Canadian futures are trending lower on the back of losses in gold prices as investors flocked to safety of the U.S. dollar amid uncertainty over pace of central bank interest rate hikes and a potential recession triggered by it. European equities tumbled on worries surrounding tightening gas supplies from Russia and hawkish signals from the European Central Bank. Most Asian shares ended lower, taking cues from Wall Street’s losses on Friday. Oil prices were higher.
1) Confirmed an increase of bioavailability of XORTX formulation when co-administered with food;
2) Supplemented additional key data to the XORTX pharmacokinetics data set characterizing oral bioavailability of the proprietary formulation; and
3) Built upon the pharmacokinetic and safety database of safety for oxypurinol and XORTX’s proprietary formulation
OPEC+ produced 2.892 million barrels per day (bpd) below their targets in July, two sources from the producer group said, as sanctions on some members and low investment by others stymied its ability to raise output.
0830 New housing price index for July: Prior 0.2%
COMPANIES REPORTING
August 22:
No major reporting
CORPORATE EVENTS
None
EX-DIVIDENDS
Canadian Natural Resources Ltd: Amount C$1.50
Linamar Corp: Amount C$0.20
Manulife Financial Corp: Amount C$0.33
U.S. futures slipped, and the dollar strengthened further as Federal Reserve officials reiterated an aggressive monetary tightening stance ahead of the Fed’s Jackson Hole symposium this week. Gold hit its lowest level in nearly four weeks. European equities tumbled on worries surrounding tightening gas supplies from Russia and hawkish signals from the European Central Bank. Most Asian shares ended lower, taking cues from Wall Street’s losses on Friday. Oil prices were higher.
COMPANIES & NEWS
Federal Reserve policy has sparked big moves in markets this year, but options traders expect few fireworks around the central bank’s annual symposium this week in Jackson Hole, Wyoming.
Credit Suisse AG Group: The company has hired Deutsche Bank’s Dixit Joshi as chief financial officer and promoted Francesca McDonagh to chief operating officer as the Swiss lender’s new boss overhauls the top ranks. Ulrich Koerner, the latest in a string of chief executives at Credit Suisse, is trying to put the bank back on track after years of scandal and losses. Under the reshuffle, Joshi, who was group treasurer at Deutsche Bank, will join on Oct. 1 He had previously worked at Credit Suisse from 1995 to 2003. McDonagh, already announced as CEO of the EMEA region, will, as COO, support Koerner in the steering and strategic development of the group including operational and cost transformation, the bank said. A Credit Suisse spokesperson said Joshi had already left Deutsche Bank. He replaces David Mathers who is stepping down.
BlackRock Inc: The world’s largest asset manager warned the U.S. Securities and Exchange Commission (SEC) this week that its proposed rules aimed at fighting “greenwashing” by fund managers will confuse investors. BlackRock made the claims in a letter filed this week in response to a SEC May proposal to stamp out unfounded claims by funds about their environmental, social and corporate governance (ESG) credentials. The rules also aim to create more standardization around ESG disclosures. While BlackRock acknowledged the need to boost oversight, it questioned the SEC’s demand for more details on how funds should categorize strategies and describe their ESG impact, arguing such details could mislead investors about how much ESG really matters when managers pick stocks and bonds.
Ford Motor Co: A jury in Gerogia has returned a $1.7 billion verdict against the company involving a pickup truck crash that claimed the lives of a couple, the AP reported on Sunday. James Butler Jr., lawyer for the Georgia couple Melvin and Voncile Hill who were killed in April 2014 in the rollover wreck of their 2002 Ford F-250, said on Sunday that jurors in Gwinnett County, northeast of Atlanta, returned the verdict late last week, AP reported. Lawyers for the plaintiffs had submitted evidence of nearly 80 similar rollover wrecks that involved truck roofs being crushed that injured or killed motorists, Butler’s law firm, Butler Prather LLP, said to the news agency. “An award of punitive damages to hopefully warn people riding around in the millions of those trucks Ford sold was the reason the Hill family insisted on a verdict,” AP reported, quoting Butler.
Marsh & McLennan Companies Inc: Broker Marsh, a unit of the company, said it was launching the world’s first dedicated insurance for hydrogen energy projects, as the nascent industry looks to scale up quickly in the fight against climate change. Developed with insurers American International Group and Liberty Specialty Markets, Marsh said the new facility would provide up to $300 million of cover per risk for the construction and start up phases of hydrogen projects globally. The facility would be available to multinational organizations as well as smaller firms and cover both new and existing “blue” and “green” hydrogen projects, the world’s largest insurance broker said.
Signify Health Inc, UnitedHealth Group Inc, Amazon.com, CVS Health & Option Care Health Inc: The companies are bidding for Signify Health, Bloomberg News reported on Sunday, citing two people with knowledge of the matter. UnitedHealth has submitted the highest bid in excess of $30 a share, while Amazon’s offer is close behind, Bloomberg said. Signify will hold a board meeting to discuss the bids, and final bids are expected Sept. 6, Bloomberg said.
UnitedHealth Group, Amazon.com, CVS and Option Care Health are bidding for Signify, Bloomberg News reported on Sunday, citing two people with knowledge of the matter.
Wendys Co: The U.S. Centers for Disease Control and Prevention said it is probing an E.coli bacteria outbreak in four states from an unknown food source, with many of the affected reported to have had sandwiches at Wendy’s. Of the 37 sick, 22 people were said to have consumed Wendy’s sandwiches with romaine lettuce in Michigan, Ohio, Indiana and Pennsylvania in the week before they fell ill, the agency said on Friday. The investigators, however, are yet to confirm if romaine lettuce is the cause and also if the vegetable used in Wendy’s sandwiches was served or sold at other businesses. The burger chain said it is taking the precaution of removing sandwich lettuce from its restaurants in the region.
ECONOMIC EVENTS (EST)
0830 National Activity Index for July: Prior -0.19
COMPANIES REPORTING RESULTS
Nordson Corp: Expected Q3 earnings of $2.44 per share
CORPORATE EVENTS (EST)
1630 Palo Alto Networks Inc: Q4 earnings conference call
1700 Zoom Video Communications Inc: Q2 earnings conference call
EX-DIVIDENDS
Dolby Laboratories Inc: Amount $0.25
Johnson & Johnson: Amount $1.13
Nordson Corp: Amount $0.65
Prudential Financial Inc: Amount $1.20
Welltower OP LLC: Amount $0.61
S&P 500 Index Mini Futures: 4,213.50; down 0.43%; 18 points
DJIA Mini Futures: 33,568.00; down 0.41%; 138 points
Nikkei: 28,771.64; down 0.55%; 158.69 points
MSCI Asia, Ex-JP: 523.55; down 0.63%; 3.31 points
EUR/USD: $1.0040; up 0.04%; 0.0004 point
GBP/USD: $1.1830; up 0.01%; 0.0001 point
USD/JPY: 137.15 yen; up 0.15%; 0.20 point
Spot Gold: $1,744.95; down 0.16%; $2.88
U.S. Crude: $89.53; down 1.37%; $1.24
Brent Crude: $95.42; down 1.34%; $1.30
10-Yr U.S. Treasury Yield: 2.9767%; down 0.011 point
10-Yr Bund Yield: 1.2190%; down 0.007 point
Euro STOXX 50 futures were down 6 points at 3,718, FTSE futures lost 5 points to 7,532, and German DAX futures were 24 points lower at 13,505, by 0430 GMT.
Asian shares slipped and the dollar extended its climb amid angst over global growth as most major banks keep raising rates, while a modest easing by China served only to highlight troubles in its property market.
Oil prices fell, ending three days of gains, on fears aggressive U.S. interest rate hikes may lead to a global economic slowdown and dent fuel demand.
COMPANIES & NEWS
Artillery shells rained down on a city near Europe’s biggest nuclear plant and Russian missiles struck near the Black Sea port of Odesa on Sunday, as Ukraine warned of the potential for more serious attacks by Russia as the war neared its six-month anniversary.
China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin, adding to last week’s easing measures, as Beijing boosts efforts to revive an economy hobbled by a property crisis and a resurgence of COVID cases.
Energy-intensive industries in Italy are modifying their production to save energy as they struggle with soaring bills, a top official at the ecological transition ministry said on Sunday.
COMPANY ANNOUNCEMENTS
None
ECONOMIC EVENTS (GMT)
