CANADA
PRE-OPEN
Canadian Futures are higher, tracking their U.S. peers, on rising optimism around the corporate earnings season and the reversal of UK’s fiscal policy. European stocks rose in a revival of risk appetite that analysts attributed to the turnaround in British fiscal policy. Japanese stocks ended up, supported by strong overnight Wall Street performance and positive indications from U.S. futures markets. The U.S. dollarrose, while spot gold edged higher. Oil prices inched lower, on fears of an economic slowdown and lower fuel demand from China as it persists with its stringent zero-COVID policy. Housing starts data is scheduled for release later today.
Canadian Futures are higher, tracking their U.S. peers, on rising optimism around the corporate earnings season and the reversal of UK’s fiscal policy. European stocks rose in a revival of risk appetite that analysts attributed to the turnaround in British fiscal policy. Japanese stocks ended up, supported by strong overnight Wall Street performance and positive indications from U.S. futures markets. The U.S. dollarrose, while spot gold edged higher. Oil prices inched lower, on fears of an economic slowdown and lower fuel demand from China as it persists with its stringent zero-COVID policy. Housing starts data is scheduled for release later today.
COMPANIES & NEWS
Apollo Silver Corp. (TSXV: APGO), announce that drilling at the Calico Silver Project (“Calico” or the “Project”) is well underway, and 13 reverse circulation (“RC”) drill holes have been completed as part of Phase 2 of the 2022 drill program (the “Phase 2 Drill Program”). The Phase 2 Drill Program is one component of the multi-component 2022 Calico Technical Programthat aims to upgrade and expand the Company’s Inferred Mineral Resource Estimate (“MRE”) of 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 grams per tonne (“g/t”) (see news release dated February 9, 2022). Additionally, Apollo has commenced initial groundwater assessment work, which is designed to assess groundwater quality, depth, and well pumping capacity. The program will utilize existing wells and will involve the addition of a new monitoring well on its Waterloo Property which was recently permitted by the County of San Bernardino. “Phase 2 of the 2022 drill program is progressing on schedule and on budget,” Apollo CEO Tom Peregoodoff commented. “The commencement of the groundwater monitoring program is an important milestone as we advance the Calico Project. Understanding the nature and availability of groundwater in the Calico Project area will be a critical component of our strategy to secure water resources required to support future development. As has been our previous experience with obtaining permits for the drill program, we received the permit to drill a new water well in a very timely fashion from the County of San Bernardino.”
Cerrado Gold Inc. (TSXV: CERT), Provided an update on Las Callandrias Heap leach project at its Minera Don Nicolas Mine in Argentina. First production expected in second quarter 2023: Highlights for the project include: Project represents the first stage of the MDN growth program to deliver production rate of approximately 90,000 ounces per annum and All In Sustaining Costs (“AISC”) below US$1,000 per ounce by 2024. Imminent growth to come from the development of heap leach operations at Las Calandrias and subsequently from the Martinetas area to process lower grade material. Las Calandrias first gold pour targeted for 2Q 2023. All engineering and testing completed, including Infill drilling, metallurgical testing and detailed design. Permitting is well advanced and all remaining approvals are expected during Q4 2022. Long-lead items have been ordered and construction to commence in Q4 2022 as planned. Mark Brennan, CEO and Co-Chairman commented “As we prepare to enter the Construction Phase at the Las Calandrias project, work to date has confirmed our expectations of the viability of using heap leach methodologies to more fully exploit the known resources at MDN as seen at neighbouring operations. As a result, we are now one step closer to delivering on the first stage of our production growth strategy at MDN by utilizing lower grade material that would otherwise not be processed. The Calandrias project is the first step in our goal to reach production rates of 90,000 ounces per annum with reduced AISC’s at MDN by the end of 2023.”
Churchill Resources Inc. (TSXV: CRI) is pleased to announce that it has exercised an existing option to acquire a 100% interest in certain mineral properties with prospective nickel, copper and cobalt targets located in the White Bay South region of western Newfoundland, approximately 50 kilometers north-northeast of the Town of Deer Lake (the “Properties”). Prior to, and in connection with, the Company’s go-public transaction in June, 2021, a subsidiary of the Company entered into an option agreement (the “Option Agreement”) with Altius Resources Inc. (“Altius”) to acquire a 100% interest in the Properties, subject to a new 1.6% gross sales royalty on the Properties in favour of Altius (the “Transaction”).
Rugby Resources Ltd. (TSXV: RUG) announced that further to the news release dated September 20, 2022, it has closed the private placement and issued 20,000,000 units (the “Units”) of the Company at a price of $0.10 per Unit for gross proceeds of $2,000,000 (the “Offering”). Each Unit consists of one (1) common share and one half (0.5) common share purchase warrant (a “Half Warrant”). Each full warrant (two (2) Half Warrants together) will entitle the holder thereof to purchase one (1) additional common share of the Company at an exercise price of $0.18 for a period of one (1) year from the Closing Date. Finder’s fees of $18,900 were paid to qualified parties in connection with the Offering. All securities issued pursuant to the Offering are subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws of Canada. Closing of the Offering is subject to receipt of all necessary regulatory approvals and final acceptance by the TSX Venture Exchange. Proceeds of the Offering will be used for exploration and general expenses. MI 61-101 Disclosure Certain insiders of the Company participated in the Offering for an aggregate total of 5,300,000 Units. The participation by such insiders is considered a “related-party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
Stuhini Exploration Ltd. (TSXV: STU), provides an update on 2022 exploration work at the Ruby Creek Project (the “Project” or “Property” or “Ruby Creek”) located 20 kilometres (“km”) east of Atlin, BC, and new projects in Arizona.
2022 Ruby Creek Exploration Highlights
Diamond drilling of 8 holes:
Two of the holes twinned historic holes AD-390 and AD-393, which intercepted 76.2 m of 0.15 g/t Au and 0.42 g/t Ag and 73.2 m of 0.21 g/t Au and 0.28 g/t Ag, respectively. Twinning of the holes was for the purpose of confirming historical results and determining vein orientations.
Five of the holes tested soil gas hydrocarbon (SGHTM) anomalies that may be related to gold mineralization in the intrusion gold target area, and one of the holes tested a conductivity anomaly proximal to the “Adera Corridor” (see January 12th, 2021 news release) to the north of the intrusion gold target area.
One hole, RF 22-08 was drilled to test below the current extent of the polymetallic silver mineralization along the Adera Corridor on the NW flank of the Ruby Creek Molybdenum Deposit.
Further prospecting of silver in soil geochemistry anomalies identified in 2021 ~1 km SE of the Silver Surprise resulting in the discovery of additional silver bearing quartz veins.
Further prospecting of gold in soil anomalies identified in 2021 in the Lakeview area.
Assays for the 2022 Ruby Creek program are pending.
Arizona Staking and Acquisition
In other Company news, Stuhini Exploration Ltd. is pleased to announce that it has obtained by staking and through the acquisition of Mineral Exploration Permits, 4 new properties, covering a total of 3,781 hectares, in the south-east quadrant of Arizona, in an area east of Phoenix and north of Tucson. Based on historical reports, the four properties (Toro, Lindsay, Lightning Box and Butte) are prospective for copper and gold porphyry and related deposits. The properties are within the Laramide Porphyry Belt, which is the host for the famous “Copper Cluster” of world class porphyry deposits of southern Arizona.
Mr. David O’Brien, President & CEO of Stuhini stated: We are pleased with the progress that has been made on executing our exploration goals for this season. Our technical team continues to work hard and methodically on all our greenfield targets as well as our advanced stage Ruby Creek molybdenum project. We are also excited about exploration opportunities for copper-gold porphyry deposits in Arizona and look forward to the potential of what our future exploration efforts could yield.
The geological content of this news release has been reviewed and approved by Andrew Wilkins, P. Geo., a qualified person as defined under the terms of National Instrument 43-101.
Stria Lithium Inc. (TSXV: SRA), announce the execution of a definitive agreement (the “DefinitiveAgreement”) with Cygnus Gold Limited (ASX: CY5) (“Cygnus”) following the execution of a binding term sheet between the parties dated July 26, 2022. Pursuant to the Definitive Agreement, Cygnus has been granted the sole and exclusive option (the “Option”) to acquire up to a 70 % undivided interest in Stria’s Pontax-Lithium property (the “Property”) under a two-stage option for total cash payments of $6 million and exploration expenditure commitments totalling $10 million (the “Transaction”). Following the exercise of the Option, the parties will form a joint venture (the “Joint Venture”) with each of Cygnus and Stria holding an undivided interest of 70 % and 30 % respectively, with Cygnus acting as operator of the Joint Venture. Stria’s interest in the Joint Venture will be free carried until Cygnus delivers a feasibility study on the property.
In consideration for the Option, Cygnus paid a cash consideration of CAD$1 million and subscribed for 1,400,000 common shares of the Company a price of CAD$0.25 per common share, for aggregate gross proceeds of CAD$350,000. The shares issued to Cygnus were issued pursuant to Canadian prospectus exemptions and are subject to a statutory four month and one day hold period. The transactions contemplated herein remain subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance by the TSX-V.
“Stria Lithium is extremely pleased to have finalized their definitive agreement with Cygnus Gold and will now direct its efforts to assisting Cygnus execute on their aggressive development of the Pontax lithium deposit,” said Dean Hanisch Chief Executive Officer of Stria Lithium. “This was an important milestone to complete as winter is rapidly approaching and these conditions are ideal for executing drill programs in the region.”
The majority of businesses and consumers expect that Canada will enter a recession in the next year, while most continue to believe Inflation will remain elevated for several years – a challenging mix for the Bank of Canada that sets the stage for another large interest rate hike next week. The Bank of Canada published a pair of quarterly surveys on Monday showing a sharp drop in business and consumer confidence about the economy as interest rates rise, hitting the housing market and reducing consumer spending power. (G&M).
Enbridge Inc: Said on Monday it has reached an agreement on penalties over its Line 3 oil pipeline replacement project and that it will pay $11 million to various Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa. The Canadian company said $7.5 million of the total will be used to provide financial assurances and fund multiple environmental and resource enhancement projects, as part of the agreements with the Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa. The Minnesota attorney general would file a misdemeanor criminal charge for taking water without a permit at the Clearbrook aquifer, a charge that would be dismissed after the company adheres to one year of compliance with state water rules, Enbridge said in a news release. Line 3, built in the 1960s, carries oil from Edmonton, Alberta, to refineries in the U.S. Midwest, but for years was transporting less than its capacity because of age and corrosion.
ECONOMIC DATA (EST)
0815 House starts, annualized for Sept: Expected 263,000; Prior 267,400
0830 Securities canadians for Aug: Prior C$4.30 bln
0830 Securities foreign for Aug: Prior C$14.83 bln
COMPANIES REPORTING
None
WORLD MARKETS
(07:53 EST)
S&P 500 Index Mini Futures: 3,761.50; up 1.96%; 72.25 points
DJIA Mini Futures: 30,740.00; up 1.69%; 510 points
MSCI Asia, Ex-JP: 450.21; up 1.39%; 6.16 points
EUR/USD: $0.9858; up 0.18%; 0.0018 point
GBP/USD: $1.1387; up 0.26%; 0.0030 point
USD/JPY: 148.85 yen; down 0.13%; 0.19 point
Spot Gold: $1,659.12; up 0.56%; $9.18
U.S. Crude: $86.20; up 0.87%; $0.74
Brent Crude: $92.30; up 0.74%; $0.68
10-Yr U.S. Treasury Yield: 3.9675%; down 0.045 point
10-Yr Bund Yield: 2.2835%; up 0.017 point
DJIA Mini Futures: 30,740.00; up 1.69%; 510 points
MSCI Asia, Ex-JP: 450.21; up 1.39%; 6.16 points
EUR/USD: $0.9858; up 0.18%; 0.0018 point
GBP/USD: $1.1387; up 0.26%; 0.0030 point
USD/JPY: 148.85 yen; down 0.13%; 0.19 point
Spot Gold: $1,659.12; up 0.56%; $9.18
U.S. Crude: $86.20; up 0.87%; $0.74
Brent Crude: $92.30; up 0.74%; $0.68
10-Yr U.S. Treasury Yield: 3.9675%; down 0.045 point
10-Yr Bund Yield: 2.2835%; up 0.017 point
Euro STOXX 50 futures were up 48 points at 3,489.0, FTSE futures added 66 points to 6,994.5, and German DAX futures gained 176 points at 12,850.0, by 0430 GMT.
Asia stocks nudged higher as the dramatic U-turn in British fiscal policy brightened investor sentiment, while the U.S. dollar took a breather at its lowest levels in more than a week as a revival in risk-taking lowered its appeal.
Oil prices steadied as a weaker U.S. dollar lent support, although rising shale production and fears that stubbornly high inflation could lead the world economy into a recession limited gains.
Asia stocks nudged higher as the dramatic U-turn in British fiscal policy brightened investor sentiment, while the U.S. dollar took a breather at its lowest levels in more than a week as a revival in risk-taking lowered its appeal.
Oil prices steadied as a weaker U.S. dollar lent support, although rising shale production and fears that stubbornly high inflation could lead the world economy into a recession limited gains.
US
PRE-OPEN
Wall Street futures were higher, with strong quarterly sales from Johnson & Johnson lifting hopes that upbeat corporate reports could soothe markets worries of a potential recession due to rising inflation and interest rates.
Wall Street futures were higher, with strong quarterly sales from Johnson & Johnson lifting hopes that upbeat corporate reports could soothe markets worries of a potential recession due to rising inflation and interest rates.
COMPANIES & NEWS
Investors are speculating about whether Monday’s big stock surge is the start of a recovery or another pause in the market’s decline, and the answer may depend in part on upcoming quarterly results from heavyweights including Tesla and Netflix.
Oilfield service firms are poised to deliver the strongest third quarter results in years as demand for equipment and services has risen despite supply chain snags and higher costs from inflation, according to analyst forecasts.
Investors are speculating about whether Monday’s big stock surge is the start of a recovery or another pause in the market’s decline, and the answer may depend in part on upcoming quarterly results from heavyweights including Tesla and Netflix.
Oilfield service firms are poised to deliver the strongest third quarter results in years as demand for equipment and services has risen despite supply chain snags and higher costs from inflation, according to analyst forecasts.
Amazon.com Inc: A Moscow court said it had fined Amazon.com 4 million roubles for failing to remove banned content relating to drug use and suicide, the first such penalty in Russia for the U.S. tech giant. Russia has fined other foreign tech firms for not removing content, part of what critics say is a campaign by the Kremlin to restrict the influence of Western technology companies, especially since Moscow sent its armed forces into Ukraine. The Tagansky District Court said it had fined Amazon 4 million roubles in two separate cases, although its statement did not specify what these were. It also fined Amazon’s streaming service Twitch 8 million roubles, also for not removing banned content. Separately, Amazon Web Services (AWS), the cloud computing division of Amazon.com, said on Monday it plans to invest $5 billion in Thailand over the next 15 years to strengthen its infrastructure in the country. Meanwhile, the outcome of Amazon’s fourth union election this year is expected as early as Tuesday, when U.S. labor board officials begin counting ballots that workers in an upstate New York warehouse submitted over the past week.
Boeing Co: The Federal Aviation Administration (FAA) told Boeing that some key documents submitted as part of the agency’s ongoing certification review of the 737 MAX 7 are incomplete and others need a reassessment by the U.S. planemaker. In an Oct. 12 letter to Boeing from FAA official Ian Won seen by Reuters, the agency asked Boeing to reassess some assertions that hazards classified as catastrophic “do not contain human factors assumptions.” The FAA also said it was unable to complete some reviews of Boeing submissions “due to missing and incomplete information regarding human factors assumptions in catastrophic hazard conditions.” The new letter intensifies concerns about the company’s timeline for beginning deliveries of the smaller variant of the best-selling MAX. Boeing said in a statement Monday it “is focused on meeting all regulatory requirements to certify the 737-7 and safety remains the driving factor in this effort.”
Exxon Mobil Corp: Exxon Mobil’s 140,000 barrel per day (bpd) fos-Sur-Mer and 240,000 bpd Port Jerome-Gravenchon oil refineries in France could take 2-3 weeks to fully restart after shutdowns caused by strikes, a company spokesperson said. Strike action over pay at the two refineries, which resulted in a three-week closure, ended late last week. This has allowed Exxon to begin restarting the plants. The outages, coupled with walkouts at oil major TotalEnergies, contributed to supply problems at French petrol stations and resulted in growing queues of motorists worried about supply disruption. A nationwide strike in France on Tuesday has not affected the restart of Exxon’s refineries, the spokesperson said.
General Motors Co: The company’s Cadillac brand on Monday pulled the wraps off the Celestiq, a $300,000-plus flagship electric vehicle that is the brand’s most audacious new model since the 1930 Cadillac Sixteen. Unlike the 16-cylinder roadster that was launched just months after the 1929 crash, the 2024 Celestiq has no monster gasoline engine under its long hood. Instead, it boasts twin electric motors producing 600 horsepower and a 111-kilowatt-hour battery pack shared with GM’s Hummer EV. It is also one of the strangest-looking vehicles ever created by GM. The company’s design boss Mike Simcoe refers to the Celestiq — a long, four-door fastback that is not quite a sedan — as a “spaceship,” adding, “there will be nothing like it on the road.” The hand-built Celestiq, which goes into production late next year, has two things in common with the Sixteen: Customers can spec out the car in intricate detail, and it will be assembled in extremely low numbers.
Intel Corp: Mobileye, Intel’s self-driving car unit, targets a valuation of nearly $16 billion in its initial public offering in the United States, a regulatory filing showed. Mobileye’s initial public offering follows Porsche’s blockbuster debut in Europe and could be an early sign of improving investor sentiment. The move sets the stage for what is expected to be one of the biggest technology listings of this year amid a market rout that has sapped the appetite for deals, as companies struggle with rising interest rates and increased investor scrutiny on profitability after a stellar 2021. Mobileye confidentially filed for its IPO earlier this year and was targeting a $50 billion valuation before the rout in tech compelled many high-flying companies to stomach haircuts in valuation. The company is offering 41 million shares of common stock priced between $18 and $20 per share, aiming to raise up to $820 million, based on the top end of the proposed range of the listing.
Boeing Co: The Federal Aviation Administration (FAA) told Boeing that some key documents submitted as part of the agency’s ongoing certification review of the 737 MAX 7 are incomplete and others need a reassessment by the U.S. planemaker. In an Oct. 12 letter to Boeing from FAA official Ian Won seen by Reuters, the agency asked Boeing to reassess some assertions that hazards classified as catastrophic “do not contain human factors assumptions.” The FAA also said it was unable to complete some reviews of Boeing submissions “due to missing and incomplete information regarding human factors assumptions in catastrophic hazard conditions.” The new letter intensifies concerns about the company’s timeline for beginning deliveries of the smaller variant of the best-selling MAX. Boeing said in a statement Monday it “is focused on meeting all regulatory requirements to certify the 737-7 and safety remains the driving factor in this effort.”
Exxon Mobil Corp: Exxon Mobil’s 140,000 barrel per day (bpd) fos-Sur-Mer and 240,000 bpd Port Jerome-Gravenchon oil refineries in France could take 2-3 weeks to fully restart after shutdowns caused by strikes, a company spokesperson said. Strike action over pay at the two refineries, which resulted in a three-week closure, ended late last week. This has allowed Exxon to begin restarting the plants. The outages, coupled with walkouts at oil major TotalEnergies, contributed to supply problems at French petrol stations and resulted in growing queues of motorists worried about supply disruption. A nationwide strike in France on Tuesday has not affected the restart of Exxon’s refineries, the spokesperson said.
General Motors Co: The company’s Cadillac brand on Monday pulled the wraps off the Celestiq, a $300,000-plus flagship electric vehicle that is the brand’s most audacious new model since the 1930 Cadillac Sixteen. Unlike the 16-cylinder roadster that was launched just months after the 1929 crash, the 2024 Celestiq has no monster gasoline engine under its long hood. Instead, it boasts twin electric motors producing 600 horsepower and a 111-kilowatt-hour battery pack shared with GM’s Hummer EV. It is also one of the strangest-looking vehicles ever created by GM. The company’s design boss Mike Simcoe refers to the Celestiq — a long, four-door fastback that is not quite a sedan — as a “spaceship,” adding, “there will be nothing like it on the road.” The hand-built Celestiq, which goes into production late next year, has two things in common with the Sixteen: Customers can spec out the car in intricate detail, and it will be assembled in extremely low numbers.
Intel Corp: Mobileye, Intel’s self-driving car unit, targets a valuation of nearly $16 billion in its initial public offering in the United States, a regulatory filing showed. Mobileye’s initial public offering follows Porsche’s blockbuster debut in Europe and could be an early sign of improving investor sentiment. The move sets the stage for what is expected to be one of the biggest technology listings of this year amid a market rout that has sapped the appetite for deals, as companies struggle with rising interest rates and increased investor scrutiny on profitability after a stellar 2021. Mobileye confidentially filed for its IPO earlier this year and was targeting a $50 billion valuation before the rout in tech compelled many high-flying companies to stomach haircuts in valuation. The company is offering 41 million shares of common stock priced between $18 and $20 per share, aiming to raise up to $820 million, based on the top end of the proposed range of the listing.
Johnson & Johnson: The U.S. healthcare conglomerate beat analysts’ estimates for third-quarter sales, helped by strong demand for its cancer drug Darzalex and Crohn’s disease drug Stelara. The company tightened its full-year adjusted profit forecast range. J&J is the first drugmaker and medical devices firm to report third-quarter earnings and the maintained forecast could be seen as a sign of demand resiliency. Sales at pharmaceuticals, the company’s largest unit, rose 2.6% to $13.21 billion. That beat estimates of $13.03 billion, according to six analysts polled by Refinitiv. Sales at J&J’s medical devices unit rose 2.1% to $6.78 billion on demand for contact lenses and wound-closure products. The division has been under pressure from extended lockdowns in China and a slow recovery in demand for some non-urgent surgery delayed due to the COVID-19. Total sales for the third-quarter rose 1.9% to $23.79 billion, topping estimates of $23.34 billion, according to Refinitiv IBES data.
Microsoft Corp: The company laid off under 1,000 employees across several divisions this week, Axios reported, citing a source, making it the latest U.S. technology company to cut jobs or slow hiring amid a global economic slowdown. The layoffs affected less than 1% of Microsoft’s total workforce of around 221,000 as of June 30. The company had said in July that a small number of roles had been eliminated and that it would increase its headcount down the line. Microsoft did not immediately respond to a Reuters’ request for comment on the Axios report. Several technology companies, including Meta Platforms, Twitter and Snap have cut jobs and scaled back hiring in recent months as global economic growth slows due to higher interest rates, rising inflation and an energy crisis in Europe.
ECONOMIC DATA (EST)
0915 Industrial Production mm for Sept: Expected 0.1%; Prior -0.2%
0915 Capacity Utilization SA for Sept: Expected 80.0%; Prior 80.0%
0915 Manufacturing Output mm for Sept: Expected 0.2%; Prior 0.1%
0915 Industrial Production yoy for Sept: Prior 3.68%
1000 NAHB Housing Market Index for Oct: Expected 43; Prior 46
COMPANIES REPORTING
Microsoft Corp: The company laid off under 1,000 employees across several divisions this week, Axios reported, citing a source, making it the latest U.S. technology company to cut jobs or slow hiring amid a global economic slowdown. The layoffs affected less than 1% of Microsoft’s total workforce of around 221,000 as of June 30. The company had said in July that a small number of roles had been eliminated and that it would increase its headcount down the line. Microsoft did not immediately respond to a Reuters’ request for comment on the Axios report. Several technology companies, including Meta Platforms, Twitter and Snap have cut jobs and scaled back hiring in recent months as global economic growth slows due to higher interest rates, rising inflation and an energy crisis in Europe.
ECONOMIC DATA (EST)
0915 Industrial Production mm for Sept: Expected 0.1%; Prior -0.2%
0915 Capacity Utilization SA for Sept: Expected 80.0%; Prior 80.0%
0915 Manufacturing Output mm for Sept: Expected 0.2%; Prior 0.1%
0915 Industrial Production yoy for Sept: Prior 3.68%
1000 NAHB Housing Market Index for Oct: Expected 43; Prior 46
COMPANIES REPORTING
Goldman Sachs Group Inc: Expected Q3 earnings of $7.69 per share
Intuitive Surgical Inc: Expected Q3 earnings of $1.12 per share
J B Hunt Transport Services Inc: Expected Q3 earnings of $2.45 per share
Lockheed Martin Corp: Expected Q3 earnings of $6.66 per share
Netflix Inc: Expected Q3 earnings of $2.13 per share
Omnicom Group Inc: Expected Q3 earnings of $1.68 per share
Signature Bank: Expected Q3 earnings of $5.41 per share
State Street Corp: Expected Q3 earnings of $1.78 per share
Truist Financial Corp: Expected Q3 earnings of $1.24 per share
United Airlines Holdings Inc: Expected Q3 earnings of $2.28 per share
Intuitive Surgical Inc: Expected Q3 earnings of $1.12 per share
J B Hunt Transport Services Inc: Expected Q3 earnings of $2.45 per share
Lockheed Martin Corp: Expected Q3 earnings of $6.66 per share
Netflix Inc: Expected Q3 earnings of $2.13 per share
Omnicom Group Inc: Expected Q3 earnings of $1.68 per share
Signature Bank: Expected Q3 earnings of $5.41 per share
State Street Corp: Expected Q3 earnings of $1.78 per share
Truist Financial Corp: Expected Q3 earnings of $1.24 per share
United Airlines Holdings Inc: Expected Q3 earnings of $2.28 per share
EUROPE, ASIA, INDIA
COMPANIES & NEWS
Britain’s new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss‘s economic plan and scaled back her vast energy support scheme on Monday, making a historic policy U-turn to try to stem a dramatic loss of investor confidence.
The preferred bidder to buy out Toshiba has offered to pay less than the widely regarded threshold of 6,000 yen a share, two sources said, indicating the premium for the Japanese conglomerate may not be as rich as investors had hoped.
Rio Tinto forecast annual iron ore shipments at the lower end of its guidance, after third-quarter iron ore deliveries fell amid weak global demand, particularly in top metals consumer China.
Britain’s new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss‘s economic plan and scaled back her vast energy support scheme on Monday, making a historic policy U-turn to try to stem a dramatic loss of investor confidence.
The preferred bidder to buy out Toshiba has offered to pay less than the widely regarded threshold of 6,000 yen a share, two sources said, indicating the premium for the Japanese conglomerate may not be as rich as investors had hoped.
Rio Tinto forecast annual iron ore shipments at the lower end of its guidance, after third-quarter iron ore deliveries fell amid weak global demand, particularly in top metals consumer China.
The European Commission is set to propose another set of emergency measures to tackle high energy prices, but draft proposals suggest they will not include an immediate cap on gas prices as EU countries remain split over the idea.
French trade union have called a nationwide strike this Tuesday, asking for higher salaries amidst decades-high inflation and posing President Emmanuel Macron one of his stiffest challenges since his reelection in May. The strike, which will primarily affect publics sectors such as schools and transportation, would be an extension of the weeks-long industrial action that has disrupted France’s major refineries and put petrol stations‘ supply in disarray.
French trade union have called a nationwide strike this Tuesday, asking for higher salaries amidst decades-high inflation and posing President Emmanuel Macron one of his stiffest challenges since his reelection in May. The strike, which will primarily affect publics sectors such as schools and transportation, would be an extension of the weeks-long industrial action that has disrupted France’s major refineries and put petrol stations‘ supply in disarray.
Credit Suisse Group AG: The bank has approached at least one Middle Eastern sovereign wealth fund for a capital injection, a source said, while some funds are looking at the scandal-hit Swiss bank’s businesses as potential investment opportunities. Abu Dhabi and Saudi Arabia were weighing up, through their sovereign wealth funds, whether to put money into Credit Suisse’s investment bank and other businesses, Bloomberg reported. An investment would be to take advantage of low valuations, it said. Credit Suisse’s investment banking chief, Christian Meissner, will be leaving the bank once it has announced a strategic overhaul on Oct. 27, a source familiar with the situation said. The size and other details of a potential capital injection could not be learned. A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings.
India’s central bank should pause interest rate hikes, despite unacceptably high inflation, to avoid stalling a recovery in economic growth, monetary policy committee member Jayant Varma told Reuters on Monday.
Oil and Natural Gas Corp plans to take a stake in the new Russian entity that will manage the Sakhalin 1 project in the far east as it seeks to retain a 20% share in the asset, three sources familiar with the matter said.
India has sufficient stocks of rice and wheat and the government will sell wheat in the open market if needed to control prices, the most senior civil servant at the Ministry of Consumer Affairs, Food and Public Distribution, said on Monday.
The Serum Institute of India plans to manufacture 20,000 to 30,000 doses of an experimental Ebola vaccine by the end of November for use in trials against an outbreak in Uganda, its developers and a company source said.
ECONOMIC DATA (GMT)
0900 Germany ZEW Economic Sentiments for Oct: Expected -65.7; Prior -61.9
0900 Germany ZEW Current Conditions for Oct: Expected -68.0; Prior -60.5
0900 Italy Trade Balance EU for Aug: Prior 2.466 bln EUR
0900 Italy Global Trade Balance for Aug: Prior -0.361 bln EUR
Sources (but not limited too) Reuters, CNBC, Financial Post, Globe & Mail, InvestorIntel Corp, Kitco, Refinitiv.
