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Canadian Blue-chip Industrial Forum
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Morning News Call TDFRIDAY, JANUARY 18, 2019 TOP NEWS • China's envoy to Canada says Huawei 5G ban would have repercussions China's envoy to Canada on Thursday warned Ottawa there would be repercussions if it banned technology firm Huawei Technologies from supplying equipment to Canadian 5G networks, the latest blast in a deepening bilateral dispute. • Schlumberger reports quarterly profit compared with year-ago loss Top oilfield services provider Schlumberger reported quarterly profit, compared with loss a year earlier when it took $2.7 billion in charges related to restructuring and asset writedown. • Trump-Deutsche Bank links in sights of U.S. House investigators Democrats now in control of the U.S. House of Representatives are working out which House panels will take the lead in investigating President Donald Trump's business ties to Deutsche Bank, lawmakers and aides familiar with the plans told Reuters. • Tesla to cut workforce by 7 percent, sees smaller Q4 profit Tesla said it would cut thousands of jobs to rein in costs as it ramps up production of its crucial Model 3 sedan, and the electric car maker expects fourth-quarter profit to be lower than the previous quarter. • U.S. refiners scramble as White House eyes Venezuela sanctions U.S. refiners are bidding up prices for scarce types of crude oil needed for their most sophisticated plants as the United States reconsiders harsher sanctions on Venezuela that could further reduce imports of the country's oil. BEFORE THE BELL Futures for Canada's main stock index rose, as oil prices gained after a report from the OPEC showed its production fell sharply last month. Wall street futures traded higher, in line with world stocks, on renewed hopes for trade negotiations between the U.S. and China. Boost in risk appetite dragged gold prices down, while palladium rose amid supply concerns and robust demand. The U.S. dollar was little-changed against a basket of its rivals. STOCKS TO WATCH • Bombardier Inc (BBDb). The company is making progress resolving problems with double-decker passenger trains which have drawn criticism from buyer Swiss Federal Railways, the company's Swiss country chief has told a local newspaper. Stephane Wettstein, who runs Bombardier's Swiss business, told the Aargauer Zeitung that the trains' reliability had improved considerably in recent weeks. "At the moment compensation payments are not a topic at all. For this a contractual claim must arise and this is not the case," he said. FOCUS Major consumer companies including Unilever, Procter & Gamble and Nestle are chasing consumers who want food and household goods delivered automatically, even though this kind of business has not always worked. ANALYSTS' RECOMMENDATION • Husky Energy Inc (HSE). RBC cuts price target to C$19 from C$20, saying the company’s decision to abandon its hostile bid for MEG Energy represents a lost opportunity and that may dent its credibility. • Trevali Mining Corp (TV). RBC cuts price target to C$0.60 from C$1, citing uncertainty around management succession and on a belief that it could take time for the company to rebuild trust and drive a re-rating in shares. ECONOMIC EVENTS (All timings in U.S. Eastern Time) 0830 CPI inflation mm for Dec: Expected -0.4 pct; Prior -0.4 pct 0830 CPI inflation yy for Dec: Expected 1.7 pct; Prior 1.7 pct 0830 CPI BoC core yy for Dec: Prior 1.5 pct 0830 CPI BoC core mm for Dec: Prior -0.2 pct 0830 CPI mm SA for Dec: Prior -0.2 pct 0830 Core CPI mm SA for Dec: Prior 0.1 pct 0830 CPI median for Dec: Prior 1.9 pct 0830 CPI trim for Dec: Prior 1.9 pct 0830 CPI common for Dec: Prior 1.9 pct 0830 CPI NSA for Dec: Prior 133.5 0830 CPI yy SA for Dec: Prior 1.75 pct 0830 Securities Cdns C$ for Nov: Prior 14.93 bln 0830 Securities Foreign C$ for Nov: Prior 3.98 bln COMPANIES REPORTING RESULTS January 18 & 21: No major companies are scheduled to report. CORPORATE EVENTS No major events are scheduled for the day. EXDIVIDENDS There are no major exdivs for the day. |
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