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Group: Canadian Blue-chip Industrial Forum
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Futures for Canada's main stock index rose, tracking Wall Street futures as Federal Reserve Chair Jerome Powell said the U.S. central bank is "strongly committed" to bringing down inflation
European shares dropped after a survey showed euro zone business activity slowed significantly in June, adding to fears of a sharp economic downturn
In Asian equity markets, Chinese stocks rose to a near four-month closing high, while Hong Kong's share benchmark gained, as Chinese tech companies and automakers jumped on Beijing's policy support
Gold prices fell, weighed down by a stronger U.S. dollar and oil prices tumbled as investors reassessed the risks of recession
STOCKS IN THE NEWS Source: Thomson Reuters Bombardier Inc. (BBD):
The company said on Wednesday that workers on a key program for the Canadian business jet maker ratified a new labor contract that will deliver pay hikes of up to 18.5% over five years
The new contract will cover an estimated 1,800 workers, who mostly produce Bombardier's popular Challenger business jets, which accounted for a third of the company's deliveries in 2021
Berkshire Hathaway Inc. (BRK) & Occidental Petroleum Corp. (OXY):
Warren Buffett's Berkshire Hathaway bought another 9.6 million shares of Occidental, boosting its stake to 16.3% as the oil company's shares come off the year's high
The purchases were made over the past week and cost about $529 million, Berkshire said in a regulatory filing on Wednesday
These come on top of a $336 million share purchase by Berkshire last month in the oil company, and $7 billion in purchases earlier this year
Following the purchases, Berkshire now owns about 152.7 million Occidental shares worth about $8.52 billion based on Occidental stock's Wednesday close, which is down over 21% since it touched its year's high in May
The company forecast fourth-quarter revenue below expectations, expecting a hit from high inflation and the impact of a stronger dollar on its overseas earnings
The company forecast fourth-quarter revenue to be in the range of $15.0 billion to $15.5 billion and analysts on average were expecting $15.70 billion
The forecast reflects the company's assumption of a negative 8% foreign-exchange impact, Accenture said
Revenue for the quarter ended May 31 was $16.16 billion, while analysts on average had expected $16.03 billion in revenue
THINGS TO KNOW Source: Bloomberg Finance L.P.
Federal Reserve Chair Jerome Powell's testimony to Congress yesterday did little to ease fears that the US economy is at risk of falling into recession
He said engineering a soft landing, where inflation is taken back under control without causing growth to fall, is "very challenging"
Raw materials are starting to take talk of a looming recession seriously, with oil, copper and wheat prices leading the Bloomberg Commodity Index lower for a fourth day
Germany warned that Russia’s moves to slash Europe’s natural gas supplies risked sparking a collapse in energy markets, drawing a parallel to the role of Lehman Brothers in triggering the financial crisis
Russia faces a fresh bond deadline with a possible default days away.
A formal move by European Union leaders to grant candidate status to Ukraine is expected to come at the bloc’s summit in Brussels
Risk assets sold off following weaker-than-expected preliminary June PMI readings in Europe
Equities dropped sharply before halving losses: Euro Stoxx 50 was down 0.6% as of 5:30 a.m. New York time
S&P 500 futures recovered to post small gains and US 10-year yields dropped 5 basis points near 3.1%