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Msg  72366 of 72954  at  10/17/2022 10:29:58 AM  by

carswell


Coffee/Summaries

 
Web Version

Monday, October 17, 2022


In today’s Morning Coffee…

BEFORE THE OPEN
Source: Thomson Reuters
  • Canada's main stock index futures were up, buoyed by an uptick in gold and crude prices
  • Wall Street futures rose, as investors focused on the third-quarter earnings season to assess the impact of decades-high inflation and rising interest rates on corporate profit
  • European shares were higher and the pound extended gains, after new British finance minister Jeremy Hunt said the government would reverse almost all of the tax changes announced in Prime Minister Liz Truss's economic growth plan three weeks ago
  • Japanese stocks fell, as investors braced for more signals of global recession, although tourism-related shares performed well following the border re-opening last week
  • China and Hong Kong stocks closed higher in a volatile session after Chinese President Xi Jinping talked up national security, while dashing hopes of any changes in growth-hitting zero-COVID policies and property sector curbs
  • Gold prices gained, helped by a slight pullback in the U.S. dollar
  • Oil was up as China's continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession
STOCKS IN THE NEWS
Source: Thomson Reuters
Broadcom Inc (AVGO) & VMware Inc (VMW):
  • The chipmaker will seek early European Union antitrust approval of its proposed $61 billion buy of cloud computing company VMware by pointing to competition from Amazon, Microsoft and Google, people familiar with the matter said
  • Announced in May, the deal is the second biggest globally so far this year and marks Broadcom's attempt to diversify its business into enterprise software
  • "This (deal) is creating more competition in the cloud market where there are very big players now. This doesn't have to go to phase two at all," one of the people said, referring to the European Commission's four-month long second phase investigation
  • "For the Commission to go to phase two, there has to be a real competition problem - horizontal, vertical, foreclosure risk - and I think we can show those risks don't really exist in this case," the person said
Goldman Sachs Group Inc (GS):
  • The bank is planning a major reorganization to combine its biggest businesses into three divisions with its storied investment banking and trading businesses being merged into a single unit, a source familiar with the matter told Reuters
  • The plans, which are expected to be announced on Oct. 18 in conjuction with Goldman's third quarter earnings, will also see consumer banking being absorbed by its wealth unit, the source said, confirming an earlier Wall Street Journal report
  • The move comes as the Wall Street titan has sought to cut its reliance on volatile trading and investment banking revenues by boosting its fee-based businesses
  • The combined investment banking and trading group will be overseen by Dan Dees and Jim Esposito, who are currently global co-heads of Goldman's investment banking, and Ashok Varadhan, now co-head of its global markets division, according to a report from Bloomberg
Royal Bank of Canada (RY):
  • CACEIS, the asset servicing business owned by French bank Credit Agricole and Spanish bank Santander, has struck a preliminary deal to buy the European asset servicing business of RBC Investor Services
  • The acquisition, due to be completed by the end of the third quarter in 2023, would result in CACEIS having about 4.8 trillion euros worth of assets under custody and 3.5 trillion euros of assets under administration, CACEIS said
  • The acquisition of the European asset servicing activities of RBC Investor Services will also entail the takeover of an associated Malaysian division
  • "This combination with RBC Investor Services helps us consolidate our position as a leading European player in asset servicing," said CACEIS Chief Executive Jean-François Abadie
EARNINGS SPOTLIGHT
Source: Thomson Reuters
Bank of America Corp (BAC):
  • The second-largest U.S. bank joined other big U.S. banks in reporting a drop in third-quarter profit as it set aside funds to cover soured loans from a potential deterioration in the U.S. economy
  • The bank added $378 million to its loan-loss reserves as it braces for a weakening economy
  • That compares with a release of $1.1 billion a year earlier
  • The U.S. Federal Reserve's aggressive monetary policy actions to tamp down inflation have sparked fears that the economy could slip into a recession as funding tightens due to higher interest rates
  • Net profit applicable to common shareholders was $6.6 billion, or 81 cents a share, for the quarter ended Sept. 30, compared with $7.3 billion, or 85 cents a share, a year earlier
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • St. Louis Fed President James Bullard left open the possibility that the central bank would raise interest rates by 75 basis points at each of its next two meetings in November and December, while saying it was too soon to make that call
  • The pound and UK bonds surged as investors speculated that Prime Minister Liz Truss’s administration will further backtrack from the expansive fiscal strategy that plunged markets into turmoil last month


Goodfood Market Corp.* (FOOD: $0.59)
PRO Real Estate Investment Trust* (PRV.UN: $5.68)



Theratechnologies Inc.* (THTX: $2.06)
T2 Biosystems Inc.* (TTOO: $2.32)
Travere Therapeutics Inc.* (TVTX: $20.68)


THE REIT REVIEW
Highlights from CBRE’s Q3/22 update on Canadian office and industrial fundamentals

INDUSTRY UPDATE
Cannabis
Oil

MORNING INK REPORT
Will the clean energy transition power dynaCERT stock?



MACRO - EVENT SCHEDULE
US Empire Manufacturing reported at -9.1, below estimate of -4.3

MOST READ NEWS
Goldman Shakes Up Leadership Ranks in Yet Another Overhaul


“Investing is the intersection of economics and psychology.”
- Seth Klarman

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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