• Canadian crude imports fall 20% in 2020 due to COVID-19 pandemic
Imports of crude oil into Canada dropped 20% year-on-year in 2020 due to
weak demand as a result of the COVID-19 pandemic, the Canada Energy
Regulator said in an analysis.
• JPMorgan profit surges on trading, investment banking boost
JPMorgan Chase reported a surge in first-quarter earnings, as the
largest U.S. bank released more reserves and was aided by a blowout
quarter from its trading desks and soaring investment banking fees.
• Coinbase listing marks latest step in crypto's march to the mainstream
Coinbase, the biggest U.S. cryptocurrency exchange, will list on the
Nasdaq, marking a milestone in the journey of virtual currencies from
niche technology to mainstream asset.
• Biden to address U.S. Congress as lawmakers consider infrastructure plan
U.S. President Joe Biden will speak to a joint session of the U.S.
Congress on April 28, accepting an invitation from House of
Representatives Speaker Nancy Pelosi, a fellow Democrat.
• Top pension manager IMCO re-allocating $3 billion global hedge fund portfolio
Canadian pension manager Investment Management Corporation of Ontario
(IMCO) is exiting its C$3.8 billion investment in fund of hedge funds
and re-investing in single-name strategies, CEO Bert Clark told Reuters
BEFORE THE BELL
Futures for Canada's main stock index were up as oil prices rose on revised crude demand forecasts. Futures tracking
the S&P 500 and the Nasdaq were slightly higher as top banks start the U.S. earnings season with investors expecting strong
results on hopes of a swift vaccine-led economic recovery. European shares gained, buoyed by SAP and LVMH following their upbeat quarterly updates. Japan’s Nikkei fell
as surging COVID-19 cases hit sentiment. The dollar index was down after strong demand at a U.S. bond auction fueled a widespread drop in Treasury
yields. Gold was in the negative territory.
to go big on budget spending as pandemic lingers, election looms
Canada's Liberal government will deliver on its promise to spend big
when it presents its first budget in two years next week amid a
fast-rising third wave of COVID-19 infections and ahead of an election
expected in coming months.
• Badger Daylighting Ltd: Canaccord Genuity cuts rating to hold from buy on expectation of weaker-than-expected first-quarter results.
• Nomad Royalty Company Ltd: CIBC initiates coverage with neutral rating, saying the company’s strong growth outlook includes some concentration risk.
• Organigram Holdings Inc:
CIBC cuts rating to underperformer from neutral, saying it is difficult
to foresee the company returning to positive EBITDA, even in FY2022,
due to ongoing pandemic
impacts, a pause in international sales and declining domestic market
share occurring at shrinking margins.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
1200 Refinitiv IPSOS PCSI for Apr: Prior 50.25
COMPANIES REPORTING RESULTS
Shaw Communications Inc: Expected Q2 earnings of 34 Canadian cents per share
Theratechnologies Inc: Expected Q1 loss of 4 cents per share
Valens Company Inc.: Expected Q1 loss of 4 Canadian cents per share
No major companies are scheduled to report for the day.
CORPORATE EVENTS (All timings in U.S. Eastern Time)
0830 Theratechnologies Inc: Q1 earnings conference call
1100 Cogeco Communications Inc: Q2 earnings conference call
1100 COGECO Inc: Q2 earnings conference call
1100 Colliers International Group Inc: Annual Shareholders Meeting
1600 Aphria Inc: Shareholders Meeting
Diversified Royalty Corp: Amount C$0.01
Premium Income Corp: Amount C$0.20
Shaw Communications Inc: Amount C$0.09
TransAlta Renewables Inc: Amount C$0.07
(All analysts' estimates are according to I/B/E/S Refinitiv data)