Mining Discovery

World Market Updates Daily Edition

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CANADA

PRE-OPEN
Canadian futures are moving lower as investors remained cautious ahead of inflation and retail sales data, while gold prices weighed on the index. European shares fell following a cautious forecast from HSBC, while an upbeat performance in Engie helped trim some losses. Japan’s stock markets ended lower as the country’s manufacturing activity contracted at its fastest pace in 30 months in February. The U.S dollar rose as investors awaited economic data. Brent oil fell, as concern about a global economic slowdown prompted investors to take profits on the previous day’s gains, outweighing supply curbs.
 
 
Tocvan Ventures Corp. (CSE:TOC) (OTC:TCVNF), announce that it has closed the third and final tranche of its previously announced non-brokered private placement of units (“Units”), for gross proceeds of $130,505.00 (the “Offering”). This is in addition to gross proceeds of $507,718.60 previously announced on January 30, 2023 and February 6, 2023. A total of $638,223.60 has been raised in the private placement.
The final tranche Offering consisted of the issuance of an aggregate of 250,971 Units at a price of $0.52 per Unit.  
Each Unit consisted of one common share (“Common Share”) in the capital of the Company and one-half common share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.62, 
for a period of 18 months from the closing of the Offering. 
In connection with the Offering, the Company paid aggregate cash commissions to one arm’s length finder who assisted with the Offering of approximately $13,050.50 and issued 25,097 finder warrants (“Finder Warrants”). Each Finder Warrant is exercisable at a price of $0.52 per Common Share for a period of 18 months from the closing of the Offering.
All securities issued under the Offering are subject to a statutory four month hold period from the closing date of the applicable Canadian securities laws.
The Company currently has 38,538,853 Common Shares outstanding.
“We are excited to close this round of financing that will be utilized to accelerate exploration and development efforts on our projects in Mexico”, commented CEO, Brodie Sutherland. “As bulk sampling and preparation for the next phases of drilling advance, we look forward to updating our shareholders.”
 
Canada Silver Cobalt (TSXV: CCW), CEO Frank Basa was interviewed by Steve Darling from Proactive about recent news from the company including:: 
Spin-out of the Graal property in Quebec into a company called Coniagas Battery Metals with 37% of the shares of Coniagas to be distributed to the shareholders of Canada Silver Cobalt.
New data from Phase 2 drilling at Graal that showed visual estimates of up to 29.90 meters of massive and semi-massive sulphides near the surface.
Strong results from concentrate of Castle Mine Waste rock which showed 11% Cobalt and 4% Nickel.
The acquisition of a large Lithium-Cesium-Tantalum Pegmatite land package near Power Metals Case Lake Project in northern Ontario.
Link to 7-minute video: 
https://www.youtube.com/watch?v=yGk7lC5qwoY  
 
Relevant Gold Corp.  (CSE: RGC) announce results from the 2022 detailed mapping (1:200 scale) and trench sampling program at its Golden Buffalo project, located approximately 40km southwest of Lander, Wyoming, USA (Press Release – November 07, 2022). Sampling of the Golden Buffalo Shear Zone contacts yielded multiple anomalous to high-grade gold (> 1 g/t Au) samples, highlighted by a 4.1 g/t Au result. These results, combined with the recently reported drilling results (Press Release – February 6, 2023), confirm a fertile orogenic gold system exists at Golden Buffalo and provide initial proof of concept for the Company’s broader exploration thesis connecting the Archean rocks of Wyoming to the Abitibi gold belts of Canada during the time of mineralization; approximately 2.65 billion years ago.
“These positive results continue to spotlight Golden Buffalo as an exciting target for more drilling and systematic regional exploration in 2023,” said Rob Bergmann, CEO Relevant Gold Corp. “These high-grade surface results tie well to what we saw in high-grade drill intercepts about 400 m farther east and indicate we are onto a large fertile system at Golden Buffalo.”
The rock chip sampling program focused on N-S and E-W oriented trenches cut along and across the Golden Buffalo Shear Zone and was led by Dr. Dean Peterson, Relevant Gold technical advisor. The results show zones of highest-grade gold mineralization are associated with the primary contacts of the shear (Fig. 1); the same places high-grade gold was intersected in holes 22GB-012 and 22GB-013 (Press Release – February 6, 2023). A total of 64 rock chip and grab samples were submitted for 50g fire assay and multi-element ICP-MS analysis; 15 of 64 samples returned reportable gold and associated geochemical values (Table 1). These findings support a strong relationship between gold mineralization and the margins of major shear structures identified throughout the Company’s 15,095 hectare South Pass land package.
“Extensive arrays of foliation parallel and cross-cutting sulfide-bearing quartz veining occur within the sheared greywacke panels and display the classic brittle-ductile textures that are a key hallmark of orogenic gold systems,” said Dr. Dean Peterson, Technical Advisor to Relevant Gold.
Samples were submitted to the certified ALS Minerals, Inc. laboratory. Samples were prepared at their Twin Falls, Idaho location with fire assays performed at their Reno, NV location and multi-element geochemistry performed at their North Vancouver, Canada location. All samples were fire assayed for gold with the Au-AA24 method using a 50g sample and atomic absorption finish, and also analyzed for multi-element ICP-MS geochemistry using method ME-MS61 with a 4-acid digestion.
ALS employs an internal QA/QC to ensure proper sample preparation and equipment calibration. Additionally, Relevant Gold’s QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample batches to further monitor lab accuracy, precision, and equipment calibration. All results and QA/QC have been reviewed by Mr. Brian Lentz, CPG, who is the Chief Exploration Officer and Qualified Person for the Company.
About Relevant Gold Corp.
Relevant Gold Corp. is a North American gold exploration company founded by experienced exploration geologists and operated by a highly respected team with a proven record of significant value creation for shareholders. Relevant Gold is focused on the acquisition, exploration, discovery, and development of district-scale gold projects in the state of Wyoming – one of the most mining-friendly jurisdictions in the United States and globally.
On behalf of Relevant Gold Corp.,
Rob Bergmann, Chief Executive Officer
 
 
Stuhini Exploration Ltd. (TSXV: STU) (OTC: STXPF) announced it has staked additional mineral claims contiguous with its Ruby Creek Project (“Project” or “Property“) located 14 kilometres (“km”) east of Atlin, BC and wishes to provide a Corporate and Exploration Update.
The Company has acquired by staking 848.1 hectares (“ha”) in 1 new claim block contiguous to the north of its existing Ruby Creek tenures. The new claim, which will be consolidated into the Company’s Ruby Creek Project, is situated in the headwaters of Volcanic Creek and is referred to as the “Volcanic Creek Moly” showing in BC Minfiles. Previous historic exploration work reports molybdenum (“Mo“) mineralization at surface and includes two drill holes drilled by Placer Development Ltd. in 1981. Hole DDH 81-1 intersected 24.38 metres (“m”) of 0.066% MoS(0.040% Mo) starting at a depth of 33.53 m, including 6.10 m of 0.14 MoS2 (0.082 % Mo).
Dave O’Brien, Company President and CEO, stated: “Given the recent notable rise in the price of molybdneum, we are excited to pick up more prospective molybdenum ground contiguous with our Ruby Creek Deposit, especially given the known historical occurrence.” 
In other news, the Company has received all assay results from its summer intrusion gold drill program. No significant gold or silver intercepts were encountered to warrant additional follow-up at this time.
Stuhini also advises that it will be attending both the Metals Investor Forum and the Prospectors and Developers conference(PDAC) in Toronto, Ontario between March 3-8. Dave O’Brien (Chief Executive Officer and President), Ehsan Salmabadi (VP–Exploration) and Charles Kamimura (Corporate Secretary) will be available to meet with investors and potential partners upon request.
We cordially invite you to visit with Company representatives Sunday March 5th through Wednesday March 8th, 2023 at Booth # 3018 within the Investors Exchnge at the 2023 PDAC Convention to be held at the Metro Toronto Convention Centre.
Stuhini will also be presenting and will have a dislay booth at the pre PDAC Metals Investor Forum taking place March 3-4, 2023 at the Delta Hotel located on 75 Lower Simcoe Street, Toronto. 
 

Theralase® Technologies Inc. (TSXV: TLT) (OTCQB: TLTFF), a clinical stage pharmaceutical company focused on the research and development of light activated Photo Dynamic Compounds (“PDCs”) and their associated drug formulations, used to safely and effectively destroy various cancers, bacteria and viruses, is pleased to announce it has been named to the Toronto Stock Exchange (“TSX”) Venture Exchange’s 2023 Venture 50™. The Venture 50™ is an annual ranking of the top-performing companies from five industry sectors; specifically: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining, and Technology. Theralase® was recognized in the Clean Technology and Life Sciences category.

The Venture 50™ ranking is comprised of the top performing companies on the TSX Venture Exchange in 2022, selected based on the equally weighted criteria of: market capitalization, share price appreciation and trading volume. Selected Venture 50™ companies have seen tremendous growth over the past year, offered excellent returns to their shareholders and are actively traded in the market.

Theralase® was previously named a TSX Venture 50™ company in 2015, 2019 and 2020 making this the fourth year Theralase® has been recognized as a top performer in the Clean Technology & Life Sciences sector in the last 8 years.



Sigma Lithium Corp: U.S.-listed shares of the company rose in extended trading on Friday after Bloomberg News reported that Tesla was weighing a takeover of the Canada-based battery metals miner. Tesla has been speaking with potential advisers about a bid, the report said, citing people with knowledge of the matter, and added that Sigma Lithium is one of the many mining options the electric-vehicle maker is exploring as it mulls its own refining. Sigma is finishing construction of a hard rock lithium mine in Brazil that it expects to open by April. The mine will produce spodumene concentrate, which can be used to make lithium hydroxide, a type of the metal preferred by some automakers including Tesla and BMW. 

Royal Bank of Canada: The bank has hired Doug Crofton from Credit Suisse AG as head of cash equities execution for the United States, a source with knowledge of the move told Reuters. Crofton joins the Canadian lender in New York. At Credit Suisse AG, he was most recently co-head of global equities with Neil Hosie. In a memo seen by Reuters, Credit Suisse said last week that Crofton was leaving the bank to pursue other opportunities.

Canadian Imperial Bank of Commerce: The bank said on Friday it will pay $770 million to a vehicle controlled by private equity firm Cerberus Capital Management to resolve a lawsuit tied to the 2008 global financial crisis. The Toronto-based bank announced the settlement after a New York state judge in Manhattan had awarded Cerberus $848 million in damages and interest in the contract dispute. He said that while Cerberus “acted aggressively in its economic self-interest” and benefited from its understanding of “exceedingly complex financial instruments,” CIBC simply interpreted the contracts incorrectly and had not been a “hapless rube led astray.” In Friday’s announcement, CIBC said it has recorded a C$1.17 billion pretax charge in its forthcoming fiscal first-quarter results, representing $855 million of damages and interest through Jan. 31.

First Quantum Minerals Ltd: The Canadian miner said it may halt operations in Panama on Feb. 23 as it approaches a “critical point” of copper storage capacity after the government suspended its loading permissions at a port. “Our team is making all efforts to create additional storage space, but we have run out of available options,” an internal memo sent to employees Friday and seen by Reuters said, requesting the government intervene and allow First Quantum’s anchored ship to be loading copper concentrate. First Quantum Chief Executive Officer Tristan Pascall said on an earnings call Wednesday the company could start shipping immediately after the government gives the green light.

Rogers Communications Inc & Shaw Communications Inc: As Rogers Communications’ long-delayed takeover of Shaw Communications nears its final hurdle, bankers, lawyers and shareholder advisors are preparing to finally pocket a C$100 million-plus fee from the bitterly contested deal. Rogers and Shaw estimated in April 2021 that the transaction would cost C$100 million in total fees, but some bankers and lawyers now expect the payout to be higher due to the lengthy court battle. Rogers declined to provide revised figures. The Rogers-Shaw deal is expected to be the tenth-largest deal in Canadian history since 1995, according to data from Dealogic. Law firms Lax O’Sullivan Lisus Gottlieb represented Rogers, while Davies Ward Phillips & Vineberg and Wachtell are lawyers for Shaw.

Teck Resources Ltd: The Canadian miner said it has changed its name to Teck Metals and would also spin off its steelmaking coal unit as Elk Valley Resources. The Canadian miner also said its fourth-quarter profit missed estimate, partly dented by its overall steelmaking coal business that slumped more than 40% in the reported period. Teck shareholders will receive common shares of EVR in proportion to their shareholdings at an exchange ratio of 0.1 common share of EVR for each Teck share, and about 39 Canadian cents per share in cash for an aggregate of C$200 million. Teck Metals will receive an 87.5% interest in gross revenue royalty from the steelmaking coal business through the transititon period.


ECONOMIC DATA (EST)
0830 CPI inflation mm for Jan: Expected 0.7%; Prior -0.6%
0830 CPI inflation yy for Jan: Expected 6.1%; Prior 6.3%
0830 CPI BoC core yy for Jan: Prior 5.4%
0830 CPI BoC core mm for Jan: Prior -0.3%
0830 CPI mm SA for Jan: Prior -0.1%
0830 Core CPI mm SA for Jan: Prior 0.3%
0830 CPI median for Jan: Prior 5.0%
0830 CPI trim for Jan: Prior 5.3%
0830 CPI common for Jan: Prior 6.6%
0830 CPI NSA for Jan: Prior 153.1
0830 CPI yy SA for Jan: Prior 6.49%
0830 Retail sales mm for Dec: Expected 0.5%; Prior -0.1%
0830 Retail sales ex-autos mm for Dec: Expected -0.1%; Prior -0.6%


COMPANIES REPORTING 
5N Plus Inc: Expected Q4 earnings of 2 cents per share
DREAM Unlimited Corp: Expected Q4 earnings of 99 Canadian cents per share
GFL Environmental Inc: Expected Q4 earnings of 9 Canadian cents per share
Gibson Energy Inc: Expected Q4 earnings of 41 Canadian cents per share
Lucara Diamond Corp: Expected Q4 earnings of 3 cents per share
Ritchie Bros Auctioneers Inc: Expected Q4 earnings of 59 cents per share
Sandstorm Gold Ltd: Expected Q4 earnings of 1 cent per share
Triple Flag Precious Metals Corp: Expected Q4 earnings of 11 cents per share

CORPORATE DATA (EST)
1100 Caldwell Partners International Inc: Annual Shareholders Meeting
1700 DREAM Unlimited Corp: Q4 earnings conference call
1700 Ritchie Bros Auctioneers Inc: Q4 earnings conference call
 
 
 
WORLD MARKETS
(07:29 EST)
image.png
S&P 500 Index Mini Futures: 4,069.75; down 0.43%; 17.75 points
DJIA Mini Futures: 33,735.00; down 0.39%; 131 points
Nikkei: 27,477.52; down 0.2%; 54.42 points
MSCI Asia, Ex-JP: 530.02; down 0.69%; 3.66 points
EUR/USD: $1.0671; down 0.12%; 0.0013 point
GBP/USD: $1.2027; down 0.11%; 0.0013 point
USD/JPY: 134.41 yen; up 0.13%; 0.17 point
Spot Gold: $1,838.65; down 0.14%; $2.49
U.S. Crude: $76.28; down 0.08%; $0.06
Brent Crude: $83.02; down 1.25%; $1.05
10-Yr U.S. Treasury Yield: 3.8496%; up 0.023 point
10-Yr Bund Yield: 2.4575%; up 0.002 point
Euro STOXX 50 futures were down 6 points at 4,273, FTSE futures lost 10 points to 7,971.5, and German DAXfutures dropped 11 points at 15,499, by 0530 GMT.​

Japan’s Nikkei share average edged down after a business survey showed the country’s manufacturing activity contracted at its fastest pace in 30 months in February.

Brent oil fell, reversing the previous day’s gain, as fears that a global economic slowdown, and drop in fuel demand, amid aggressive interest rate hikes by the U.S. central bank prompted investors to take profits.
 
 
 
US

PRE-OPEN
U.S. futures are trading lower on fears that interest rates will remain higher for longer coupled with disappointing results which are adding to the gloomy mood.


Abbott Laboratories: The company said on Friday it received a civil investigative demand in January from the Federal Trade Commission related to a probe of the companies participating in bids for women, infants and children formula contracts. Panicked parents had emptied baby formula aisles at supermarkets last year as a recall of formulas produced at an Abbott facility in Michigan over complaints of bacterial infections worsened a shortage started by pandemic-led supply chain issues. The Wall Street Journal had reported in January that Abbott’s Michigan plant faced a criminal investigation by the Justice Department. On Friday, Abbott said in a regulatory filing that multiple civil lawsuits have been filed against the company regarding its manufacturing of certain powder infant formula products.

Activision Blizzard Inc Microsoft Corp:  Microsoft President Brad Smith will seek to convince EU antitrust regulators at a closed hearing that the U.S. software giant’s $69 billion bid for “Call of Duty” maker Activision Blizzard will boost competition. The hearing will allow Xbox maker Microsoft to gauge the mood among senior EU and national competition officials and European Commission lawyers ahead of the submission of remedies to address antitrust concerns. “I think we will make clear that our acquisition of Activision Blizzard will bring more games to more people on more devices and platforms than ever before,” Smith told reporters on his way to the hearing. Meanwhile, Microsoft said on Friday it will limit chat sessions on its new Bing search engine powered by generative artificial intelligence (AI) to five questions per session and 50 questions per day.

Apple Inc: Foxconn Chairman Liu Young-way departed for a four-day inspection of the company’s iPhone plant in Zhengzhou, China, a source with direct knowledge of the matter said. This will be Liu’s first visit to the world’s largest Apple iPhone factory in his role as chairman, and his main goals are to review conditions after the resumption of production and to extensively exchange views, the source said. Meanwhile, proxy advisory firm Institutional Shareholder Services (ISS) has urged Apple’s investors to vote for its director nominees and the pay packages for top executives, including Chief Executive Tim Cook. 

Boeing Co: The planemaker on Friday awarded Chief Executive Dave Calhoun an incentive worth approximately $5.29 million to induce him to stay throughout the company’s recovery from the twin crises of the COVID-19 pandemic and two deadly 737 MAX crashes that led to the fleet’s grounding. The move suggests Boeing’s current board of directors may not seek to replace Calhoun with a new CEO until at least the mid 2020s, when the company is expected to return to pre-pandemic production rates. The award to Calhoun comes just weeks after Boeing reported its first yearly positive cash flow since 2018. 

Discover Financial Services: The company, a provider of credit cards, told Reuters it will allow its network to track purchases at gun retailers come April, making it the first among its peers to publicly give a date for moving ahead with the initiative, which is aimed at helping authorities probe gun-related crimes. Discover’s announcement came after the International Organization for Standardization (ISO), which decides on the classification of merchant categories used by payment cards, approved in September the launch of a dedicated code for gun retailers. Discover said it will include the new code in its next policy and product update to merchants and payment partners in April. “We remain focused on continuing to protect and support lawful purchases on our network while protecting the privacy of cardholders,” Discover said in its statement to Reuters.

Exxon Mobil Corp: Guyana Vice President Bharrat Jagdeo told Reuters the country plans to take back 20% of the giant Stabroek oil block that has been responsible for a series of massive discoveries from a consortium led by Exxon Mobil, and remarket it by next year. More than 11 billion barrels of oil and gas found to date in the 6.6 million acre block. The group’s contract allows Guyana to reclaim unexplored portions this year, Jagdeo said in an interview from the country’s capital. The Exxon group has missed investment deadlines for portions of the block not under exploration or development, he said, and under terms of the license, Exxon must relinquish a minimum of 20% of the contract area not retained under a exploration or production license. “We are in ongoing discussions with the Government regarding those requirements, in respect to both timing and area,” spokesperson Meghan Macdonald said.
 
Home Depot Inc: Home Depot forecast annual profit below Wall Street expectations as demand for home improvement products dwindle due to soaring inflation, while it grapples with higher costs and a tighter labor market. The No. 1 U.S. home improvement chain posted a surprise drop in fourth-quarter comparable sales, sending its shares down more than 4% in premarket trading. Home Depot said comparable sales fell 0.3% in the fourth quarter ended Jan. 29, compared with analysts’ average estimate of a 0.56% increase. The company said it expects earnings per share to decline in the mid-single digits percentage range for 2023, while analysts were expecting a 0.4% increase to $16.72.

Lockheed Martin Corp: The U.S. Navy has awarded the company a contract worth up to $2 billion related to hypersonic weapon systems, the defense firm said on Friday, amid a global uptick in demand for arms and ammunitions. Under the contract, Lockheed will integrate the Conventional Prompt Strike (CPS) weapon system on to the navy’s ZUMWALT-class destroyer stealth ships. The defense contractor will also provide launcher systems, weapon control, integrated missile components, and platform integration support for the naval platform. The contract comes as the United States and its global rivals have been developing several hypersonic weapons, which travel in the upper atmosphere at more than five times the speed of sound.

Meta Platforms Inc: Facebook on Monday temporarily fought off a collective lawsuit valued at up to 3 billion pounds over allegations the social media giant abused its dominant position to monetise users’ personal data. However, a London tribunal gave the proposed claimants’ lawyers up to six months to “have another go” at establishing any alleged losses by users. Legal academic Liza Lovdahl Gormsen, who is bringing the case, says Facebook users were not properly compensated for the value of personal data they had to provide to use the platform. A spokesperson for Meta said the company welcomed the decision and referred to its previous statement that the lawsuit is “entirely without merit”. 

Pepsico Inc Starbucks Corp: Pepsico recalled more than 25,000 cases of Starbucks chilled coffee drink after glass was found in some of the bottles, the U.S. Food and Drug administration said in a notice. The voluntary recall, which was initiated on Jan. 28, covers more than 300,000 bottles of the Starbucks frappuccino vanilla chilled coffee drink, the FDA said. The FDA classified this as a Class 2 recall, which means the “product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote”, according the agency’s website. Distributed nationwide by PepsiCo, the bottles with expiration dates Mar. 8th, May 29th, Jun. 4th and 10th, have been affected, according to the notice. Seaparately, the tech giant on Sunday announced that it is testing a monthly subscription service, called Meta Verified, which will let users verify their accounts using a government ID and get a blue badge, as it looks to help content creators grow and build communities.
 
Petroleo Brasileiro S.A.: The Brazilian state-run oil company said on Friday its Chief Executive Officer Jean Paul Prates has appointed Sergio Caetano Leite to be the company’s chief financial officer. Petrobras said that Leite holds a master’s degree in economics and management, is a portfolio and fund manager and holds “international experience in the area of ​​investment banking and mergers and acquisitions in Brazil and abroad.” The nominations will be subject to internal corporate governance procedures before being voted by the personnel committee and by the company’s board, the company said in the filing.

Tesla Inc: Lawyers for Elon Musk and a Tesla investor will make closing arguments in a trial over his $56 billion pay package and whether it fueled the electric carmaker’s growth or improperly subsidized Musk’s dream of one day traveling to Mars. The arguments follow a five-day trial in November that featured testimony from the Tesla chief executive about the origins of the 2018 pay package and whether its performance goals were difficult to achieve and accurately described to investors. Musk, who founded rocket company SpaceX, admitted during his testimony that his pay package provided funds he would use to finance interplanetary travel. Separately, the United States National Highway Traffic Safety Administration (NHTSA) said on Monday it has asked the automaker for additional information after one of its vehicles collided with a fire truck in California.

TPG Inc: U.S. private equity firm said on Sunday it and other investors had bought Malaysian private education assets from regional buyout firm KV Asia Capital. TPG said it had acquired a controlling stake in Asia Pacific University of Technology and Innovation, along with co-investors including Malaysian funds, KWAP and EPF. Sources told Reuters last week the deal could be worth more than $300 million.

Uber Technologies Inc: The company said on Monday it will introduce electric vehicles (EVs) in India for ride-sharing, its first move to adopt clean cars amid an Indian government push for greater electrification of public transport and shared mobility. Uber’s fleet partners will buy the EVs from Tata Motors\, India’s biggest electric carmaker, Prabhjeet Singh, president, Uber India and South Asia, said during a phone interview on Monday. “When you’re looking at great transitions, you also don’t want to rush into those without necessarily fully appreciating the economics and trade-offs,” Singh told Reuters. Even with 25,000 EVs, electric cars will still be a fraction of Uber’s current overall active fleet of 300,000 vehicles in India, according to Singh. Uber has set a 2040 target for 100% of its rides to be in zero-emission vehicles, public transport or with micro-mobility, including in India.

United Parcel Service Inc: Coyote Logistics, nonunion freight brokerage subsidiary of the company, on Friday said it was laying off workers as rising interest rates, inflation and a resumption of pre-pandemic consumer spending patterns weaken demand for trucking services. Chicago-based Coyote did not say how many employees would be affected. A Feb. 16 report from transportation news provider FreightWaves said 200 jobs would be eliminated. The demand slowed when restaurant dining reopened, travel resumed and global economies started flashing recession warnings, and now those same companies are slashing jobs. 
 
Walmart Inc: The company forecast full-year earnings below estimates, saying it was cautious about the economic outlook for 2023 and that consumers were likely to continue shopping for lower-priced items that could pressure its margins. Walmart forecast fiscal 2024 earnings of $5.90 to $6.05 per share, compared with analysts’ estimates of $6.50 per share. Still, Walmart reported strong demand in the quarter ended Jan. 31, posting total revenue of $164.05 billion, a 7.3% increase from last year. Analysts had estimated revenues of $159.76 billion. The company’s quarterly attributable net income rose 76.2% to $6.28 billion, helped by unrealized gains in equity and other investments.


ECONOMIC DATA (EST)
0945 S&P Global Manufacturing PMI Flash for Feb: Expected 47.1; Prior 46.9
0945 S&P Global Services PMI Flash for Feb: Expected 47.1; Prior 46.8
0945 S&P Global Composite Flash PMI for Feb: Expected 47.5; Prior 46.8
1000 Existing home sales for Jan: Expected 4.10 mln; Prior 4.02 mln
1000 Existing home sales % change for Jan: Expected 2.0%; Prior -1.5%
 
 
 
 
EUROPE, ASIA, INDIA

Russian President Vladimir Putin was due to make a speech setting out aims for the second year of his invasion of Ukraine, a day after U.S. President Joe Biden walked the streets of Kyiv promising to stand with Ukraine as long as it takes.

Japan’s manufacturing activity contracted at the fastest pace in 30 months in February, a business survey showed, in a worrying sign for the world’s third-largest economy, which is facing weakening demand and struggling to tame cost pressures.

Six people were killed in an earthquake which struck the border region of Turkey and Syria, CNN Turk reported, two weeks after a larger quake killed more than 47,000 people and damaged or destroyed hundreds of thousands of homes.

HSBC Holdings reported quarterly profit rocketed 92%, beating estimates, as rising interest rates swelled net interest income, prompting Europe’s largest bank to offer long-suffering investors a dividend and share buyback bonanza.

Swiss financial regulator Finma is reviewing remarks made by Credit Suisse Group Chairman Axel Lehmannabout outflows from the lender having stabilized in early December, two people with knowledge of the matter told Reuters.

Luxury carmaker Jaguar Land Rover said it is opening three new engineering hubs in Europe to develop autonomous vehicle technologies as part of its partnership with Silicon Valley artificial intelligence company Nvidia.​ 
 
The Indian government has opposed Hindustan Zinc’s $2.98 billion acquisition of assets from the flagship firm of Vedanta Resources, dealing a blow to billionaire Anil Agarwal’s plans to trim down the mining giant’s $7.7 billion net debt.
 
The Reserve Bank of India (RBI) sold anywhere between $2 billion to $3 billion in the forex market in the week to Feb. 10 to prevent the rupee from breaching the 83-per-dollar mark, analysts said, based on calculations after the latest forex reserves data.
 
Adani Group’s billionaire founder Gautam Adani has decided against bidding for a stake in electricity trader PTC India as the beleaguered conglomerate looks to conserve cash amid a short seller attack, Bloomberg News reported on Monday.
 
India on Monday invoked an emergency law to force power plants that run on imported coal to maximise output ahead of an expected record surge in power usage this summer, according to an internal power ministry notice seen by Reuters.
 
India is still one of the world’s most exciting markets for education technology investors, says venture capital firm GSV Ventures, sounding an upbeat tone for a sector still reeling from massive layoffs and a funding crunch.
 
BHP Group Ltd: The global miner reported a steeper-than-expected 32% fall in first-half profit owing to a drop in iron ore prices, sending its shares down, although it flagged a brightening outlook in China, its biggest customer. China’s strict zero-COVID-19 policy curtailed economic activity and dented demand over the past year, driving iron ore prices down from lofty levels, while miners wrestled with surging costs and a tight labour market in Australia. As a result, the world’s largest listed miner reported underlying profit attributable from continuing operations of $6.6 billion, down from $9.72 billion a year earlier. However, its interim dividend of 90 cents per share, while down 40%, beat Vuma Financial’s estimate of 88 cents.
 
Credit Suisse Group AG: The Swiss financial regulator is reviewing remarks made by the bank’s Chairman Axel Lehmann about outflows from the lender having stabilised in early December, two people with knowledge of the matter have told Reuters. Finma is seeking to establish the extent to which Lehmann, and other Credit Suisse representatives, were aware that clients were still withdrawing funds when he said in media interviews that outflows had stopped, said the two people, who asked to remain anonymous because the matter was not public. The regulator is reviewing whether Lehmann’s statements were potentially misleading, said the people, with one adding that Lehmann may not have been briefed correctly before he made those comments. 
 
Equinor ASA: The company has agreed to sell its South Riding Point oil terminal in the Bahamas to Estonian logistics and investment company Liwathon Group, the Norwegian oil and gas producer said. “Since we bought the South Riding Point terminal in 2009, the flow in the oil market in North America has changed significantly for Equinor and the company has increasingly sold crude to other regions globally,” Equinor said in a statement. Liwathon, formerly called AS Vopak, operates four oil liquid terminals in Estonia with a total storage capacity of 6.7 million barrels. Liwathon said in the annual report its operations in Estonian were affected by Estonian and Western sanctions on Russian and Belarusian oil products following Moscow’s invasion of Ukraine a year ago.

HSBC Holdings Plc: The bank dampened investors’ expectations of a sustained income bonanza from rising global interest rates, even after Europe’s biggest bank reported a 92% surge in quarterly profit and pledging more regular dividends and share buybacks. The London-headquartered bank said it would pay a special dividend of $0.21 per share, from the proceeds of the $10 billion sale of its Canada business. HSBC reported pretax earnings of $5.2 billion for the fourth quarter, up from $2.7 billion a year earlier and ahead of the $4.96 billion average estimate of analysts compiled by the bank. Despite the fourth-quarter surge, annual profit fell to $17.5 billion from $18.9 billion for 2021, due to an impairment of $2.4 billion related to the sale of its retail banking operations in France. Additionally, HSBC cut its annual bonus pool by 4% to $3.4 billion in 2022, the bank said, as a global slump in dealmaking led it to trim awards for its bankers.

Koninklijke Philips NV: The  Dutch health technology company’s top management will not take any bonuses for 2022 after a global recall of respiratory devices resulted in a 70% plunge in the company’s market value, it said. Given the company’s performance and negative experience of shareholders and other stakeholders, the current management board has waived any 2022 annual incentive payouts, the company said in its annual report. “2022 was a very disappointing year for Philips and its stakeholders,” it said. In its annual report, Philips said it was in negotiations with the U.S. Department of Justice over a settlement relating to the recall.
 
Stellantis NV: The Franco-Italian carmaker is upbeat about the outlook of its German subsidiary Opel which it believes will be able to keep operating as a separate brand, the company’s Europe chief Uwe Hochgeschurtz told magazine Automobilwoche. “I’m happy with the brand and with its array of products,” Hochgeschurtz was quoted as saying in the interview published on Sunday. “There is great capacity for development.” “Given the lack of truck drivers, there is only limited transport capacity. That’s why we have offered sales people to come and pick up the cars themselves in our depots.” Hochgeschurtz named Latin America, Turkey and North Africa as good export markets for Opel.
 
Toyota Motor Corp: The Japanese automaker will begin producing mid- to large-sized electric sports utility vehicles (SUVs) at its Kentucky plant as early as in summer 2025, aiming for monthly output of more than 10,000 by the year’s end, the Nikkei business daily reported. The company aims to sell about 1 million electric vehicles globally by 2026, according to the report. Toyota spokesperson said the reported details were not something the company had announced, and that there was no decision yet on when EV production would start in the United States. 


ECONOMIC DATA (GMT)
0700 Germany Car Registration mm for Jan: Prior 20.7%
0700 Germany Car Registration yy for Jan: Prior 38.1%
0700 France Car Registration mm for Jan: Prior 18.0%
0700 France Car Registration yy for Jan: Prior -0.1%
0700 United Kingdom Car Registration mm for Jan: Prior -10.1%
0700 United Kingdom Car Registration yy for Jan: Prior 18.3%
0700 United Kingdom PSNB Excluding Banks for Jan: Expected 7.850 bln GBP; Prior 27.402 bln GBP
0700 United Kingdom PSNB for Jan: Prior 26.581 bln GBP
0700 United Kingdom PSNCR for Jan: Prior 17.210 bln GBP
0700 Italy Car Registration mm for Jan: Prior -12.5%
0700 Italy Car Registration yy for Jan: Prior 21.0%
0700 Netherlands Car Registration mm for Jan: Prior 11.1%
0700 Netherlands Car Registration yy for Jan: Prior -12.3%
0700 Switzerland Trade for Jan: Prior 2,827 mln CHF
0700 Sweden Capacity Utilization qq SA for Q4: Prior -0.9%
0700 Sweden Money Market CPIF Inflation 1 Yr for Feb: Prior 4.2%
0700 Sweden Money Market CPIF Inflation 5 Yrs for Feb: Prior 2.3%
0700 Luxembourg Car Registration mm for Jan: Prior -9.1%
0700 Luxembourg Car Registration yy for Jan: Prior -3.4%
0800 Switzerland M3 for Jan: Prior 1,158,262 mln CHF
0815 France S&P Global Manufacturing Flash PMI for Feb: Expected 50.8; Prior 50.5
0815 France S&P Global Services Flash PMI for Feb: Expected 49.9; Prior 49.4
0815 France S&P Global Composite Flash PMI for Feb: Expected 49.9; Prior 49.1
0830 Germany S&P Global Manufacturing Flash PMI for Feb: Expected 48.0; Prior 47.3
0830 Germany S&P Global Services Flash PMI for Feb: Expected 51.0; Prior 50.7
0830 Germany S&P Global Composite Flash PMI for Feb: Expected 50.4; Prior 49.9
0900 Euro Zone S&P Global Manufacturing Flash PMI for Feb: Expected 49.3; Prior 48.8
0900 Euro Zone S&P Global Services Flash PMI for Feb: Expected 51.0; Prior 50.8
0900 Euro Zone S&P Global Composite Flash PMI for Feb: Expected 50.6; Prior 50.3
0930 United Kingdom Flash Composite PMI for Feb: Expected 49.0; Prior 48.5
0930 United Kingdom Flash Manufacturing PMI for Feb: Expected 47.5; Prior 47.0
0930 United Kingdom Flash Services PMI for Feb: Expected 49.2; Prior 48.7
1000 Euro Zone ZEW Survey Expectations for Feb: Prior 16.7
1000 Germany ZEW Economic Sentiment for Feb: Expected 22.0; Prior 16.9
1000 Germany ZEW Current Conditions for Feb: Expected -50.5; Prior -58.6
1100 United Kingdom CBI Trends – Orders for Feb: Expected -14; Prior -17
 
Are you looking to engage an Issuer Designated Market Maker on your Listed Company, to discuss further, please contact me.
 
 
Source (but not limited too) Reuters, CNBC, Financial Post, Financial Times, Globe & Mail, InvestorIntel, Kitco, Refinitiv

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