other system components, but so far, it was not aware of any reports related to this cybersecurity vulnerability. Medtronic also warned users about the risks and made recommendations including asking them to permanently turn off the “Remote Bolus” feature on the pump, not share device’s serial number with unauthorized personnel or conduct any connection linking of devices in a public place. The company said hackers, however, cannot gain access to the device through internet.
Palantir Technologies Inc: The company announced it signed a deal valued at $20 million over five years to expand its partnership with South Korea’s Hyundai Heavy Industries, one of the world’s largest shipbuilding conglomerates. The conglomerate’s shipbuilding affiliates including Hyundai Heavy will use Palantir’s operating system, known as Foundry, to strengthen data-driven decision making, Palantir’s Chief Operating Officer Shyam Sankar told Reuters. Companies in the export-driven economy, faced with supply chain snarls and volatility for raw material prices, are increasingly seeking to make interconnected decisions with their data that help get immediate results in weeks, Sankar said. “The operators… understand this in their stomach,” he added. “These are companies that have global operations.”
Take-Two Interactive Software Inc: The company said that a hacker had gained access to the help desk platform of its unit 2K Games and sent a malicious link to certain customers. The company urged users not to open any mails or click on any links received from 2K Games Support account and to reset passwords in case they have already clicked on the link. Take-Two said 2K Games’ support portal will remain offline while it continues to address the issue. “We will issue a notice when you can resume interacting with official 2K help desk emails,” it added.
ECONOMIC DATA (EST)
1000 Existing home sales for Aug: Expected 4.70 mln; Prior 4.81 mln
1000 Existing home sales percentage change for Aug: Prior -5.9%
1400 Fed funds target rate: Expected 3-3.25%; Prior 2.25-2.5%
1400 Fed interest on excess reserves: Prior 2.40%
1400 FFR projection-current for Q3: Prior 3.4%
1400 FFR projection-1st year for Q3: Prior 3.8%
1400 FFR projection-2nd Year for Q3: Prior 3.4%
1400 FFR projection-longer for Q3: Prior 2.5%
1400 FFR projection-3rd Year for Q3: Prior 2.1%
EUROPE, ASIA & INDIA
COMPANIES & NEWS
World leaders meeting at the United Nations in New York denounced Russia’s invasion of Ukraine, as Moscow-installed leaders in occupied areas of four Ukrainian regions announced plans to hold referendums on joining Russia in coming days.
The European Central Bank may need to raise interest rates to a level that restricts economic growth in order to cool demand and combat unacceptably high inflation, ECB President Christine Lagarde said on Tuesday.
Germany is nearing a nationalisation of gas importer Uniper in the wake of an energy crisis that has left the government of Europe’s top economy with few other options to keep its industry going.
British power generator Drax has signed a memorandum of understanding with carbon finance firm Respira International which could see Drax sell up to 2 million carbon removal credits from proposed biomass projects in the United States, the companies said.
World leaders meeting at the United Nations in New York denounced Russia’s invasion of Ukraine, as Moscow-installed leaders in occupied areas of four Ukrainian regions announced plans to hold referendums on joining Russia in coming days.
The European Central Bank may need to raise interest rates to a level that restricts economic growth in order to cool demand and combat unacceptably high inflation, ECB President Christine Lagarde said on Tuesday.
Germany is nearing a nationalisation of gas importer Uniper in the wake of an energy crisis that has left the government of Europe’s top economy with few other options to keep its industry going.
British power generator Drax has signed a memorandum of understanding with carbon finance firm Respira International which could see Drax sell up to 2 million carbon removal credits from proposed biomass projects in the United States, the companies said.
India’s Adani Group has pledged shares worth about $12.5 billion in two cement units, days after the conglomerate controlled by billionaire Gautam Adani completed the purchase of stakes in those businesses from Switzerland’s Holcim.
An influential Indian nationalist group will push for limits on entry fees for players of paid online games, potentially turning up the heat on a multi-billion-dollar industry that is preparing to lobby against tougher rules.
Japanese beverages firm Kirin Holdings is in talks to invest $70 million in Indian craft beer maker Bira, four sources told Reuters, doubling down on the fast-expanding South Asian market at a time when it is facing pressure on growth at home.
At least 20 ships are waiting to load around 600,000 tonnes of rice at Indian ports as New Delhi’s surprise export restrictions have trapped cargoes for nearly a fortnight, forcing sellers to pay demurrage charges, industry officials told Reuters.
U.S. private equity giant KKR & Co and India’s Hero Group have agreed to invest $450 million in the motorcycle maker’s renewable energy arm, the companies said on Tuesday, as the Indian firm looks to expand its renewable energy capacity.
Digit Insurance, a company backed by Canadian billionaire Prem Watsa’s Fairfax Group, has had a planned initial public offering (IPO) put on hold, a Securities and Exchange Board of India (SEBI) regulatory document showed on Tuesday.
Ride-hailing company Uber Technologies has asked its drivers in India to ensure backseat seatbelts in their vehicles are accessible to passengers and they work, days after a local business tycoon died in a crash involving his private car.
An influential Indian nationalist group will push for limits on entry fees for players of paid online games, potentially turning up the heat on a multi-billion-dollar industry that is preparing to lobby against tougher rules.
Japanese beverages firm Kirin Holdings is in talks to invest $70 million in Indian craft beer maker Bira, four sources told Reuters, doubling down on the fast-expanding South Asian market at a time when it is facing pressure on growth at home.
At least 20 ships are waiting to load around 600,000 tonnes of rice at Indian ports as New Delhi’s surprise export restrictions have trapped cargoes for nearly a fortnight, forcing sellers to pay demurrage charges, industry officials told Reuters.
U.S. private equity giant KKR & Co and India’s Hero Group have agreed to invest $450 million in the motorcycle maker’s renewable energy arm, the companies said on Tuesday, as the Indian firm looks to expand its renewable energy capacity.
Digit Insurance, a company backed by Canadian billionaire Prem Watsa’s Fairfax Group, has had a planned initial public offering (IPO) put on hold, a Securities and Exchange Board of India (SEBI) regulatory document showed on Tuesday.
Ride-hailing company Uber Technologies has asked its drivers in India to ensure backseat seatbelts in their vehicles are accessible to passengers and they work, days after a local business tycoon died in a crash involving his private car.
Nio Inc: The Chinese electric-car startup is looking to grab a share of Europe’s growing market for electric vehicles by rolling out a battery leasing and swapping network to cut costs for users, its president told Reuters. Nio plans to build 1,000 battery swapping stations outside China by 2025, most of them in Europe, to service the expanded range of EVs it will begin selling this year in Germany and other markets, said Qin Lihong, who is also a Nio co-founder. “We are comprehensively ahead of our competitors in terms of products and services,” Qin said in a telephone interview from Germany on Tuesday. “It’s true there will be more EV models to be launched in Europe in three years, but we are also making more progress.”
Tencent Music Entertainment Group: The Chinese company’s shares started trading at $2.29 each in the company’s Hong Kong listing debut. The online music company announced last week that while New York would remain its primary listing venue it would start trading its shares in Hong Kong. The company carried out a listing by introduction which means no new shares or fresh capital was raised in the transaction. Tencent Music said one of its U.S.-listed shares represented two of its Hong Kong shares. Tencent Music has a market capitalization of $7.76 billion.
TotalEnergies SE: The French energy major expects to pay about $30 billion in terms of taxes and production taxes worldwide this year, its chief executive Patrick Pouyanne told a French parliament committee hearing. Pouyanne said that compared with $16 billion paid in 2021 and $6 billion in 2020. Pouyanne was speaking as a debate rages in Franxe and other European countries over whether oil companies that are making huge profits because of the energy crisis should pay additional taxes. TotalEnergies has been criticized by some activists in France for holding on to many of its assets in Russia despite the invasion of Ukraine. Pouyanne told the hearing that he expected that TotalEnergies would pay taxes on its profits earned in France this year.
Toyota Motor Corp: Over a dozen automakers including Toyota and Nissan, have signed up with a platform for patent licenses from 51 tech companies, aiming to simplify access to wireless technology and avoid costly legal battles. Conflicts have stemmed in part from different views among carmakers, suppliers and tech firms over who should shoulder the cost of licensing. Through independent licensing marketplace Avanci, carmakers gain access to patents for 2G, 3G and 4G technology from the likes of Finland’s Nokia, Sweden’s Ericcson and Taiwan’s Acer for everything from navigation systems to sensors for automated driving. Avanci charges a flat fee of $20 per car, increased this month from $15 previously, with the money distributed among patent holders.
TotalEnergies SE: The French energy major expects to pay about $30 billion in terms of taxes and production taxes worldwide this year, its chief executive Patrick Pouyanne told a French parliament committee hearing. Pouyanne said that compared with $16 billion paid in 2021 and $6 billion in 2020. Pouyanne was speaking as a debate rages in Franxe and other European countries over whether oil companies that are making huge profits because of the energy crisis should pay additional taxes. TotalEnergies has been criticized by some activists in France for holding on to many of its assets in Russia despite the invasion of Ukraine. Pouyanne told the hearing that he expected that TotalEnergies would pay taxes on its profits earned in France this year.
Toyota Motor Corp: Over a dozen automakers including Toyota and Nissan, have signed up with a platform for patent licenses from 51 tech companies, aiming to simplify access to wireless technology and avoid costly legal battles. Conflicts have stemmed in part from different views among carmakers, suppliers and tech firms over who should shoulder the cost of licensing. Through independent licensing marketplace Avanci, carmakers gain access to patents for 2G, 3G and 4G technology from the likes of Finland’s Nokia, Sweden’s Ericcson and Taiwan’s Acer for everything from navigation systems to sensors for automated driving. Avanci charges a flat fee of $20 per car, increased this month from $15 previously, with the money distributed among patent holders.
Vodafone Group PLC: French billionaire telecoms executive Xavier Niel, the founder and majority owner of Iliad, has bought a 2.5% stake in Britain’s Vodafone through an investment vehicle. The vehicle – Atlas Investissement – said Vodafone was an “attractive investment opportunity, as per the quality of its assets portfolio and the solid underlying trends in the global telecommunications sector”. Atlas said it was supportive of Vodafone’s publicly stated intention to pursue consolidation opportunities, as well as its efforts in infrastructure separation.
ECONOMIC DATA (GMT)
0600 United Kingdom PSNB ex-Banks for August: Expected 8.450 bln GBP; Prior 4.944 bln GBP
0600 United Kingdom PSNB, for August: Prior 4.180 bln GBP
0600 United Kingdom PSNCR, for August: Prior -4.693 bln GBP
0600 Sweden Unemployment Rate for August: Prior 6.4%
0600 Sweden Unemployment Rate SA for August: Expected 7.0%; Prior 7.0%
0600 Sweden Total Employment for August: Prior 5.405 mln
0700 Switzerland M3 for August: Prior 1,152,817 mln CHF
1000 United Kingdom CBI Trends – Orders for September: Expected -11; Prior -7
ECONOMIC DATA (GMT)
0600 United Kingdom PSNB ex-Banks for August: Expected 8.450 bln GBP; Prior 4.944 bln GBP
0600 United Kingdom PSNB, for August: Prior 4.180 bln GBP
0600 United Kingdom PSNCR, for August: Prior -4.693 bln GBP
0600 Sweden Unemployment Rate for August: Prior 6.4%
0600 Sweden Unemployment Rate SA for August: Expected 7.0%; Prior 7.0%
0600 Sweden Total Employment for August: Prior 5.405 mln
0700 Switzerland M3 for August: Prior 1,152,817 mln CHF
1000 United Kingdom CBI Trends – Orders for September: Expected -11; Prior -7
Sources (but not limited too) Reuters, CNBC, Globe & Mail, InvestorIntel Corp, Kitco, Refinitiv.
Kevin Thomsen
Vice President – Market Maker – Issuer
Vice President – Market Maker – Issuer
