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Group: Canadian Blue-chip Industrial Forum
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Futures for Canada's main stock index rose, tracking their U.S. peers, on rising optimism around the corporate earnings season and the reversal of UK's fiscal policy
Wall Street futures were higher, with strong quarterly sales from Johnson & Johnson lifting hopes that upbeat corporate reports could soothe markets worries of a potential recession due to rising inflation and interest rates
European stocks rose in a revival of risk appetite that analysts attributed to the turnaround in British fiscal policy
Japanese stocks ended up, supported by strong overnight Wall Street performance and positive indications from U.S. futures markets
The U.S. dollar rose, while spot gold edged higher
Oil prices inched lower, on fears of an economic slowdown and lower fuel demand from China as it persists with its stringent zero-COVID policy. Housing starts data is scheduled for release later today.
STOCKS IN THE NEWS
Source: Thomson Reuters Credit Suisse Group AG (CS):
The bank has approached at least one Middle Eastern sovereign wealth fund for a capital injection, a source said, while some funds are looking at the scandal-hit Swiss bank's businesses as potential investment opportunities
Abu Dhabi and Saudi Arabia were weighing up, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses, Bloomberg reported
An investment would be to take advantage of low valuations, it said. Credit Suisse's investment banking chief, Christian Meissner, will be leaving the bank once it has announced a strategic overhaul on Oct. 27, a source familiar with the situation said
The size and other details of a potential capital injection could not be learned
A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings
Enbridge Inc (ENB):
The company said on Monday it has reached an agreement on penalties over its Line 3 oil pipeline replacement project and that it will pay $11 million to various Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa
The Canadian company said $7.5 million of the total will be used to provide financial assurances and fund multiple environmental and resource enhancement projects, as part of the agreements with the Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa
The Minnesota attorney general would file a misdemeanor criminal charge for taking water without a permit at the Clearbrook aquifer, a charge that would be dismissed after the company adheres to one year of compliance with state water rules, Enbridge said in a news release
Line 3, built in the 1960s, carries oil from Edmonton, Alberta, to refineries in the U.S. Midwest, but for years was transporting less than its capacity because of age and corrosion
Microsoft Corp (MSFT):
The company laid off under 1,000 employees across several divisions this week, Axios reported, citing a source, making it the latest U.S. technology company to cut jobs or slow hiring amid a global economic slowdown
The layoffs affected less than 1% of Microsoft's total workforce of around 221,000 as of June 30
The company had said in July that a small number of roles had been eliminated and that it would increase its headcount down the line. Microsoft did not immediately respond to a Reuters' request for comment on the Axios report
Several technology companies, including Meta Platforms, Twitter and Snap have cut jobs and scaled back hiring in recent months as global economic growth slows due to higher interest rates, rising inflation and an energy crisis in Europe
EARNINGS SPOTLIGHTS
Source: Thomson Reuters
Hasbro Inc (HAS):
The toymaker reported a 28% fall in third-quarter earnings as inflation-hit consumers were further discouraged by price hikes
Earlier in October, Hasbro cut its fiscal 2022 sales forecast, citing a stronger dollar and a slowdown in demand
The company also said it was trimming its product lines
"As expected, the third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer," Hasbro Chief Executive Officer Chris Cocks said
The company reported adjusted net earnings of $196.2 million, or $1.42 per share, in the third quarter ended Sept. 25, compared with $271.2 million, or $1.96 per share, a year earlier
The Transformers toys maker's net revenue fell 15% to $1.68 billion in the quarter, in line with analysts' estimates, according to Refinitiv IBES
Johnson & Johnson (JNJ):
The U.S. healthcare conglomerate beat analysts' estimates for third-quarter sales, helped by strong demand for its cancer drug Darzalex and Crohn's disease drug Stelara
The company tightened its full-year adjusted profit forecast range. J&J is the first drugmaker and medical devices firm to report third-quarter earnings and the maintained forecast could be seen as a sign of demand resiliency
Sales at pharmaceuticals, the company's largest unit, rose 2.6% to $13.21 billion
That beat estimates of $13.03 billion, according to six analysts polled by Refinitiv. Sales at J&J's medical devices unit rose 2.1% to $6.78 billion on demand for contact lenses and wound-closure products
The division has been under pressure from extended lockdowns in China and a slow recovery in demand for some non-urgent surgery delayed due to the COVID-19
Total sales for the third-quarter rose 1.9% to $23.79 billion, topping estimates of $23.34 billion, according to Refinitiv IBES data
THINGS TO KNOW
Source: Bloomberg Finance L.P.
The Biden administration is moving toward a release of at least another 10 million to 15 million barrels of oil from the nation’s emergency stockpile in a bid to balance markets and keep gasoline prices from climbing further, according to people familiar with the matter
UK gilts whipsawed, initially climbing after the Financial Times reported the Bank of England is delaying the start of its gilt-sale program
Denison Mines Corporation* (DML: $1.68) Small Pharma Inc.* (DMT: $0.17) Endeavour Mining Plc.* (EDV: $23.42) WELL Health Technologies* (WELL: $2.91)
MORNING INK REPORT Enerplus joins the INK Canadian Insider Index
MACRO - EVENT SCHEDULE Canadian Housing Starts of 299.6k exceed 265.0k estimate
MOST READ NEWS Goldman Shakes Up Leadership Ranks in Yet Another Overhaul
“Definiteness of purpose is the starting point of all achievement.”
- W. Clement Stone
ASSET CLASS PERFORMANCE Source: FactSet *All numbers presented on the table below are based on total return
*All prices are in local currencies
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