Canada’s main stock index futures fell, tracking sour global sentiment, as investors were spooked by recession worries
U.S. stock index futures pared losses as the benchmark U.S. Treasury yield pulled back from 12-year highs
European shares recovered some earlier losses after the Bank of England said that it would buy as many long-dated government bonds as needed between now and Oct. 14 to stabilize financial markets
Japan's Nikkei ended at a near three-month low and China’smain stock benchmark tumbled to five-month lows
In currency markets, nervous financial markets propelled the safe-haven U.S. dollar, while China's onshore yuan ended the domestic session at its lowest level against the U.S. dollar since the global financial crisis of 2008
Meanwhile, oil prices rose, gaining support from U.S. production cuts caused by Hurricane Ian and gold prices were little changed
STOCKS IN THE NEWS
Source: Thomson Reuters
Canopy Growth Corp (WEED):
The company said it would divest its retail business across Canada, as the pot producer doubles down on its efforts to turn profitable
The business includes stores operating under the Tweed and Tokyo Smoke retail banners, and follows recent efforts to become profitable by reining in costs through layoffs, exits from some international markets and store closures
Licensee partner OEG Retail Cannabis will buy 23 Tokyo Smoke and Tweed stores across Manitoba, Saskatchewan, and Newfoundland and Labrador, while cannabis retailer 420 Investments Ltd will purchase five corporate stores in Alberta, the company said
Canopy said all in-store staff working in the locations being acquired will be employed by the buyers pending completion of the transactions
Earlier this year, the company extended its time frame to achieve profitability as fewer-than-expected retail stores and cheaper black market rates crimp sales at legal recreational companies
Cineplex Inc (CGX):
The Canadian cinema chain operator has reached out to the lenders of Cineworld to revive a potential merger with the bankrupt rival's Regal Entertainment, the Wall Street Journal reported, citing people familiar with the matter
Cineworld declined to comment on the WSJ report, while Cineplex did not immediately respond to a Reuters request for confirmation
The two companies are locked in a multi-million dollar legal battle over a scrapped merger from two years ago
Exxon Mobil Corp (XOM):
Strikes over pay at ExxonMobil's oil refineries in France have forced the firm to limit refined product supply to its customers, a spokesperson told Reuters
"We have temporarily put limitations in place for customers in accordance with the terms of our supply contracts. We have a supply response team in place to supply product from unaffected sources," the spokesperson said
French unions CGT and Force Ouvriere called a strike on Sept. 20 following wage negotiations with ExxonMobil related to rising inflation in Europe
Source: Thomson Reuters
BlackBerry Ltd (BB):
The company on Tuesday reported a fall in cybersecurity revenue for the second quarter, as customers reined in spending due to an uncertain macroeconomic environment, sending its shares down in extended trading
The company has also been facing tough competition from Microsoft, Citrix Systems and International Business Machines in the security software segment, with revenue in the unit falling 7.5% to $111 million from a year ago
The company said in an earnings call that cybersecurity segment revenue in the third quarter is expected to be flat year-on-year
However, revenue at the company's Internet of things (IoT) unit, which includes the QNX software for automotive customers, rose about 28% to $51 million as it signed up more customers
Total revenue fell 4% to $168 million for the quarter ended Aug. 31, compared with a consensus estimate of $166.7 million
Excluding items, the company posted a loss of 5 cents per share, narrower than analysts' expectations of loss of 7 cents
THINGS TO KNOW
Source: Bloomberg Finance L.P.
Treasury 10-year yields rose above 4% to the highest level since the global financial crisis, spurred by speculation that Japan will intervene to strengthen the yen -- potentially funded by selling US debt securities
Apple shares fell as much as 3.3% in premarket after a report said it's backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize
Russian leaders declared victory in a series of stage-managed, UN-condemned “referendums,” as the Kremlin moved to annex a large chunk of occupied Ukrainian territory
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