Author: Reuters

Alberta to intervene in antitrust review of Rogers, Shaw deal

OTTAWA, July 5 (Reuters) – The Canadian province of Alberta plans to intervene in a competition review of Rogers Communications Inc’s (RCIb.TO) C$20 billion ($15.33 billion) purchase of Shaw Communications Inc (SJRb.TO), the provincial attorney general said on Tuesday.

The companies “have significant presence in Alberta’s telecommunications market and their successes and failures will impact Alberta’s consumers, workers, and, potentially, other aspects of Alberta’s economy,” according to a notice posted on the competition tribunal’s website.

The Alberta government is intervening under a provision of the competition act that prohibits illegal trade practices such as forming a cartel.

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Shaw, which has two million wireless customers in Alberta, is based in Calgary, while Rogers is based in Toronto.

Canada’s antitrust authority has sought to block the deal on the grounds that it will hurt competition in the sector in Canada.

The Competition Bureau Canada, Rogers and Shaw began their two-day mediation process at a tribunal on Monday. read more

Rogers shares fell 1% to C$61.69 on the Toronto Stock Exchange at midday on Tuesday, while Shaw fell 0.14% to C$37.88.

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Reporting by Ismail Shakil in Ottawa and Divya Rajagopal in Toronto; Editing by Chizu Nomiyama and Deepa Babington

Our Standards: The Thomson Reuters Trust Principles.

TSX futures down as commodities fall on recession worries

(Reuters) – Futures for Canada’s resource-heavy main stock index edged lower on Tuesday as oil and metal prices slipped on mounting worries over a global economic downturn.

September futures on the S&P/TSX index were down 0.4% at 7:17 a.m. ET.

Brent crude fell more than 1%, reversing earlier gains, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway. [O/R]

Copper prices crumbled to their lowest in 17 months as the dollar surged, making commodities priced in the U.S. currency more expensive for overseas buyers. [MET/L]

Adding to fears of a global slowdown, data showed business growth across the euro zone slowed further last month.

Separately, a key part of the U.S. Treasury yield curve briefly inverted for the first time since mid-June, reflecting investor concerns that hefty interest-rate hikes could tip the U.S. economy into a recession. [US/]

Dow e-minis were down 160 points, or 0.52% at 7:17 a.m. ET, while S&P 500 e-minis were down 21.75 points, or 0.57% and Nasdaq 100 e-minis were down 85.25 points, or 0.73%. [.N]

Statistics Canada’s building permits data for May is due at 08:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.9% higher at 19,028.86 on Monday in thin trading. [.TO]

TOP STORIES [TOP/CAN]

Chinese authorities have blocked Canadian government representatives from attending the trial of Chinese-Canadian billionaire Xiao Jianhua, the Canadian embassy said on Tuesday.

Canadian National Railway said a strike by unionized signals and communications workers would end on Tuesday after the company and the International Brotherhood of Electrical Workers (IBEW) agreed to binding arbitration.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Bolarex Inc : TD Securities cuts to “buy” from “action list buy”

Sernova Corp : H.C. Wainwright initiates coverage with “buy” rating; target price C$6

Aurora Cannabis Inc : Cowen and Company cuts target price to C$1.85 from C$4

COMMODITIES AT 7:17 a.m. ET

Gold futures: +0.1% to $1,802.4

[GOL/]

US crude: -0.5% to $107.94

[O/R]

Brent crude: -1.6% to $111.67

[O/R]

MAJOR U.S. ECONOMIC DATA DUE ON TUESDAY

1000 Factory orders mm for May: Expected 0.5%; Prior 0.3%

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(Reporting by Devik Jain in Bengaluru; Editing by Vinay Dwivedi)

TSX futures signal strong start to second half of 2022

(Reuters) – Futures tracking resource-heavy Canada’s main stock index rose on Monday as oil prices steadied and investor returned from a long weekend to buy riskier assets that have been battered by concerns over a potential global economic slowdown.

September futures on the S&P/TSX index were up 0.6% at 7:10 a.m. ET. Globally, a rebound in oil prices on concerns of tight supply lifted world stocks in a light session due to U.S. holiday. [GLOB/MKTS]

S&P Global manufacturing activity data for June is due at 09:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 1.1% lower at 18,861.36 on Thursday and posted the biggest quarterly decline since the first quarter of 2020.

Markets were closed on Friday on account of Canada Day holiday. [.TO]

Dow e-minis were down 45 points, or 0.14% at 07:09 a.m. ET, while S&P 500 e-minis were down 8.75 points, or 0.23% and Nasdaq 100 e-minis were down 40 points, or 0.34%. [.N]

TOP STORIES [TOP/CAN]

Australia’s Link Administration rejected Canadian cloud-based software firm Dye & Durham Ltd’s lowered takeover bid but agreed to continue to engage with it on hopes of securing a better offer.

Canada’s Toronto-Dominion Bank is exploring a takeover deal for U.S. brokerage Cowen according to a media report

Health authorities across Canada have cut the hours of hospital emergency departments and urgent care clinics in recent weeks, a move that in some cases may extend through the summer, due to a surge in patients and staff shortages.

Chinese-Canadian billionaire Xiao Jianhua, who went missing in Hong Kong five years ago, was due to go on trial in China on Monday.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Tecsys Inc: Cormark Securities cuts target price to C$47.50 from C$50

Canopy Growth: CIBC cuts target price to C$3 from C$5

COMMODITIES AT 7:10 a.m. ET

Gold futures: $1,805.1; +0.2% [GOL/]

US crude: $108.64; +0.2% [O/R]

Brent crude: $112.06; +0.4% [O/R]

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(Reporting by Devik Jain in Bengaluru; Editing by Arun Koyyur)

TSX futures down on weaker commodity prices, slide in global stocks

(Reuters) – Futures for Canada’s main stock index fell on Thursday over weakness in commodity prices and a slide in global equities on fears of a sharp economic slowdown, while investors awaited domestic GDP data due later in the day.

September futures on the S&P/TSX index were down 1.5% at 6:42 a.m. ET.

Global stocks fell to extend what is the worst first half of the year for global share prices on record, as investors fret that the latest show of central bank determination to tame inflation will slow economies rapidly. [MKTS/GLOB]

U.S. crude prices were down 0.3% a barrel, while Brent crude lost 0.2%. Gold dipped as the dollar strengthened.

Investors await the country’s gross domestic product (GDP)for April due at 08:30 a.m. ET. GDP likely rose 0.3% in the month, compared to a 0.7% rise in March, according to analysts polled by Reuters.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.8% lower at 19,078.64 on Wednesday. [.TO]

The benchmark index, down 12.8% so far this quarter, was on track to record its worst quarterly performance since the pandemic-led slump in March 2020.

Dow e-minis were down 363 points, or 1.17% at 6:42 a.m. ET, while S&P 500 e-minis were down 55 points, or 1.44% and Nasdaq 100 e-minis were down 206.75 points, or 1.77%. [.N]

TOP STORIES [TOP/CAN]

AGL Energy, Australia’s top power producer, said on Thursday it had learned a unit of Canadian investment manager Brookfield Asset Management had acquired about 2.6% stake in the company on June 24.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Alimentation Couche-Tard Inc: CIBC cuts target price to C$58 from C$64

MEG Energy Corp: National Bank of Canada cuts target price to C$31 from C$32

Whitecap Resources Inc: Haywood Securities raises target price to C$18 from C$17

COMMODITIES AT 6:42 a.m. ET

Gold futures: $1809.8; -0.4% [GOL/]

US crude: $109.58; -0.18% [O/R]

Brent crude: $116.06; -0.17% [O/R]

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Personal income mm for May: Expected 0.5%; Prior 0.4%

0830 Personal consumption real mm for May: Prior 0.7%

0830 Consumption, adjusted mm for May: Expected 0.4%; Prior 0.9%

0830 Core PCE price index mm for May: Expected 0.4%; Prior 0.3%

0830 Core PCE price index yy for May: Expected 4.8%; Prior 4.9%

0830 PCE price index mm for May: Prior 0.2%

0830 PCE price index yy for May: Prior 6.3%

0830 Initial jobless claim: Expected 228,000; Prior 229,000

0830 Jobless claim 4week average: Prior 223,500

0830 Continue jobless claim: Expected 1.310 mln; Prior 1.315 mln

0945 Chicago PMI for Jun: Expected 58.0; Prior 60.3

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(Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)

TSX futures down on weaker gold, recession fears

(Reuters) – Futures for Canada’s commodity-heavy stock index inched lower on Wednesday as weakness in bullion and recession fears weighed on investor sentiment, with losses limited by a rebound in crude prices.

September futures on the S&P/TSX index were down 0.2% at 6:40 a.m. ET.

Gold fell as prospects of elevated interest rates continued to override its safe-haven appeal, despite looming recession risks, while U.S. crude prices were up 0.4% a barrel and Brent crude added 0.2%.[O/R][GOL/]

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.2% lower at 19,222.74 on Tuesday. [.TO]

Dow e-minis were down 29 points, or 0.09% at 6:40 a.m. ET, while S&P 500 e-minis were down 8.75 points, or 0.23% and Nasdaq 100 e-minis were down 39.75 points, or 0.34%. [.N]

TOP STORIES [TOP/CAN]

U.S. oil major Exxon Mobil Corp and Canadian partner Imperial Oil Ltd said on Tuesday they would sell their Montney and Duvernay assets in Canada to Whitecap Resources Inc for C$1.9 billion ($1.48 billion).

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Burcon Nutrascience Corp: Canaccord Genuity cuts to speculative buy from buy

Cogeco Communications Inc: CIBC cuts to “neutral” from “outperform”

Whitecap Resources Inc: National Bank of Canada raises PT to C$22 from C$20

COMMODITIES AT 6:40 a.m. ET

Gold futures: $1819; -0.12% [GOL/]

US crude: $112.26; +0.45% [O/R]

Brent crude: $118.25; +0.23% [O/R]

U.S. ECONOMIC DATA DUE ON WEDNESDAY

0830 Corporate profits revised for Q1: Prior -4.3%

0830 GDP final for Q1: Expected -1.5%; Prior -1.5%

0830 GDP sales final for Q1: Expected -0.5%; Prior -0.4%

0830 GDP cons spending final for Q1: Prior 3.1%

0830 GDP deflator final for Q1: Expected 8.1%; Prior 8.1%

0830 Core PCE prices final for Q1: Expected 5.1%; Prior 5.1%

0830 PCE prices final for Q1: Prior 7.0%

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(Reporting by Amal S in Bengaluru; Editing by Vinay Dwivedi)

Toronto futures up on stronger commodities

(Reuters) – Futures for Canada’s main stock index rose on Tuesday, aided by gains in crude and bullion prices, while easing COVID-19 restrictions in the world’s number two economy, China, raised hopes for stronger growth.

September futures on the S&P/TSX index were up 0.6% at 6:45 a.m. ET.

Oil prices rose as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly and political unrest in Libya and Ecuador added to supply concerns.[O/R]

Gold prices edged up as U.S. Treasury yields weakened, but the absence of any market-moving catalysts kept investors on the sidelines.[GOL/]

China slashed the quarantine time for inbound travelers by half in a major easing of one of the world’s strictest COVID-19 curbs, which have deterred travel in and out of the country since 2020.

The Toronto Stock Exchange’s S&P/TSX composite index ended 1% higher at 19,258.32 on Monday, its highest closing level since June 15. [.TO]

Dow e-minis were up 186 points, or 0.59% at 6:45 a.m. ET, while S&P 500 e-minis were up 22 points, or 0.56% and Nasdaq 100 e-minis were up 60 points, or 0.5%. [.N]

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Canadian Pacific Railway Ltd: Atlantic Equities cuts PT to C$106 from C$111

Lundin Mining Corp: Credit Suisse cuts target price to C$9.50 from C$11.50

Shaw Communications Inc: Scotiabank assumes with “sector perform” rating

COMMODITIES AT 6:45 a.m. ET

Gold futures: $1822; +0.05% [GOL/]

US crude: $111.36; +1.64% [O/R]

Brent crude: $117.4; +2.01% [O/R]

U.S. ECONOMIC DATA DUE ON TUESDAY

0830 Advance goods trade balance for May : Prior -106.70 bln

0830 Wholesale inventories advance for May : Prior 2.2%

0830 Retail inventories ex-auto advance for May : Prior 1.7%

0900 Monthly home price mm for Apr : Prior 1.5%

0900 Monthly home price yy for Apr : Prior 19.0%

0900 Monthly Home Price Index for Apr : Prior 386.5

0900 Caseshiller 20 mm SA for Apr : Expected 2.0%; Prior 2.4%

0900 Caseshiller 20 mm NSA for Apr : Prior 3.1%

0900 Caseshiller 20 yy for Apr : Expected 21.0%; Prior 21.2%

1000 Consumer Confidence for Jun : Expected 100.4; Prior 106.4

1000 Rich Fed Composite  Index for Jun : Prior -9

1000 Rich Fed, Services Index for Jun : Prior 8

1000 Rich Fed Manufacturing Shipments for Jun : Prior -14

1030 Texas Service Sector Outlook for Jun : Prior 1.5

1030 Dallas Fed Services Revenues for Jun : Prior 6.3

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(Reporting by Amal S in Bengaluru; Editing by Krishna Chandra Eluri)

Toronto futures edge higher, weak commodities curb gains

(Reuters) – Futures for Canada’s main stock index were higher on Thursday, tracking a rise in U.S. futures, but gains were limited by weakness in commodity prices on concerns over a global recession from aggressive interest rate hikes.

June futures on the S&P/TSX index were up 0.5% at 7:00 a.m. ET.

Oil prices retreated as investors reassessed the risks of recession and the impact of interest rate hikes in major economies on fuel demand, while a stronger dollar weighed on gold. [O/R]

The Toronto Stock Exchange’s S&P/TSX composite index ended 1.3% lower at 19,004.04 on Wednesday. [.TO]

Dow e-minis were up 144 points, or 0.47% at 7:00 a.m. ET, while S&P 500 e-minis were up 26.75 points, or 0.71% and Nasdaq 100 e-minis were up 120.5 points, or 1.04%. [.N]

TOP STORIES [TOP/CAN]

Bank of Canada Senior Deputy Governor Carolyn Rogers said on Wednesday that inflation in Canada was much too high and did not rule out a 75-basis-point increase at the central bank’s July decision.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

AGF Management Ltd: Scotiabank raises target price to C$8 from C$7.75

Empire Company Ltd: National Bank of Canada cuts target price to C$42 from C$48

First Quantum Minerals Ltd: Morgan Stanley cuts target price to C$34 from C$37

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1830; -0.28% [GOL/]

US crude: $105.4; -0.74% [O/R]

Brent crude: $111.15; -0.53% [O/R]

U.S. ECONOMIC DATA DUE ON THURSDAY

0830 Current account for Q1 : Expected -273.5 bln; Prior -217.9 bln

0830 Initial jobless claim : Expected 227,000; Prior 229,000

0830 Jobless claim 4week average : Prior 218,500

0830 Continue jobless claim : Expected 1.315 mln; Prior 1.312 mln

0945 S&P Global Manufacturing PMI Flash for Jun : Expected 56.0; Prior 57.0

0945 S&P Global Services PMI Flash for Jun : Expected 53.5; Prior 53.4

0945 S&P Global Composite Flash PMI for Jun : Prior 53.6

1100 KC Fed Manufacturing for Jun : Prior 19

1100 KC Fed Composite Index for Jun : Prior 23

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(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)

TSX futures down on weaker commodities; inflation data eyed

(Reuters) – Futures for Canada’s main stock index slipped on Wednesday, dragged down by weakness in commodities, while investors awaited domestic inflation figures.

September futures on the S&P/TSX index were down 1.1% at 6:55 a.m. ET.

Oil prices tumbled amid a push by U.S. President Joe Biden to reduce taxes on fuel to cut costs for drivers amid aggravated relations between the White House and the U.S. oil industry.[O/R]

Gold prices fell as the dollar ticked up and investors looked for more cues on monetary policy strategy when Fed Chair Jerome Powell sits down in front of Congress later in the day.[GOL/]

Domestic inflation data for May is due at 08:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 0.4% higher at 19,257.29 on Tuesday.[.TO]

Dow e-minis were down 378 points, or 1.24% at 6:56 a.m. ET, while S&P 500 e-minis were down 54.25 points, or 1.44% and Nasdaq 100 e-minis were down 192.75 points, or 1.66%. [.N]

TOP STORY [TOP/CAN]

Bombardier Inc workers on a key program for the Canadian business jet maker will decide on Wednesday whether to accept a new contract offer or walk off the job.

ANALYST RESEARCH HIGHLIGHTS [RCH/CA]

Bombardier: TD Securities cuts target price to C$62 from C$69

Parkland Fuel Corp: Goldman Sachs cuts target price to C$35 from C$36

Transalta Corp: CIBC raises target price to C$17.5 from C$17

COMMODITIES AT 6:55 a.m. ET

Gold futures: $1822.3; -0.71% [GOL/]

US crude: $104.25; -4.84% [O/R]

Brent crude: $109.67; -4.29% [O/R]

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(Reporting by Amal S in Bengaluru; Editing by Maju Samuel)

TSX futures edge higher on stronger crude prices

(Reuters) – Futures for Canada’s main stock index inched up on Tuesday, supported by higher crude prices, although concerns around a global recession and aggressive interest rate hikes limited gains.

September futures on the S&P/TSX index were up 0.6% at 6:49 a.m. ET.

Oil prices rose on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine. [O/R]

Domestic retail sale data for April and new housing price data for May are due at 08:30 a.m. ET.

The Toronto Stock Exchange’s S&P/TSX composite index ended 1.3% higher at 19,183.63 on Monday. [.TO]

Dow e-minis were up 494 points, or 1.65%, at 6:49 a.m. ET. S&P 500 e-minis were up 67 points, or 1.82%, and Nasdaq 100 e-minis were up 210.5 points, or 1.86%. [.N]

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(Reporting by Amal S in Bengaluru; Editing by Amy Caren Daniel)

Canada markets rebound as investors cheer telecom deal

SU_220331_Expo-Architecture-Shiva-Canada-Pavilion-for-web
The Canada Pavilion at Expo 2020 Dubai.
Image Credit: Gulf News Archives

Toronto: Canada’s main stock index rose on Monday, clawing back some of last week’s heavy losses, as oil prices went up and investors welcomed the sale of Shaw Communications’ mobile unit to Quebecor Inc.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 253.15 points, or 1.3 per cent, at 19,183.63. Volumes were lower than normal, with US markets closed for the Juneteenth holiday.

The index was recovering after it posted on Friday its lowest closing level since March 2021. It was down 6.6 per cent last week, its biggest weekly drop since March 2020, on fears that major central banks hiking interest rates to tackle inflation could trigger a recession.

Stocks globally also rallied on Monday.

The risk of inflation becoming entrenched in Canada is growing, say analysts, as surging prices for gas and other highly visible consumer items undercut Bank of Canada efforts to keep price expectations in check.

Shares in Shaw Communications and Rogers Communications rallied on expectations that the sale of Shaw’s mobile unit, Freedom Mobile, to Quebecor Inc will eventually pave the way for regulatory approval of Rogers’ C$20 billion ($15.4 billion) acquisition of Shaw.

Shaw shares jumped 7.8 per cent, while Rogers was up 5.9 per cent. Quebecor climbed 5.8 per cent.

Energy shares rallied 2.5 per cent as oil prices rose. US crude oil futures were up 0.7 per cent at $110.27 a barrel as traders focused on tight supplies, which outweighed concerns about slowing global economic growth.

Heavily weighted financials advanced 1.4 per cent, helped by a gain of 1.6 per cent for Fairfax Financial Holdings.

The company said it will sell its global pet insurance operations to JAB Holding, the private investment company of Germany’s Reimann family, in a $1.4 billion deal.

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