CANADA
PRE-OPEN
Canadian futures fall on weaker gold prices as the U.S. dollarstrengthened. U.S. stock index futures were down as investors worried about a global downturn from aggressive rate hikes by central banks. European shares tumbled as a host of companies warned about the effect of rising inflation and costs on their businesses. Japan’s Nikkei ended higher, led by drugmakers, while Chinese stocks tracked losses in global markets. Oil prices firmed on indications that OPEC+ might cut output. Canada’s GDP data for July is scheduled for release.
COMPANIES & NEWS
Goldshore Resources Inc. (TSXV: GSHR), announced assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project”).
Highlights:
Results for five holes, drilled to infill historic but poorly surveyed drill sections in the Main Zone, have confirmed higher-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of:
192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051, including
62m @ 1.49 g/t Au from 113m and
48.7m @ 1.29 g/t Au from 208.3m
11.85m @ 1.87 g/t Au from 441.15m depth in MMD-22-041
28.0m @ 1.51 g/t Au from 580.0m depth in MMD-22-046, including
11.0m @ 3.45 g/t Au from 587.0m
9.75m @ 1.78 g/t Au from 282.55m depth in MMD-22-047
34.25m @ 1.03 g/t Au from 209.0m depth in MMD-22-049, including
3.8m @ 6.98 g/t Au from 239.45m
President and CEO Brett Richards stated: “As we have been discussing for some time, the continued results of intersecting wide zones of +1 g/t Au mineralization underpin our belief that the Moss Lake Deposit has potential to develop an initial high-grade phase 1 open pit within the larger low-grade open pit operation. It can be seen that the projected grade shell of +1.0 g/t Au is significant at this early stage, and we will look to further explore these high grade areas, as we continue with our program.”
Cornish Metals Inc. (TSX-V/AIM: CUSN), announced that it has released its unaudited financial statements and management, discussion and analysis (“MD&A”) for the six months ended July 31, 2022. The reports are available under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website (www.cornishmetals.com). Highl
Completion of 10,159 meters of drilling at the United Downs exploration project with assay results from the program confirming management’s belief in the potential to develop a Mineral Resource in the United Downs project area;
Four main targets were drill-tested: UD Lode, United Mines, Mount Wellington and Trenares Lode, with all four targets returning results warranting further follow-up drilling (news release dated August 23, 2022);
Completion of financing for gross proceeds of £40.5 million ($65.1 million based on closest available exchange rate), including a strategic investment by Vision Blue Resources of £25.0 million ($40.1 million), to advance the South Crofty tin project to a potential construction decision (news releases dated March 27, 2022 and May 23, 2022);
Issuance of a second tranche of common shares pursuant to the restructuring of the deferred consideration relating to the acquisition of the South Crofty tin project and associated mineral rights in Cornwall (news release dated May 29, 2022);
Commencement of a drill program in July 2022 to collect samples for metallurgical testwork as part of the Feasibility Study, with the program likely to be between 8,000 and 12,000 meters of drilling (news release dated July 10, 2022);
Key positions were filled to the South Crofty project management team, including Project Manager for the construction and commissioning of the water treatment plant, Feasibility Study Manager and Project Engineer;
All substantial component parts of the water treatment plant ordered with construction expected to commence before the end of October 2022; and
Mr. Tony Trahar nominated by Vision Blue Resources as its representative on the Board (news release dated June 5, 2022).
Direct Communication Solutions, Inc. (CSE: DCSI), a leading provider of information technology solutions for the Internet of Things (IoT) market, is excited to announce it has been nominated for the Gurtam 2022 IoT Project of the Year. Gurtam facilitates the leading GPS monitoring developer platform with 300+ professionals from different countries who contribute their knowledge and experience to the development and evolution of innovative products.
DCS cloud-based solutions offered under the Smart ESG Program enabled clients to meet the State of California’s air quality and climate requirements set by the California Air Resources Board (CARB). In addition to meeting the Environment, Social, and Governance (ESG) goals, our solutions provide tamper-proof data analytics that increases operation efficiency for the end users to improve scheduling, routing, and monitoring at a cost-effective price.
With global ESG Assets projected to hit $50 Trillion AUM by 2025, according to Bloomberg, we believe the demand for IoT in ESG Assets Tracking and Monitoring will continue to grow. According to Reportlinker.com the global IoT-based Asset Tracking and Monitoring market size will reach $6.7 Billion by 2028. The market growth rate is forecasted to be 10.7% from 2022 to 2028.
“Being a California-based company, we are thrilled to support the US logistic and transportation industry in reducing the toxic emissions and attain health-based air quality standards, starting with the State of California,” said Mike Lawless, EVP of Sales. “It is part of the core focus of the Smart ESG Program to reduce expenses, increase efficiency and while having a positive ESG impact.”
DCS is committed to enhancing the Smart ESG Program through innovative solutions like supporting the CARB requirements for reducing toxic emissions. This solution is a finalist for the IoT project of the Year due to the significant impact it provides in reducing the effects of climate change generated by the transportation and logistics industry. By being nominated, DCS increases the chances to gain additional recognition with the regulators and obtain additional opportunities to provide our customers with the needs of ESG compliance, operation efficiency, and technological innovations.
Infinitum Copper Corp. (TSXV:INFI), reported results from diamond drilling at its flagship project, La Adelita in Sonora and Sinaloa states, Mexico. Drill hole AD-22-0019 returned 32.25 metres (m) of 1.01% copper (Cu), 0.52 grams per tonne (g/t) gold (Au) and 39.69 g/t silver (Ag) or 1.74% copper equivalent (CuEq)1 starting at 36.65 m downhole in the Cerro Grande zone.
Drill holes AD-22-0019 and AD-22-0020A were collared on the same pad, approximately 110 m south of previously reported holes AD-22-0017 and 0018 (See News Release September 13, 2022). At 32.25 m true width, the reported interval in drill hole AD-22-0019 is 58% wider than the comparative interval in hole AD-22-0018 to the north. In both areas, the highest grade copper-gold-silver mineralization is associated with semi-massive to massive magnetite and is still open along strike and to depth.
“Combining the results from Infinitum and predecessor drilling shows well mineralized skarn at Cerro Grande ranging from 3 to 36 metres true thickness, over 250 metres depth, a strike length exceeding 200 metres, and is still open in all directions. Now we have discovered that the western limb of the La Adelita Anticline is also strongly mineralized, and the axial plane in between lights up as a very strong conductor in our geophysical survey. The truly impressive scale of the high-grade La Adelita system is starting to be revealed” said Steve Robertson, President and CEO of Infinitum Copper. “The higher gold values to the south and strong geophysical anomalies that are untested near surface and at depth give us a plethora of worthy targets, so we are full of anticipation for our next round of drilling”.
Rafael Gallardo, Senior Exploration Manager, states “The association of our highest copper-gold-silver grades with pervasive magnetite skarn is a very positive development since magnetite is much easier to detect remotely than the often-associated copper, gold and silver.
Lomiko Metals Inc. (TSX.V: LMR), announced the third round of analytical results from the infill and extension exploration drill program at its wholly-owned La Loutre Graphite property, located approximately 180 kilometres northwest of Montréal in the Laurentian region of Québec. The La Loutre graphite project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The drilling was supervised by Québec-based, independent geological consultant Breakaway Exploration Management Inc. and was operated under ECOLOGO requirements and compliance protocols, as Lomiko is ECOLOGO certified. Please see the press release issued on March 23, 2022 for more details about Lomiko’s ECOLOGO certification.
Belinda Labatte, CEO and Director stated: “Our team is very excited to see that the results from the 14 holes drilled at the northern end of the EV Zone in 2022 demonstrate strong graphite mineralization over significant widths. Many holes intersected high grades over 110-to-120-metre intervals. The number of holes confirms the potential of this area for additional graphite resources. We look forward to more results in the next 21 holes in the EV zone which will be released as more assays are received. Our vision is to become a responsible operator and part of a climate success story in Southern Quebec.”
Highlights
First initial drill results from the northern part of EV Zone show very thick mineralization zones with high grades in 8 out of 10 mineralized holes.
Several wide intervals of near-surface, high-grade flake graphite mineralization including 11.02% Cg over 120.00m from 32.0 to 152.0m in hole LL-22-032 including 48.0m at 15.58% Cg from 50.0 to 98.0m.
Second best result of 8.73% Cg over 110.5m from 81.5 to 192.0m in hole LL-22-019 Including 69.0m at 12.09% Cg from 102.5 to 171.5m
Numerous intersections remain open; additional assay results pending including holes LL-22-022, -024, 025, -026, -029, -030, -032 and -033
Northeastern limit of graphite mineralization defined with holes LL-22-27& LL-22-028
EV Zone shows a robust trend and remains open to the northwest in holes LL-22-019 & LL-22-022…..
iMetal Resources Inc. (TSX.V:IMR) is pleased to announce mobilization of a drill rig to Gowganda West (“GW”) for the fall 2022 drilling campaign. GW is an exploration-stage gold project about 100 km south-southeast of Timmins, Ontario, contiguous to Aris Gold Corp.’s Juby Project in the Shining Tree Camp of the southern part of the Abitibi Greenstone Gold Belt; contiguous also with the Knight project that is part of the Strategic Partnership between Orefinders Resources Inc. and Agnico Eagle.
Pan Global Resources Inc. (TSXV: PGZ), announce that drilling is underway at the Hornitos and La Jarosa targets and that multiple new targets have been identified for drill testing at the Company’s 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain… Tim Moody, Pan Global President and CEO states: “Drilling has continued at Escacena with up to four drill rigs operating since January. The current plan includes testing at least six new targets in the Escacena Project in addition to continuing to expand the copper and tin mineralization at La Romana. We are excited at the potential to make further copper discoveries with drilling now initiated on several new targets, all within 5km of our near-surface La Romana copper-tin discovery. Ongoing exploration continues to generate multiple high-priority drill targets. Drilling is underway at the Hornitos and La Jarosa targets and is due to commence shortly at the Pilar, Zarcita and La Romana Deep targets. This is the first time most of the new targets will be drill tested. The fact that we are already seeing evidence of copper, lead and zinc mineralization in some of our first holes on new targets at Hornitos and La Jarosa is very encouraging with assay results awaited. Assay results are also pending for 14 drill holes at the La Romana discovery.”
Mr. Moody added: “Pan Global is in a strong financial position and remains well funded to allow drilling to continue at an aggressive pace into 2023.”
Southern Silver Exploration Corp. (TSXV: SSV),reports that at the Company’s annual general meeting held on September 26, 2022, the shareholders resolved to:
Elect incumbent directors: Lawrence Page, K.C., D. Roger Scammell, Eugene Spiering, Nigel Bunting, Larry Buchanan, Peter Cheesbrough, Gina Jones and Russell Ball.
Reappoint Smythe LLP, Chartered Accountants as auditor of Southern Silver.
Approve the Company’s 2022 rolling incentive stock option plan pursuant to which a maximum of 10% of the issued shares will be reserved for issuance under the plan. The plan now provides that an option term may be extended in the event of a self-imposed formal blackout period. In such case, the option would expire 10 days after the expiry of the blackout period. The plan also now includes a provision permitting a broker-assisted “cashless exercise” of stock options. The plan is subject to TSX Venture Exchange acceptance.
The following officers were reappointed subsequent to the annual general meeting: Lawrence Page, K.C. as President, Robert Macdonald as Vice President, Exploration, Graham Thatcher as Chief Financial Officer, and Arie Page as Corporate Secretary.
Thermal Energy International Inc. (TSXV: TMG) an innovative cleantech company and global provider of proprietary energy and carbon emissions reduction solutions to some of the world’s largest corporations, has announced its financial results for the year ended May 31, 2022. All figures are in Canadian dollars.
Year-End Highlights:
Revenue: $15.9 million for the year and $4.4 million for the quarter, a 19% increase compared to the same quarter last year.
EBITDA: $(758) thousand for the year, $203 thousand for the quarter
Net loss of $(1,838) thousand for the year, $(149) thousand for the quarter
Cash and working capital balances is at $2.6 million and $2.8 million respectively
Order backlog $4.9 million as at May 31, 2022 and $10.3 million as at September 27, 2022
TRU Precious Metals Corp. (TSXV: TRU), Thursday, September 29th, from 9:00 to 9:20 AM EST, InvestorTalk.com with Joel Freudman.
Leading OPEC+ members have begun discussions about an oil output cut at the group’s next meeting on Oct. 5, three sources told Reuters.
ECONOMIC DATA (EST)
0830 GDP mm for July: Expected -0.1%; Prior 0.1%
0830 Average weekly earnings for July: Prior 3.52%
COMPANIES REPORTING
None
CORPORATE DATA (EST)
1100 TransGlobe Energy Corp: Shareholders Meeting
EX-DIVIDENDS
Dye & Durham Ltd: Amount C$0.01
KP Tissue Inc: Amount C$0.18
Laurentian Bank of Canada: Amount C$0.45
Transcontinental Inc: Amount C$0.22
Winpak Ltd: Amount C$0.03
ECONOMIC DATA (EST)
0830 GDP mm for July: Expected -0.1%; Prior 0.1%
0830 Average weekly earnings for July: Prior 3.52%
COMPANIES REPORTING
None
CORPORATE DATA (EST)
1100 TransGlobe Energy Corp: Shareholders Meeting
EX-DIVIDENDS
Dye & Durham Ltd: Amount C$0.01
KP Tissue Inc: Amount C$0.18
Laurentian Bank of Canada: Amount C$0.45
Transcontinental Inc: Amount C$0.22
Winpak Ltd: Amount C$0.03
WORLD MARKETS
(07:56 EST)
S&P 500 Index Mini Futures: 3,734.25; up 0.06%; 2.25 points
DJIA Mini Futures: 29,765.00; up 0.05%; 15 points
Nikkei: 26,385.26; up 0.81%; 211.28 points
MSCI Asia, Ex-JP: 459.02; up 1.19%; 5.38 points
EUR/USD: $0.9688; down 0.49%; 0.0047 point
GBP/USD: $1.0811; down 0.73%; 0.0079 point
USD/JPY: 144.51 yen; up 0.24%; 0.34 point
Spot Gold: $1,653.14; down 0.38%; $6.31
U.S. Crude: $81.78; down 0.45%; $0.37
Brent Crude: $88.87; down 0.50%; $0.45
10-Yr U.S. Treasury Yield: 3.7665%; up 0.06 point
10-Yr Bund Yield: 2.1155%; down 0.021 point
DJIA Mini Futures: 29,765.00; up 0.05%; 15 points
Nikkei: 26,385.26; up 0.81%; 211.28 points
MSCI Asia, Ex-JP: 459.02; up 1.19%; 5.38 points
EUR/USD: $0.9688; down 0.49%; 0.0047 point
GBP/USD: $1.0811; down 0.73%; 0.0079 point
USD/JPY: 144.51 yen; up 0.24%; 0.34 point
Spot Gold: $1,653.14; down 0.38%; $6.31
U.S. Crude: $81.78; down 0.45%; $0.37
Brent Crude: $88.87; down 0.50%; $0.45
10-Yr U.S. Treasury Yield: 3.7665%; up 0.06 point
10-Yr Bund Yield: 2.1155%; down 0.021 point
Euro STOXX 50 futures were up 20 points at 3,352, FTSE futures added 31.5 points to 7,044.5, and German DAX futures were higher 95 points at 12,299, by 0430 GMT.
Asian share markets rose after Britain’s central bank launched an emergency bond buying programme to stabilise a furious sell-off in gilts, though trade was skittish and sterling remained under pressure.
Oil prices retreated slightly after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment.
Asian share markets rose after Britain’s central bank launched an emergency bond buying programme to stabilise a furious sell-off in gilts, though trade was skittish and sterling remained under pressure.
Oil prices retreated slightly after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment.
US
PRE-OPEN
Wall Street futures fell as investors worried about a global downturn from aggressive rate hikes by central banks.
COMPANIES & NEWS
Airlines canceled almost 2,000 U.S. flights for Thursday after Hurricane Ian hit Florida’s Gulf Coast with catastrophic force in one of most powerful U.S. storms in recent years.
More big U.S. companies have tied their CEO pay to climate goals but few give executives much incentive to make significant emissions cuts, a new study shows.
Alphabet Inc: Google will set up its first cloud region in Greece, the company said, giving a boost to the country’s efforts to become a world cloud computing hub. The deal is estimated to contribute some 2.2 billion euros to Greece’s economic output and create some 20,000 jobs by 2030, Prime Minister Kyriakos Mitsotakis said. Since taking office in 2019, Mitsotakis’s conservative government has stepped up moves to diversify the economy and attract foreign investment and high tech companies to the country which emerged from a decade-long financial crisis in 2018. “Today, we are very pleased to be announcing our first cloud region in Greece which will provide storage and cloud services for Google customers,” said Adaire Fox-Martin, president of Google Cloud International, announcing the investment at an event in Athens. The investment would enable organisations to better use their data, help improve low latency and ensure users’ security in the face of cybersecurity threats, she said.
Amazon.com Inc: The online retailer’s warehouse and transportation workers will receive an increased average starting pay of more than $19 per hour from $18, Amazon.com said on Wednesday. The wage hike would help the company attract and retain workers in a tightening U.S. labor market as the peak season for gifting gets underway. Amazon said the pay hikes would cost the company nearly $1 billion over the next year. Employees will now earn between $16 and $26 per hour depending on their position and location in the United States, the company added. Amazon’s minimum wage for hourly employees in the U.S. remains $15, a spokesperson told Reuters. The online retailer’s decision also comes as some workers continue to push to unionize Amazon facilities in the United States. Only one Amazon facility has voted to unionize so far. Earlier on Wednesday, Amazon announced new devices including a lineup of voice-controlled devices, an updated e-reader which users can write on and a contactless gadget that can monitor people’s sleep. Separately, the company is planning to close several call centers in the United States in a move toward remote working, Bloomberg News reported on Wednesday citing people familiar with the matter.
Airlines canceled almost 2,000 U.S. flights for Thursday after Hurricane Ian hit Florida’s Gulf Coast with catastrophic force in one of most powerful U.S. storms in recent years.
More big U.S. companies have tied their CEO pay to climate goals but few give executives much incentive to make significant emissions cuts, a new study shows.
Alphabet Inc: Google will set up its first cloud region in Greece, the company said, giving a boost to the country’s efforts to become a world cloud computing hub. The deal is estimated to contribute some 2.2 billion euros to Greece’s economic output and create some 20,000 jobs by 2030, Prime Minister Kyriakos Mitsotakis said. Since taking office in 2019, Mitsotakis’s conservative government has stepped up moves to diversify the economy and attract foreign investment and high tech companies to the country which emerged from a decade-long financial crisis in 2018. “Today, we are very pleased to be announcing our first cloud region in Greece which will provide storage and cloud services for Google customers,” said Adaire Fox-Martin, president of Google Cloud International, announcing the investment at an event in Athens. The investment would enable organisations to better use their data, help improve low latency and ensure users’ security in the face of cybersecurity threats, she said.
Amazon.com Inc: The online retailer’s warehouse and transportation workers will receive an increased average starting pay of more than $19 per hour from $18, Amazon.com said on Wednesday. The wage hike would help the company attract and retain workers in a tightening U.S. labor market as the peak season for gifting gets underway. Amazon said the pay hikes would cost the company nearly $1 billion over the next year. Employees will now earn between $16 and $26 per hour depending on their position and location in the United States, the company added. Amazon’s minimum wage for hourly employees in the U.S. remains $15, a spokesperson told Reuters. The online retailer’s decision also comes as some workers continue to push to unionize Amazon facilities in the United States. Only one Amazon facility has voted to unionize so far. Earlier on Wednesday, Amazon announced new devices including a lineup of voice-controlled devices, an updated e-reader which users can write on and a contactless gadget that can monitor people’s sleep. Separately, the company is planning to close several call centers in the United States in a move toward remote working, Bloomberg News reported on Wednesday citing people familiar with the matter.
Berkshire Hathaway Inc & Occidental Petroleum Corp: Warren Buffett’s company bought another 5.99 million shares of the petroleum company, boosting its stake to 20.9% after the oil company’s shares lost about a fifth of their value in less than a month. The purchases were made between Sept. 26 and Sept. 28 and cost about $352 million, Berkshire said in a regulatory filing on Wednesday. Following the purchases, Berkshire now owns about 194.4 million Occidental shares worth approximately $11.9 billion, based on Occidental’s Wednesday closing price of $61.41. The Houston-based oil company’s share price later rose, peaking at $77.11 on Aug. 29, before declining amid broader weakness in U.S. equity markets. Berkshire paid in the high-50s to low-60s per share in this week’s purchases. Berkshire’s stake would allow Buffett’s Omaha, Nebraska-based conglomerate to report its proportionate share of Occidental’s earnings with its own operating results, through the so-called equity method of accounting.
Gilead Sciences Inc: A federal judge in New York has frozen the assets of dozens of people and entities accused of operating a massive nationwide scheme to distribute counterfeit bottles of the drugmaker’s HIV drugs, including two alleged “kingpins.” U.S. District Judge Ann Donnelly’s latest asset freeze order, also unsealed on Wednesday, targets more than 50 defendants newly added to Gilead’s lawsuit. Many counterfeit bottles contain antiviral pills manufactured by Gilead but illegally bought off the street and repackaged, while some have been found to contain other, potentially dangerous drugs, including the powerful antipsychotic Seroquel, Gilead has said. “Gilead’s ongoing investigation revealed that these two kingpins directed the initial sale of the counterfeits through suppliers created solely to sell counterfeit medications,” the company said in a statement on Wednesday.
Jefferies Financial Group Inc: The company on Wednesday beat analysts’ estimates for third-quarter profit as robust performance in its merchant banking unit helped cushion the blow from sluggish dealmaking. The merchant banking division was boosted by the sale of its wood and lumber products business, Idaho Timber, the bank said. The unit reported a 60% jump in revenue to $397.8 million in the three months ended Aug. 31, Jefferies said, compared with a 32% drop in its crown jewel, the investment banking and capital markets unit. Excluding costs tied to a regulatory settlement, New York-based Jefferies earned $1.10 per share, comfortably beating Refinitiv IBES estimate of 73 cents. Net income tumbled 52%, while revenue slumped 21% from a year earlier
JetBlue Airways Corp & Southwest Airlines Co: Airlines canceled almost 2,000 U.S. flights for Thursday after Hurricane Ian hit Florida’s Gulf Coast with catastrophic force in one of most powerful U.S. storms in recent years. The hurricane is causing significant disruptions to U.S. air travel, especially in the southeast United States. Since Tuesday, airlines have canceled more than 5,000 flights through Friday. Airlines canceled 2,163 flights Wednesday as a number of Florida airports temporarily halted operations, including Tampa, Orlando, Sarasota-Bradenton, Melbourne, Daytona Beach, Naples and St Petersburg/Clearwater. Airline tracking website Flightaware said 1,935 flights for Thursday had been canceled and 738 Friday flights scrapped. Airlines canceled 403 flights Tuesday ahead of the storm. Florida is a major part of U.S. aviation, and some carriers like JetBlue and Southwest typically expect 40% or more of their daily flights to touch a Florida airport. Through Wednesday, JetBlue canceled 25% of its U.S. flights and 20% of Thursday flights, while Southwest canceled 13% of Wednesday flights and 9% for Thursday. Another 3,106 U.S. flights were delayed on Wednesday.
KKR & Co Inc: Japan’s Hitachi Transport System said it had been informed by the company that the private equity firm’s tender offer for it would be delayed from the initially planned end-September start. In a statement, Hitachi’s logistics arm cited KKR as saying it would now aim for a mid-November start pending regulatory approval and other processes. The equity firm announced the estimated 670 billion yen deal in April, offering 8,913 yen per share.
Merck & Co Inc: said that it agreed to allow China’s Sinopharm to distribute and import its COVID-19 antiviral molnupiravir in China if the drug is approved for use there. The drugmaker said in a statement that it reached a cooperation framework agreement with Sinopharm that grants the Chinese company distribution and exclusive import rights of the medicine in the China mainland market. Merck also said it will allow China National Biotec Group, an affiliate of Sinopharm, to make the drug in China and has agreed to transfer technology to help with that production. Molnupiravir is sold under the brand name Lagevrio in the U.S. Merck developed the pill – and shares the profits equally – with partner Ridgeback Biotherapeutics.
Newmont Corp: The top gold miner said on Wednesday chief financial officer Nancy Buese will step down on Nov. 1 and will be succeeded by Brian Tabolt on an interim basis. Tabolt joined Newmont in 2021 and is currently the company’s vice president, controller and chief accounting officer.
PG&E Corp: The utility company has moved to separate its non-nuclear generation assets into a standalone unit by filing an application with the California Public Utilities Commission (CPUC), PG&E said on Wednesday. The company is seeking regulatory approval to sell a stake of up to 49.9% in the new non-nuclear generation unit called Pacific Generation LLC, which would provide a source of equity financing to help PG&E fund wildfire risk mitigation and clean energy investments, it added. PG&E would maintain majority ownership in the unit. Chief Financial Officer Chris Foster said the sale of the stake would help the company to make investments to improve the safety and reliability of its energy grid and “help the state achieve its decarbonization and electrification goals despite increasing challenges posed by climate change.”
JetBlue Airways Corp & Southwest Airlines Co: Airlines canceled almost 2,000 U.S. flights for Thursday after Hurricane Ian hit Florida’s Gulf Coast with catastrophic force in one of most powerful U.S. storms in recent years. The hurricane is causing significant disruptions to U.S. air travel, especially in the southeast United States. Since Tuesday, airlines have canceled more than 5,000 flights through Friday. Airlines canceled 2,163 flights Wednesday as a number of Florida airports temporarily halted operations, including Tampa, Orlando, Sarasota-Bradenton, Melbourne, Daytona Beach, Naples and St Petersburg/Clearwater. Airline tracking website Flightaware said 1,935 flights for Thursday had been canceled and 738 Friday flights scrapped. Airlines canceled 403 flights Tuesday ahead of the storm. Florida is a major part of U.S. aviation, and some carriers like JetBlue and Southwest typically expect 40% or more of their daily flights to touch a Florida airport. Through Wednesday, JetBlue canceled 25% of its U.S. flights and 20% of Thursday flights, while Southwest canceled 13% of Wednesday flights and 9% for Thursday. Another 3,106 U.S. flights were delayed on Wednesday.
KKR & Co Inc: Japan’s Hitachi Transport System said it had been informed by the company that the private equity firm’s tender offer for it would be delayed from the initially planned end-September start. In a statement, Hitachi’s logistics arm cited KKR as saying it would now aim for a mid-November start pending regulatory approval and other processes. The equity firm announced the estimated 670 billion yen deal in April, offering 8,913 yen per share.
Merck & Co Inc: said that it agreed to allow China’s Sinopharm to distribute and import its COVID-19 antiviral molnupiravir in China if the drug is approved for use there. The drugmaker said in a statement that it reached a cooperation framework agreement with Sinopharm that grants the Chinese company distribution and exclusive import rights of the medicine in the China mainland market. Merck also said it will allow China National Biotec Group, an affiliate of Sinopharm, to make the drug in China and has agreed to transfer technology to help with that production. Molnupiravir is sold under the brand name Lagevrio in the U.S. Merck developed the pill – and shares the profits equally – with partner Ridgeback Biotherapeutics.
Newmont Corp: The top gold miner said on Wednesday chief financial officer Nancy Buese will step down on Nov. 1 and will be succeeded by Brian Tabolt on an interim basis. Tabolt joined Newmont in 2021 and is currently the company’s vice president, controller and chief accounting officer.
PG&E Corp: The utility company has moved to separate its non-nuclear generation assets into a standalone unit by filing an application with the California Public Utilities Commission (CPUC), PG&E said on Wednesday. The company is seeking regulatory approval to sell a stake of up to 49.9% in the new non-nuclear generation unit called Pacific Generation LLC, which would provide a source of equity financing to help PG&E fund wildfire risk mitigation and clean energy investments, it added. PG&E would maintain majority ownership in the unit. Chief Financial Officer Chris Foster said the sale of the stake would help the company to make investments to improve the safety and reliability of its energy grid and “help the state achieve its decarbonization and electrification goals despite increasing challenges posed by climate change.”
TPG Inc & Workiva Inc: The cloud-based data platform has received takeover interest from private equity firms Thoma Bravo and TPG, Bloomberg News reported on Wednesday citing sources familiar with the matter. Private equity firms have taken several software companies including Anaplan and Zendesk Inc private this year. Workiva, which currently has a market value of $3.4 billion, told Reuters it would not comment on market rumors and speculation. Thoma Bravo and TPG also declined to comment on any potential takeover interest in Workiva. The Iowa-based company’s shares closed up on Wednesday.
ECONOMIC DATA (EST)
0830 Corporate profits revised for Q2: Prior 9.1%
0830 GDP final for Q2: Expected -0.6%; Prior -0.6%
0830 GDP sales final for Q2: Prior 1.3%
0830 GDP consumer spending final for Q2: Prior 1.5%
0830 GDP deflator final for Q2: Expected 8.9%; Prior 9.0%
0830 Core PCE prices final for Q2: Expected 4.4%; Prior 4.4%
0830 PCE prices final for Q2: Prior 7.1%
0830 Initial jobless claims: Expected 215,000; Prior 213,000
0830 Jobless claims 4-week average: Prior 216,750
0830 Continued jobless claims: Expected 1.388 mln; Prior 1.379 mln
COMPANIES REPORTING
Micron Technology Inc: Expected Q4 earnings of $1.30 cents per share
Nike Inc: Expected Q1 earnings of 92 cents per share
CORPORATE DATA (EST)
0800 John Wiley & Sons Inc: Annual Shareholders Meeting
0830 Worthington Industries Inc: Q1 earnings conference call
0900 Carmax Inc: Q2 earnings conference call
0900 Concentrix Corp: Q3 earnings conference call
1000 Lamb Weston Holdings Inc: Annual Shareholders Meeting
1100 Enerpac Tool Group Corp: Q4 earnings conference call
1630 Micron Technology Inc: Q4 earnings conference call
1700 Nike Inc: Q1 earnings conference call
EUROPE, ASIA, INDIA
COMPANIES & NEWS
The Bank of England sought to quell the fire-storm in Britain’s bond markets, saying it would buy as much government debt as needed to restore order after new Prime Minister Liz Truss‘s tax cutting plans triggered financial chaos. The Bank will suspend the planned start of its gilt selling next week.
Russia was poised to annex a swath of Ukraine within days, releasing what it called vote tallies showing overwhelming support in four provinces to join it, after what Ukraine and the West denounced as illegal sham referendums held at gunpoint.
World Bank President David Malpass on Wednesday warned that it could take years for global energy production to diversify away from Russia after its invasion of Ukraine, prolonging the risk of stagflation, or a period of low growth and high inflation.
Porsche shares will list on the stock market after Volkswagen priced shares at the top end of the announced range, a sign the luxury brand has lured buyers despite market turmoil.
Credit Suisse has named veteran banker Jing Wang as chief executive officer of its Chinese securities joint venture effective immediately, according to an internal memo reviewed by Reuters.
Philip Morris International is not considering withdrawing its offer for Swedish Match despite deteriorating global economic conditions and has “options on the table” including holding a majority stake, its CEO told Reuters.
Interest rate hikes in the United States and the resultant pressure on the rupee is likely to give the Reserve Bank of India (RBI) reason to deliver a 50-basis-point rate hike on Friday even as it tries to protect a recovery in growth.
Indian companies are still buying Russian oil using dollars after Dubai’s Mashreq Bank declined to handle payments from at least two refiners in Emirati Dirhams as requested by the supplier, according to three sources familiar with the matter.
Tata Motors launched India’s lowest priced electric car at a little over $10,000 on Wednesday as the country’s only electric vehicle (EV) maker looks to draw in more buyers.
An Indian joint venture of ArcelorMittal and Nippon Steel will invest $5 billion to boost crude steel output capacity by 6 million tones a year at its Hazira plant, the Japanese firm said on Wednesday.
HPCL-Mittal Energy will start up a bio-ethanol plant at its Bathinda refinery in northern India in 2023 as part of measures to reduce its carbon emissions, a company official said on Wednesday.
Indian companies are still buying Russian oil using dollars after Dubai’s Mashreq Bank declined to handle payments from at least two refiners in Emirati Dirhams as requested by the supplier, according to three sources familiar with the matter.
Tata Motors launched India’s lowest priced electric car at a little over $10,000 on Wednesday as the country’s only electric vehicle (EV) maker looks to draw in more buyers.
An Indian joint venture of ArcelorMittal and Nippon Steel will invest $5 billion to boost crude steel output capacity by 6 million tones a year at its Hazira plant, the Japanese firm said on Wednesday.
HPCL-Mittal Energy will start up a bio-ethanol plant at its Bathinda refinery in northern India in 2023 as part of measures to reduce its carbon emissions, a company official said on Wednesday.
JPMorgan Chase & Co: The investment bank’s head of Switzerland, Nick Bossart, is moving to Rothschild to lead its Swiss advisory business for mergers and capital market transactions, two people familiar with the situation told Reuters. A Rothschild spokesperson confirmed the change, which takes effect on Oct. 1. With Bossart, the French investment bank wants to expand its market share in Switzerland. Bossart headed JP Morgan’s investment banking in Switzerland for 10 years and was also country head since 2014. During this time, he made JP Morgan the third-largest investment bank in Switzerland after Credit Suisse and UBS. JP Morgan had said in July that Bossart was leaving and would be replaced by Reinout Böttcher.
Toyota Motor Corp: said its global vehicle production grew at a record pace for the month of August, as the sector recovered from the COVID-19 pandemic and production capacity increased, mainly overseas. The announcement offers a bit of relief for the Japanese automaker, which has been under scrutiny over whether it can stick to its annual production target of 9.7 million vehicles, even as China dials back pandemic restrictions and chip shortages are showing some signs of easing. Vehicle production soared 44.3% in August year-on-year, the first increase since March. The world’s largest automaker by sales produced 766,683 vehicles worldwide last month, above its target of around 700,000 and above year-ago output of 531,448. Output increased mainly overseas, with domestic production up 5.6% year-on-year and overseas production jumping by 65.1% from a year ago, also a record rise for the month of August.
COMPANY ANNOUNCEMENTS
H & M Hennes & Mauritz AB Q3 Earnings Release
Next PLC HY Earnings Release
ECONOMIC DATA (GMT)
0700 Spain HICP yy Flash for Sep: Expected 10.1%, Prior 10.5%
0700 Spain CPI yy Flash NSA for Sep: Expected 10.1%, Prior 10.5%
0700 Spain HICP mm Flash for Sep: Expected 0.6%, Prior 0.3%
0700 Spain CPI mm Flash NSA for Sep: Prior 0.30%
0700 Spain CPI Flash NSA for Sep: Prior 110.265
0830 Portugal Business Confidence for Sep: Prior 1.70
0830 Portugal Consumer Confidence for Sep: Prior -31.60
0900 Euro Zone Business Climate for Sep: Prior 0.83
0900 Euro Zone Economic Sentiment for Sep: Expected 95.0, Prior 97.6
0900 Euro Zone Industrial Sentiment for Sep: Expected -1.0, Prior 1.2
0900 Euro Zone Services Sentiment for Sep: Expected 7.0, Prior 8.7
0900 Euro Zone Consumer Confidence Final for Sep: Expected -28.8, Prior -28.8
0900 Euro Zone Consumer Inflation Expectation for Sep: Prior 36.8
0900 Euro Zone Selling Price Expectation for Sep: Prior 43.7
0930 Belgium CPI mm for Sep: Prior 0.81%
0930 Belgium CPI yy for Sep: Prior 9.94%
1000 Portugal Unemployment Rate for Aug: Prior 5.90%
1200 Germany CPI Prelim mm for Sep: Expected 1.3%, Prior 0.3%
1200 Germany CPI Prelim yy for Sep: Expected 9.4%, Prior 7.9%
1200 Germany HICP Prelim mm for Sep: Expected 1.3%, Prior 0.4%
1200 Germany HICP Prelim yy for Sep: Expected 10.0%, Prior 8.8%
COMPANY ANNOUNCEMENTS
H & M Hennes & Mauritz AB Q3 Earnings Release
Next PLC HY Earnings Release
ECONOMIC DATA (GMT)
0700 Spain HICP yy Flash for Sep: Expected 10.1%, Prior 10.5%
0700 Spain CPI yy Flash NSA for Sep: Expected 10.1%, Prior 10.5%
0700 Spain HICP mm Flash for Sep: Expected 0.6%, Prior 0.3%
0700 Spain CPI mm Flash NSA for Sep: Prior 0.30%
0700 Spain CPI Flash NSA for Sep: Prior 110.265
0830 Portugal Business Confidence for Sep: Prior 1.70
0830 Portugal Consumer Confidence for Sep: Prior -31.60
0900 Euro Zone Business Climate for Sep: Prior 0.83
0900 Euro Zone Economic Sentiment for Sep: Expected 95.0, Prior 97.6
0900 Euro Zone Industrial Sentiment for Sep: Expected -1.0, Prior 1.2
0900 Euro Zone Services Sentiment for Sep: Expected 7.0, Prior 8.7
0900 Euro Zone Consumer Confidence Final for Sep: Expected -28.8, Prior -28.8
0900 Euro Zone Consumer Inflation Expectation for Sep: Prior 36.8
0900 Euro Zone Selling Price Expectation for Sep: Prior 43.7
0930 Belgium CPI mm for Sep: Prior 0.81%
0930 Belgium CPI yy for Sep: Prior 9.94%
1000 Portugal Unemployment Rate for Aug: Prior 5.90%
1200 Germany CPI Prelim mm for Sep: Expected 1.3%, Prior 0.3%
1200 Germany CPI Prelim yy for Sep: Expected 9.4%, Prior 7.9%
1200 Germany HICP Prelim mm for Sep: Expected 1.3%, Prior 0.4%
1200 Germany HICP Prelim yy for Sep: Expected 10.0%, Prior 8.8%
Sources (but not limited too) Reuters, CNBC, Financial Post, Globe & Mail, InvestorIntel Corp, Kitco, Refinitiv.
Kevin Thomsen
Vice President – Market Maker – Issuer
(C) +1 647 483 3789
(M) +44 7543 766 496
370 King Street West, Suite 701
Toronto, ON M5V 1J9 | www.itg84.com
This email may contain privileged information and is intended only for the named recipient. If you are not the named recipient, please notify us immediately, by return email, and permanently destroy the email and all copies of it. It is not Independent Trading Group’s policy to accept email orders as email orders may not reach their destination, may not be opened on a timely basis, or may not be executable if they contain errors or omissions. Neither Independent Trading Group (ITG) Inc., its affiliates nor employees or contractors are liable for any errors or omissions in the content or transmission of this email. Unless otherwise stated, this email reflects the personal views of the sender, and it is not intended as a securities solicitation.
Vice President – Market Maker – Issuer
(C) +1 647 483 3789
(M) +44 7543 766 496
370 King Street West, Suite 701
Toronto, ON M5V 1J9 | www.itg84.com
This email may contain privileged information and is intended only for the named recipient. If you are not the named recipient, please notify us immediately, by return email, and permanently destroy the email and all copies of it. It is not Independent Trading Group’s policy to accept email orders as email orders may not reach their destination, may not be opened on a timely basis, or may not be executable if they contain errors or omissions. Neither Independent Trading Group (ITG) Inc., its affiliates nor employees or contractors are liable for any errors or omissions in the content or transmission of this email. Unless otherwise stated, this email reflects the personal views of the sender, and it is not intended as a securities solicitation.
This email may contain privileged information and is intended only for the named recipient. If you are not the named recipient, please notify us immediately, by return email, and permanently destroy the email and all copies of it. It is not Independent Trading Group’s policy to accept email orders as email orders may not reach their destination, may not be opened on a timely basis, or may not be executable if they contain errors or omissions. Neither Independent Trading Group (ITG) Inc., its affiliates nor employees or contractors are liable for any errors or omissions in the content or transmission of this email. Unless otherwise stated, this email reflects the personal views of the sender, and it is not intended as a securities solicitation.
