Today, 24th February 2023 we acknowledge and recognise the One Year Anniversary of Russia’s (unprovoked) Invasion of Ukraine.
This pointless war has seen thousands of innocent, children, women, men and soldiers needlessly lose their lives with millions displaced.
All this invasion has proved, is that war is Hell and Putin is unfit to be a leader.
Our thoughts and prayers go out to the people of Ukraine and by the love of god may we see a speedy (unlikely) end to this atrocity.
CANADA
PRE-OPEN
Canadian futures are lower as investors remained cautious ahead of U.S. inflation data that could offer clues on the Federal Reserve’s rate-hike trajectory. Most European shares were also trading in the red. In Asian equities, Japan’s Nikkei share average posted its biggest jump in a month as chip-related stocks surged and the incoming Bank of Japan governor backed the current easy policy. The U.S. dollar rose, while gold weakened as investors prepared for U.S. interest rates to stay higher for longer after a set of strong U.S. economic data. Oil prices extended gains as Russian output cuts offset rising inventories in the United States.
Tocvan Ventures Corp. (CSE: TOC) (OTCQB: TCVNF) (FSE: TV3) announces the results from surface channel sampling across areas being prepared for the excavation of material for a Bulk Sample at its Pilar Gold-Silver Project in Sonora, Mexico. Channel sampling was completed every 5-meters perpendicular to exposed mineralization and alteration at surface along the Main Zone and 4-T trends. Eight locations were sampled to test varying levels of exposed mineralization, all eight trench locations returned anomalous gold and silver values. At the Main Zone, trench TR-2023-01, seven samples over a 35-meter trend returned an average grade of 2.2 g/t Au and 14.2 g/t Ag, ranging from 8.3 g/t to 0.1 g/t Au. Along trench TR-2023-02, five samples over a 20-meter trend returned an average grade of 2.8 g/t Au and 9.5 g/t Ag, ranging from 7.1 to 0.7 g/t Au. Trench TR-2023-07 consisted of five samples along a 25-meter trend which returned an average grade of 2.2 g/t Au and 30.5 g/t Ag, ranging from 7.3 g/t to 0.1 g/t Au. Along the Main Zone south trend anomalous values of gold and silver were returned at surface where mineralization is known to be more pronounced at depth confirmed by drill hole JES-22-62, which returned 108.6m of 0.8 g/t Au. In total, 37 channel samples were collected across the property; 22 samples returned values above 0.15 g/t Au, including 12 samples above 1.0 g/t Au.
“The results from channel sampling at Pilar are extremely encouraging, exceeding our expectations and showcasing the potential for consistent high-grade gold with silver values for our bulk sampling” stated Brodie Sutherland, CEO. “As we get set for our first bulk sample at Pilar this provides us with confidence in extracting significant grade over the already exposed portions of the mineralization not only at our established Main Zone but also along the 4-T trend.”
Up to 1,000 tonnes of oxide-gold material will be extracted from select areas exposed at surface across the project area, focusing on the Main Zone and 4-T Trends where preliminary column leach studies have returned promising head-grade and recovery results. Bulk Sample material will be extracted and prepared for processing by heap-leach method at a private mining operation less than 25 kilometers to the west of Pilar. Information from the sample will aim to provide a more detailed account of expected head-grade and recovery percentage of gold along with providing key information to optimize future production facilities. In coordination with the Bulk Sample, additional metallurgical sampling will be completed to identify gold characteristics to further improve gold extraction techniques. The process will be managed by an independent qualified professional specializing in the metallurgy of oxide-gold deposits. Total duration of the processing and analysis of the bulk sample is expected to span three to four months depending on the rate of precious metals actively recovered through the heap-leach process. The information provided from the sample will be used for planning in coordination for permitting of full-scale mine and process facilities on-site at Pilar.
Apollo Silver Corp. (TSXV: APGO) reports preliminary results for silver recovery via bottle roll testing from its 2022 Metallurgical Test Program (the “2022 Test Program”) for the Waterloo deposit. The 2022 Test Program, which is one component of the 2022 Calico Technical Program, is an initial investigation in the overall metallurgical program for the Calico Silver Project (“Calico” or the “Project”), located in San Bernardino County, California.
Up to 61% silver recovery using conventional cyanide leaching (bottle roll testing) for ball mill fine grind material (P80 -45 μm). Recovery of up to 72% achieved using a fluoride- assisted leach.
Up to 80% silver recovery from ultra-fine grinding (P100 -25 μm) of the material.
High Pressure Grinding Roll (“HPGR”) product (P80 -1.7 mm) showed a 50 to 100% percent
increased silver recovery over conventional crushed material (P80 -6.3mm).
Silver recoveries are favorable and in line with those of an active operation for a similar style deposit.
These results will be incorporated into the ongoing work to update the Waterloo Property 2022 Mineral Resource Estimate (“MRE”), which forms part of the Calico Project MRE. The resource update is expected to be completed as scheduled in early March.
“These initial metallurgical test program results from the Waterloo property are positive,” commented Apollo’s President and CEO Tom Peregoodoff. “The results show that mineralization at Waterloo responds well to typical processing and recovery technologies, and they are consistent with recoveries at a currently operating silver mine. These results are being incorporated into the ongoing resource estimation work program which we anticipate will be complete in early March. Final results and reporting for the remaining test work for the program are pending, however we expect these to be available in March.”
METALLURGICAL TEST PROGRAM
The 2022 Test Program began in early 2022 using 2 tonnes of material acquired from three diamond drill holes completed on the Waterloo property in 2012 by a previous operator (see news release dated May 3, 2022). The three drill holes are geologically and mineralogically representative of the Waterloo deposit and were collected in three separate areas across the deposit. Objectives of the test work are to assess and verify silver recovery using various communition and extraction methods. This is to provide insight into possible processing methods and to compare results to historic work completed by previous operators in the 1960’s and 1970’s. This test work is one component of the 2022 Calico Technical Program that aims to upgrade and expand the previously announced maiden Inferred MRE at Waterloo of 116 million ounces of silver contained in 38.9 million tonnes at an average grade of 93 g/t, which forms part of the Calico maiden Inferred MRE of 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 g/t (see news release dated February 9, 2022).
Colibri Resource Corporation (TSXV: CBI) report that its option partner Tocvan Ventures (CSE: TOC) has announced a series of high grade gold assays retrieved in trenches as part of its preparations to complete the forthcoming bulk sample at the Pilar Gold & Silver Project in Sonora, Mexico.
“Our option partners have again demonstrated widespread, consistent, and well above average grades of gold in oxidized material at Pilar. A baseline has been set for the near term bulk sample test at Pilar and we look forward to reviewing the results over the coming months,” said Ron Goguen, Chairperson & CEO of Colibri.
Tocvan is in year 4 of a 5-year agreement to earn an initial 51% of Colibri’s Pilar Gold & Silver Project. For full details of Colibri’s agreement with Tocvan please see the Company’s news release dated September 24th, 2019.
Tocvan News Release: (February 23, 2023 – Select excerpts)
Highlights
- Gold values averaging 1.4 g/t, reported up to 8.3 g/t Au
- Silver values averaging 11 g/t, reported up to 65 g/t Ag
- Results will guide Bulk Sampling to produce a representative blend of material from surface at Pilar
Guanajuato Silver Company Ltd. (TSXV:GSVR) (AQUIS:GSVR) provides drill results from the Company’s wholly owned San Ignacio mine in Guanajuato, Mexico.
James Anderson, Chairman and CEO said, “SI22-006 is the best drill hole the Company has drilled at any of its mines recently acquired from Great Panther Mining in August of 2022. With almost five meters of true width intersecting 1,219 g/t AgEq, which includes 0.42m true width of 6,981 g/t AgEq, this may represent a game changing result for the mine. The primary focus of our most recent San Ignacio drill program was to target the Melladito vein system with the goal of extending silver and gold mineralization in the south and north areas of the mine. This outstanding result will be followed up with additional drill holes attempting to follow the down dip extension of the vein within the Company’s 2023 drill campaign. In parallel, we are in the midst of driving a 400-metre access ramp from Melladito to the analogous Purisima vein, which offers the potential for expanded production at San Ignacio.”
The Melladito vein dips to the east, with a true width ranging from 0.25 m to over 19 m; the vein has been delineated to a depth of 350 metres but retains deeper potential. Additionally, the vein often returns proportionately higher gold with lesser silver values. Current production from San Ignacio comes mostly from the Melladito and the Nombre de Dios vein systems.
As part of the Company’s 2023 development program, GSilver is currently developing Ramp 430, which will allow for development and production from the Purisima vein located approximately 400 metres to the east of the Melladito vein; approximately 40% of Ramp 430 has been completed. The Purisima vein mirrors the Melladito vein system and has the potential to considerably impact production as well as overall mine life once the vein is encountered. The new ramp is expected to be finished within six months, which will facilitate production of mineralized material from San Ignacio at an expanded rate of over 12,000 tonnes per month.
Izotropic Corporation (CSE: IZO) (OTCQB:
Dr. John M. Boone, Ph.D., is the founder of breast CT technology at UC Davis Medical Center, from where Izotropic licensed the exclusive global technology rights to develop IzoView. Beginning with a feasibility grant from the National Institutes of Health and approximately $20 million USD in subsequent grant funding, four successive breast CT research scanners were built and tested in clinical trials at The Boone Lab at UC Davis: “We’ve done extensive studies on mammo[graphy], tomosynthesis, and breast CT… As we looked at the data, it was clear that when you have contrast-enhanced breast CT, it can virtually replace all other diagnostic examinations, including mammo[graphy], tomo[synthesis], ultrasound, and even MR (Magnetic Resonance Imaging).” – Dr. John M. BooneDr. Shadi Shakeri, MD, FSBI, a fellowship-trained radiologist, specializes in breast imaging, including digital mammography, tomosynthesis, breast computed tomography, ultrasound, and magnetic resonance imaging. Dr. Shakeri has been in charge of the clinical aspects of breast CT clinical trials since 2017 at UC Davis. Her work has included clinical study design, recruiting, speaking to patients, and viewing and evaluating breast CT images, making her a unique authority on the capabilities and validity of breast CT technology:
Minera Alamos Inc. (TSXV: MAI) announced that further to its news release dated January 31st, 2023, this year’s exploration plans at Santana are underway.
The focus on this year’s drilling plan will be led by discovery drilling on a number of gold bearing breccia pipes in the cluster that comprise the Santana project. Some of these priority targets like Zata and Benjamin West have never been drilled before but have been shown to be gold bearing from several passes of surface sampling programs completed in recent years.
Up to 80 holes totaling 10,000 m of drilling have been laid out by the Company’s exploration team with the first phase of the drilling commencing at Benjamin Hill (5-6 holes) and Benjamin West (2 holes) before moving to Zata (5-8 holes). With two active areas of drilling the Company expects to have the initial assays back from the Benjamin area while drilling continues at Zata enabling the next round of Benjamin drilling to be properly informed by the results received.
Benjamin West is several hundred meters west of the Benjamin Hill target and has never been drilled. Several passes of surface sampling of the outcropping breccia have returned grab assays as high as samples MC-1945 (15.28 g/t Au) and MC-1942 (20.88 g/t Au) within a cluster of 28 samples greater than 0.12 g/t Au that averaged 1.59 g/t Au. The target sits close to the andesite, quartz monzonite and tertiary sediment contacts that appear to be a highly prospective contact across the property.
Zata has a surface expression of roughly 400m by 400m where surface rock chip samples have confirmed mineralization with grades up to 2 g/t gold. The zone appears to be consistent with the type of feldspar porphyry system exposed at the Nicho Norte starter pit area.
Total meterage will depend on results received but the planned program is well within the Company’s budgets aided by a low cost of drilling due to the utilization of Minera’s own drill rig at site.
Reunion Gold Corporation (TSXV: RGD) announce that G Mining Services Inc. (“G Mining”) has been chosen to provide full engineering and project development services for its Oko West Project in Guyana. The Company is already working with G Mining towards the release of a maiden mineral resource estimate (“MRE”) on the Kairuni zone, by around mid-year 2023. The services to be provided by G Mining would follow up on the MRE and include a planned Preliminary Economic Assessment (“PEA”) on the Oko West Project. G Mining will be available to be drawn upon by the Company if warranted, for pre-feasibility and feasibility studies, as well as basic and detailed engineering and procurement, construction and commissioning services.
In 2023, Reunion Gold plans to complete phase 1 step out and infill drilling of the Kairuni zone to outline the full extent of the open pit mineralized envelope of this zone. The following tasks will be to complete the MRE by mid-year and the PEA study around year-end 2023. In parallel with this, the Company will continue to explore three additional priority exploration targets on the Oko West Project, including the Takatu zone, which represents the southern 4 km of the same sheared contact that contains the Kairuni zone. The Company’s objective is to outline additional potential areas of gold mineralization at Oko West in the near term, such that any additional potential resource ounces could be added into future studies.
Stuhini Exploration Ltd. (TSXV: STU) (OTCPK: STXPF) announces a non-brokered private placement (“Private Placement“) of up to 4,000,000 units of the Company (“Units“) at a price of $0.40 per Unit (the “Issue Price“) for gross proceeds to the Company of up to $1,600,000 The Company is pleased to advise that Eric Sprott has agreed to purchase $1,000,000 of Units under the Private Placement.
Dave O’Brien, Company President and CEO, stated: “We are very pleased with Mr. Sprott’s continued support as a key shareholder. His investment is a strong endorsement for the Ruby Creek Molybdenum deposit as well as the outlook for molybdenum going forward. The price of molybdenum has tripled since the summer of 2021, and we believe the Ruby Creek Project is a world class deposit.” See news release dated March 15, 2022announcing the molybdenum mineral resource estimate and technical report dated April 22, 2022 filed on SEDAR.
Each Unit will consist of one common share (each a “Common Share“) of the Company and one half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant is exercisable into one Common Share at a price of $0.50 per Common Share for a period of two years following the closing of the Private Placement.
The net proceeds of the Private Placement will be used: (i) to fund the final cash payment of $640,000 under the option agreement pursuant to which the Company was granted a right to acquire a 100% interest in the Ruby Creek Property; and (ii) for general exploration, corporate and administrative expenses.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSXV. All securities to be issued pursuant to the Private Placement will have a hold period of four months and one day from the closing of the Private Placement.
SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q) announced that it has completed the earn-in requirements to hold a 75% interest in the Olson property (the “Olson Project“) and an undivided 100% interest in the Cathro property (the “Cathro Project“) from Eagle Plains Resources Ltd. (TSX-V: EPL) (“EPL“). EPL will retain an underlying 2% NSR on the Cathro Project. The Olson Project area covers 11,219 hectares located within the Trans Hudson Corridor, 20km northwest of Deschambault Lake, Saskatchewan and 80km south of SSR Mining’s Seabee Gold Operation. The Cathro Project area covers 3,277 hectares located approximately 50km northeast of La Ronge, Saskatchewan.
Sherman Dahl, President & CEO of SKRR commented:
“The completion of both the Olson Gold Project and the Cathro Gold Project option exercise requirements demonstrates our long-term commitment to precious metals in the under explored, but highly mineralized province of Saskatchewan. In addition, SKRR is committed to the exciting battery metals sector. Our nickel exploration portfolio has also grown and the highly experienced team at SKRR is exploring other options to add to the battery metals portfolio in 2023.”
White Gold Corp. (TSXV: WGO, OTCQX: WHGOF, FRA: 29W) reports additional assay results from its 2022 diamond drilling program on the Ryan’s Surprise and Ulli’s Ridge targets, as well as rotary air blast (RAB) drilling results from previously undrilled targets along the Ryan’s Trend, a 6.5km long north-northwest striking zone of anomalous gold and arsenic in soils (Figure 1). The Ryan’s Surprise and Ulli’s Ridge targets are located approximately 2km west of the Company’s flagship Golden Saddle and Arc deposits and 11km south of the Company’s VG deposit. The Golden Saddle and Arc deposits have a combined mineral resource of 1,139,900 ounces Indicated at 2.28 g/t Au and 402,100 ounces Inferred at 1.39 g/t Au(1) and the VG deposit hosts an Inferred gold resource of 267,600 ounces at 1.62 g/t Au(2). These assays represent additional positive results from the Company’s $6 million 2022 exploration program on its extensive and underexplored 350,000 hectare land package in the emerging White Gold District, Yukon, supported by strategic partners including Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC).
“We are very pleased to see the significant extension of mineralization at the Ryan’s Surprise almost doubling its strike length as well as the discovery of gold mineralization at multiple other targets in first ever drilling along this underexplored trend which has now encountered gold mineralization over a length of 5.5km. The abundance of gold mineralization and its vicinity to our flagship gold deposits is very encouraging for the continued expansion of our significant gold resources in this area. Overall 2022 was an was a very successful year in which we continued to demonstrate the growth potential of our flagship project, which ranks amongst the largest high grade gold deposits in the Yukon, and also expand our exciting new high grade Betty discovery, contiguous to Newmont’s Coffee Project and Western Copper and Gold’s Casino project,“ stated David D’Onofrio, CEO.
Canadian Imperial Bank of Commerce: The bank reported a fall in its first-quarter profit, weighed down by higher provisions and legal charges to settle a lawsuit tied to the 2008 global financial crisis. CIBC set aside C$295 million in provisions for credit losses in the reported quarter, up C$220 million from a year-ago period. CIBC kicked off the first-quarter earnings season for major Canadian banks on Friday. It posted an overall net profit of C$432 million, or C$0.39 per share, compared with C$1.87 billion, or C$2.01 per share, seen a year ago. The bank saw a 14% decline in its personal and business banking that was partly offset by a 13% jump in its capital markets unit.
ECONOMIC DATA (EST)
1100 Budget balance for Dec: Prior -C$3.38 bln
1100 Budget year-to-date for Dec: Prior -C$3.55 bln
COMPANIES REPORTING
Boralex Inc: Expected Q4 earnings of 33 Canadian cents per share
Canadian Imperial Bank of Commerce: Expected Q1 earnings of C$1.70 per share
CI Financial Corp: Expected Q4 earnings of 75 Canadian cents per share
Fiera Capital Corp: Expected Q4 earnings of 33 Canadian cents per share
Sprott Inc: Expected Q4 earnings of 36 cents per share
CORPORATE DATA (EST)
0800 Canadian Imperial Bank of Commerce: Q1 earnings conference call
0800 Mandalay Resources Corp: Q4 earnings conference call
0830 Hudbay Minerals Inc: Q4 earnings conference call
0900 Centerra Gold Inc: Q4 earnings conference call
0900 Argonaut Gold Inc: Q1 earnings conference call
1000 Pembina Pipeline Corp: Q4 earnings conference call
1000 Lundin Gold Inc: Q4 earnings conference call
1000 Northland Power Inc: Q4 earnings conference call
1000 Fiera Capital Corp: Q4 earnings conference call
1000 CI Financial Corp: Q4 earnings conference call
1000 Sprott Inc: Q4 earnings conference call
1000 Osisko Gold Royalties Ltd: Q4 earnings conference call
1100 Enerplus Corp: Q4 earnings conference call
1100 Boralex Inc: Q4 earnings conference call
1100 Onex Corp: Q4 earnings conference call
1100 Baytex Energy Corp: Q4 earnings conference call
1130 Eldorado Gold Corp: Q4 earnings conference call
1400 Plaza Retail REIT: Q4 earnings conference call
1600 Sienna Senior Living Inc: Q4 earnings conference call
EX-DIVIDENDS
Lassonde Industries Inc: Amount C$0.70
WORLD MARKETS
(08:02 EST)
S&P 500 Index Mini Futures: 4,014.75; down 0.1%; 4 points
DJIA Mini Futures: 33,146.00; down 0.11%; 36 points
Nikkei: 27,427.70; up 1.19%; 323.38 points
MSCI Asia, Ex-JP: 518.62; down 0.88%; 4.58 points
EUR/USD: $1.0599; up 0.02%; 0.0003 point
GBP/USD: $1.2022; up 0.06%; 0.0007 point
USD/JPY: 134.62 yen; down 0.08%; 0.10 point
Spot Gold: $1,824.70; up 0.11%; $2.06
U.S. Crude: $75.99; up 0.80%; $0.60
Brent Crude: $82.84; up 0.77%; $0.63
10-Yr U.S. Treasury Yield: 3.8703%; down 0.01 point
10-Yr Bund Yield: 2.4680%; down 0.003 point
Euro STOXX 50 futures were up 21 points at 4,286, FTSE futures added 27 points to 7,924, and German DAXfutures gained 53 points at 15,558, by 0530 GMT.
Japan’s Nikkei share average rose the most in a month, rebounding from a one-month low hit in the previous session, as chip-related stocks surged and the incoming Bank of Japan governor backed the current easy policy.
Oil prices extended gains for a second session as the prospect of lower exports from Russia offset rising inventories in the United States.
DJIA Mini Futures: 33,146.00; down 0.11%; 36 points
Nikkei: 27,427.70; up 1.19%; 323.38 points
MSCI Asia, Ex-JP: 518.62; down 0.88%; 4.58 points
EUR/USD: $1.0599; up 0.02%; 0.0003 point
GBP/USD: $1.2022; up 0.06%; 0.0007 point
USD/JPY: 134.62 yen; down 0.08%; 0.10 point
Spot Gold: $1,824.70; up 0.11%; $2.06
U.S. Crude: $75.99; up 0.80%; $0.60
Brent Crude: $82.84; up 0.77%; $0.63
10-Yr U.S. Treasury Yield: 3.8703%; down 0.01 point
10-Yr Bund Yield: 2.4680%; down 0.003 point
Euro STOXX 50 futures were up 21 points at 4,286, FTSE futures added 27 points to 7,924, and German DAXfutures gained 53 points at 15,558, by 0530 GMT.
Japan’s Nikkei share average rose the most in a month, rebounding from a one-month low hit in the previous session, as chip-related stocks surged and the incoming Bank of Japan governor backed the current easy policy.
Oil prices extended gains for a second session as the prospect of lower exports from Russia offset rising inventories in the United States.
US
PRE-OPEN
US futures are moving lower ahead of U.S. inflation data, due later in the day, that could offer clues on further monetary policy tightening by the Federal Reserve.
Investors are watching consumer spending data, due out this morning, for another point of evidence in the Federal Reserve’s ongoing effort to bring down inflation. As the major averages are all headed for a down week, despite posting gains on Thursday.
U.S. Treasury Secretary Janet Yellen said that U.S. inflation was coming down but there was still more work to do to bring it in line with the Federal Reserve’s 2% annual target.
Adobe Inc: The U.S. Justice Department is preparing an antitrust lawsuit to block software maker Adobe’s $20 billion bid for cloud-based designer platform Figma, Bloomberg News reported on Thursday, citing people familiar with the matter. Responding to the report, Adobe said it and Figma were in different product areas, with Figma focusing on interactive designs. “We are engaged in constructive and cooperative discussions with regulators in the US, UK and EU among others. We continue to expect to close the transaction in 2023,” the company said in a statement.
Alphabet Inc: U.S. Justice Department lawyers say that the tech giant destroyed internal corporate communications and have asked a federal judge to sanction the company as part of the government’s antitrust case over its search business. The DOJ asserted in a court filing unsealed in a Washington, D.C., federal court on Thursday that Google failed to timely suspend a policy allowing the automatic, permanent deletion of employees’ chat logs. Google said in a statement on Thursday it “strongly” refuted the DOJ’s allegations. “Our teams have conscientiously worked for years to respond to inquiries and litigation,” a spokesperson said. Google said it has “produced over 4 million documents in this case alone, and millions more to regulators around the world.”
Boeing Co: The company has temporarily halted deliveries of its 787 Dreamliner jets as the U.S. planemaker conducts additional analysis on a fuselage component, the Federal Aviation Administration (FAA) said on Thursday. Deliveries will not resume until the FAA is satisfied that the issue has been addressed, the agency said. “There is no immediate safety or flight concern for the in-service fleet,” Boeing said. “While near-term deliveries will be impacted, at this time we do not anticipate a change to our production and delivery outlook for the year.” On the other hand, relatives of people killed in two Boeing 737 MAX crashes on Thursday appealed a U.S. judge’s rejection of their bid to prosecute the planemaker by reopening or dismissing Boeing’s January 2021 deferred prosecution agreement.
Eli Lilly & Co & Nektar Therapeutics: Nektar said on Thursday its experimental drug, developed in collaboration with Eli Lilly, to treat autoimmune disease systemic lupus erythematosus (SLE), had failed a mid-stage study. The drug, rezpeg, did not meet the primary goal of a 4-point reduction on SLEDAI-2K score, a global scoring index that measures disease activity in SLE patients and ranges from 0 to 105. Nektar said Lilly does not intend to advance the drug for a late-stage study, but they will work together to determine the next steps for the planned mid-stage of the drug in patients with skin condition, atopic dermatitis.
Adobe Inc: The U.S. Justice Department is preparing an antitrust lawsuit to block software maker Adobe’s $20 billion bid for cloud-based designer platform Figma, Bloomberg News reported on Thursday, citing people familiar with the matter. Responding to the report, Adobe said it and Figma were in different product areas, with Figma focusing on interactive designs. “We are engaged in constructive and cooperative discussions with regulators in the US, UK and EU among others. We continue to expect to close the transaction in 2023,” the company said in a statement.
Alphabet Inc: U.S. Justice Department lawyers say that the tech giant destroyed internal corporate communications and have asked a federal judge to sanction the company as part of the government’s antitrust case over its search business. The DOJ asserted in a court filing unsealed in a Washington, D.C., federal court on Thursday that Google failed to timely suspend a policy allowing the automatic, permanent deletion of employees’ chat logs. Google said in a statement on Thursday it “strongly” refuted the DOJ’s allegations. “Our teams have conscientiously worked for years to respond to inquiries and litigation,” a spokesperson said. Google said it has “produced over 4 million documents in this case alone, and millions more to regulators around the world.”
Boeing Co: The company has temporarily halted deliveries of its 787 Dreamliner jets as the U.S. planemaker conducts additional analysis on a fuselage component, the Federal Aviation Administration (FAA) said on Thursday. Deliveries will not resume until the FAA is satisfied that the issue has been addressed, the agency said. “There is no immediate safety or flight concern for the in-service fleet,” Boeing said. “While near-term deliveries will be impacted, at this time we do not anticipate a change to our production and delivery outlook for the year.” On the other hand, relatives of people killed in two Boeing 737 MAX crashes on Thursday appealed a U.S. judge’s rejection of their bid to prosecute the planemaker by reopening or dismissing Boeing’s January 2021 deferred prosecution agreement.
Eli Lilly & Co & Nektar Therapeutics: Nektar said on Thursday its experimental drug, developed in collaboration with Eli Lilly, to treat autoimmune disease systemic lupus erythematosus (SLE), had failed a mid-stage study. The drug, rezpeg, did not meet the primary goal of a 4-point reduction on SLEDAI-2K score, a global scoring index that measures disease activity in SLE patients and ranges from 0 to 105. Nektar said Lilly does not intend to advance the drug for a late-stage study, but they will work together to determine the next steps for the planned mid-stage of the drug in patients with skin condition, atopic dermatitis.
EOG Resources Inc: The U.S. shale oil firm on Thursday missed quarterly profit estimates, hurt by higher costs and lower demand and prices for crude, sending its shares down 4.2% in extended trading. The Houston, Texas-based company expects full-year 2023 capital budget between $5.8 billion and $6.2 billion, and production volume between 944,000 boepd and 1.03 million boepd. It reported an adjusted profit of $3.30 per share for the three months ended Dec. 31, compared with analysts’ average estimate of $3.37 per share. Meanwhile, total quarterly revenue of $6.72 billion beat market estimates of $6.62 billion.
Exxon Mobil Corp: The U.S. oil major is attempting to start the new crude distillation unit (CDU) at its 369,024 barrel-per-day (bpd) Beaumont, Texas, refinery, people familiar with plant operations said on Thursday. Exxon hopes to put the first oil in the new $2 billion 250,000-bpd CDU C over the weekend in the initial startup of the unit, which will increase the refinery’s capacity by 68% once it is in full operation, the sources said. Exxon has said it plans to bring CDU C to full production by the end of the first quarter. When CDU C reaches full production, the Beaumont refinery will be at least the second-largest in capacity in the United States.
Exxon Mobil Corp: The U.S. oil major is attempting to start the new crude distillation unit (CDU) at its 369,024 barrel-per-day (bpd) Beaumont, Texas, refinery, people familiar with plant operations said on Thursday. Exxon hopes to put the first oil in the new $2 billion 250,000-bpd CDU C over the weekend in the initial startup of the unit, which will increase the refinery’s capacity by 68% once it is in full operation, the sources said. Exxon has said it plans to bring CDU C to full production by the end of the first quarter. When CDU C reaches full production, the Beaumont refinery will be at least the second-largest in capacity in the United States.
Ford Motor Co: The automaker said on Thursday it has promoted Sam Wu to head up its China business as the U.S. automaker seeks to reverse a more than five-year sales slump in the world’s largest auto market. Wu will move up to the role of president and chief executive of Ford China from his current position as its managing director and chief operating officer on March 1, Ford said in a statement. He takes over from Anning Chen, who will retire from the company on Oct. 1.
Goldman Sachs Group Inc: The company is expecting potential losses from legal proceedings to be up to $2.3 billion more than the reserves it had set aside for such matters as of last year, the investment bank. Goldman has been targeted with lawsuits ranging from the bank’s role in Malaysia’s 1MDB sovereign wealth fund scandal to the collapse of Archegos Capital Management in 2021. A long-running gender bias lawsuit alleging widespread bias against women in pay and promotions at the Wall Street bank is also expected to head to trial later this year.
Goldman Sachs Group Inc: The company is expecting potential losses from legal proceedings to be up to $2.3 billion more than the reserves it had set aside for such matters as of last year, the investment bank. Goldman has been targeted with lawsuits ranging from the bank’s role in Malaysia’s 1MDB sovereign wealth fund scandal to the collapse of Archegos Capital Management in 2021. A long-running gender bias lawsuit alleging widespread bias against women in pay and promotions at the Wall Street bank is also expected to head to trial later this year.
HF Sinclair Corp: The U.S. refiner posted a quarterly profit compared with loss a year ago as the U.S. oil refiner benefited from higher margins amid tight supplies and robust demand. HF Sinclair said its gross margin for the October-December quarter stood at $23.47 per produced barrel compared with $8.70 per barrel a year earlier. The company’s refinery throughput, or the amount of crude processed, rose 45.5% to 673,110 barrels per day, while utilization stood at 92.7% compared with 83.6% a year earlier. The company said net income attributable to stockholders stood at $587 million, or $2.92 per share, in the fourth quarter compared with a loss of $39.5 million, or 24 cents per share, a year earlier.
JPMorgan Chase & Co: The company should disclose more about Chief Executive Jamie Dimon’s role in business decisions related to Jeffrey Epstein, the U.S. Virgin Islands said in its lawsuit accusing the bank of aiding in the financier’s sex trafficking. The U.S. Virgin Islands called Dimon “a likely source of relevant and unique information” about decisions to retain Epstein as a client, and discussions on Epstein’s referrals of prominent and wealthy potential clients. According to the filing, the business referral relationship continued after Epstein stopped being a client.
ECONOMIC DATA (EST)
0800 Building permits number for Jan: Prior 1.339 mln
0800 Building permits change mm for Jan: Prior 0.1%
0830 Personal income mm for Jan: Expected 1.0%; Prior 0.2%
0830 Personal consumption real mm for Jan: Prior -0.3%
0830 Consumption adjusted mm for Jan: Expected 1.3%; Prior -0.2%
0830 Core PCE price index mm for Jan: Expected 0.4%; Prior 0.3%
0830 Core PCE price index yy for Jan: Expected 4.3%; Prior 4.4%
0830 PCE price index mm for Jan: Prior 0.1%
0830 PCE price index yy for Jan: Prior 5.0%
1000 U Mich Sentiment Final for Feb: Expected 66.4; Prior 66.4
1000 U Mich Conditions Final for Feb: Prior 72.6
1000 U Mich Expectations Final for Feb: Prior 62.3
1000 U Mich 1-year inflation final for Feb: Prior 4.2%
1000 U Mich 5-year inflation final for Feb: Prior 2.9%
1000 New home sales units for Jan: Expected 0.620 mln; Prior 0.616 mln
1000 New home sales change mm for Jan: Prior 2.3%
JPMorgan Chase & Co: The company should disclose more about Chief Executive Jamie Dimon’s role in business decisions related to Jeffrey Epstein, the U.S. Virgin Islands said in its lawsuit accusing the bank of aiding in the financier’s sex trafficking. The U.S. Virgin Islands called Dimon “a likely source of relevant and unique information” about decisions to retain Epstein as a client, and discussions on Epstein’s referrals of prominent and wealthy potential clients. According to the filing, the business referral relationship continued after Epstein stopped being a client.
ECONOMIC DATA (EST)
0800 Building permits number for Jan: Prior 1.339 mln
0800 Building permits change mm for Jan: Prior 0.1%
0830 Personal income mm for Jan: Expected 1.0%; Prior 0.2%
0830 Personal consumption real mm for Jan: Prior -0.3%
0830 Consumption adjusted mm for Jan: Expected 1.3%; Prior -0.2%
0830 Core PCE price index mm for Jan: Expected 0.4%; Prior 0.3%
0830 Core PCE price index yy for Jan: Expected 4.3%; Prior 4.4%
0830 PCE price index mm for Jan: Prior 0.1%
0830 PCE price index yy for Jan: Prior 5.0%
1000 U Mich Sentiment Final for Feb: Expected 66.4; Prior 66.4
1000 U Mich Conditions Final for Feb: Prior 72.6
1000 U Mich Expectations Final for Feb: Prior 62.3
1000 U Mich 1-year inflation final for Feb: Prior 4.2%
1000 U Mich 5-year inflation final for Feb: Prior 2.9%
1000 New home sales units for Jan: Expected 0.620 mln; Prior 0.616 mln
1000 New home sales change mm for Jan: Prior 2.3%
EUROPE, ASIA, INDIA
Incoming Bank of Japan Governor Kazuo Ueda said the central bank must maintain ultra-low interest rates to support the fragile economy, warning of the dangers of responding to cost-driven inflation with monetary tightening.
The war in Ukraine entered its second year with no end in sight and Russia isolated at the United Nations in a vote demanding its forces withdraw, while G7 leaders are set to coordinate on more help for Ukraine.
Japan’s core consumer inflation hit a fresh 41-year high in January as companies passed on higher costs to households, data showed, keeping the central bank under pressure to phase out its massive stimulus programme.
U.S. health regulators have approved Sanofi SA’s therapy to treat a type of inherited bleeding disorder known as hemophilia A, the French drugmaker said on Thursday, and expects to launch it in the United States in April.
Climate and human rights activists sued two of France’s biggest corporations over fossil fuel financing and alleged human rights abuses on Thursday, as campaigners increasingly turn to lawsuits to push big companies to change their behaviour.
French car parts maker Valeo on Thursday forecast strong sales growth this year, as record 2022 orders helped by demand for car electrification and driving assistance technology helped it navigate a challenging year for the automotive sector.
The war in Ukraine entered its second year with no end in sight and Russia isolated at the United Nations in a vote demanding its forces withdraw, while G7 leaders are set to coordinate on more help for Ukraine.
Japan’s core consumer inflation hit a fresh 41-year high in January as companies passed on higher costs to households, data showed, keeping the central bank under pressure to phase out its massive stimulus programme.
U.S. health regulators have approved Sanofi SA’s therapy to treat a type of inherited bleeding disorder known as hemophilia A, the French drugmaker said on Thursday, and expects to launch it in the United States in April.
Climate and human rights activists sued two of France’s biggest corporations over fossil fuel financing and alleged human rights abuses on Thursday, as campaigners increasingly turn to lawsuits to push big companies to change their behaviour.
French car parts maker Valeo on Thursday forecast strong sales growth this year, as record 2022 orders helped by demand for car electrification and driving assistance technology helped it navigate a challenging year for the automotive sector.
Global finance leaders will tally the economic damage from Russia’s war in Ukraine on Friday as they meet on the conflict’s first anniversary with some voicing concerns that more sanctions on Moscow would disrupt a modest improvement in growth.
The chief executive of Zee Entertainment Enterprises has challenged insolvency proceedings initiated against the company by India’s bankruptcy court, according to a statement from his office on Thursday.
Risks to India’s growth are higher than the risk of further inflation as major drivers of price increases are dissipating, justifying a pause in further rate hikes, Jayant Varma, an external member of the country’s monetary policy panel said on Thursday.
Low-cost airline IndiGo is negotiating the purchase of “several hundred aircrafts” from Airbus, French Finance Minister Bruno Le Maire said in comments published by Les Echos on Thursday.
Indian Finance Minister Nirmala Sitharaman and U.S. Treasury Secretary Janet Yellen discussed strengthening multilateral development banks, global debt vulnerabilities and crypto assets on the sidelines of the G20 finance chiefs meeting on Thursday, the finance ministry said.
ECONOMIC DATA (GMT)
0700 Germany GDP Detailed QQ SA for Q4: Expected -0.2%; Prior -0.2%
0700 Germany GDP Detailed YY NSA for Q4: Expected 0.5%; Prior 0.5%
0700 Germany GDP Detailed YY SA for Q4: Expected 1.1%; Prior 1.1%
0700 Germany GfK Consumer Sentiment for Mar: Expected -30.4;Prior -33.9
0730 Switzerland Non-Farm Payrolls for Q4: Prior 5.362 mln
0745 France Consumer Confidence for Feb: Expected 80; Prior 80
0800 Sweden Overall Sentiment for Feb: Prior 82.3
0800 Sweden Consumer Confidence SA for Feb: Prior 56.3
0800 Sweden Manufacturing Confidence for Feb: Prior 99.5
0800 Sweden Total Industry Sentiment for Feb: Prior 86.3
0900 Austria Purchasing Managers Index for Feb: Prior 48.4
ECONOMIC DATA (GMT)
0700 Germany GDP Detailed QQ SA for Q4: Expected -0.2%; Prior -0.2%
0700 Germany GDP Detailed YY NSA for Q4: Expected 0.5%; Prior 0.5%
0700 Germany GDP Detailed YY SA for Q4: Expected 1.1%; Prior 1.1%
0700 Germany GfK Consumer Sentiment for Mar: Expected -30.4;Prior -33.9
0730 Switzerland Non-Farm Payrolls for Q4: Prior 5.362 mln
0745 France Consumer Confidence for Feb: Expected 80; Prior 80
0800 Sweden Overall Sentiment for Feb: Prior 82.3
0800 Sweden Consumer Confidence SA for Feb: Prior 56.3
0800 Sweden Manufacturing Confidence for Feb: Prior 99.5
0800 Sweden Total Industry Sentiment for Feb: Prior 86.3
0900 Austria Purchasing Managers Index for Feb: Prior 48.4
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Source (but not limited too) Reuters, CNBC, Financial Post, Financial Times, Globe & Mail, InvestorIntel Corp, Kitco, Refinitiv
