• Britain says Iran attempted to block its oil tanker
Three Iranian vessels tried to block the passage of a BP-operated tanker
through the Strait of Hormuz but withdrew after warnings from a British
warship, the British government said.
testimony, Fed meeting highlight case for 'insurance'
A confidence shock driven partly by the U.S. trade war is at the center
of an increasingly persuasive argument for Federal Reserve policymakers
seriously considering cutting rates for the first time in a decade.
• OPEC sees lower 2020 demand for its oil, points to surplus
OPEC forecast world demand for its crude will decline next year as
rivals pump more, pointing to the return of a surplus despite an
OPEC-led pact to restrain supplies.
CEO sees 'marginal benefit' as competitors grapple with Boeing MAX grounding
Delta Air Lines sees the momentum behind 6.5% quarterly revenue growth
continuing throughout the year, Chief Executive Ed Bastian said, citing
strong domestic demand that led the No. 2 U.S. carrier to lift its
full-year profit forecast.
• American Eagle to start selling cannabis-based products this year
American Eagle Outfitters will start selling cannabidiol (CBD)-infused
personal care products in the United States later this year, entering a
fast-growing market for daily consumer goods made with cannabis
BEFORE THE BELL
Canada's main stock index futures were flat, with a rise in oil prices
to a six-week high limiting losses. U.S. stock futures advanced and Asian equities rose as investors embraced a noticeably
dovish stance in the U.S. Federal Reserve Chairman's testimony to the Congress. Meanwhile, European shares pared gains. The U.S. dollar fell
against a basket of major currencies. Gold extended gains. New house price index is due to be released later in the day.
STOCKS TO WATCH
• CannTrust Holdings Inc (TRST).
Danish cannabis firm StenoCare said it would
quarantine more batches of cannabis oil from its partner CannTrust
which has sold products from what Canada's federal health regulator
called unlicensed facilities. StenoCare said it would now quarantine
five batches of the oil.
aside, Trump's team sees China trade stance as strength in 2020
As trade talks resume between China and the United States, President
Donald Trump's advisers are confident he can portray his stance against
Beijing as a strength in the 2020 election, despite making concessions
and having no deal in sight.
• Alimentation Couche Tard Inc (ATDb). CIBC raises price target to C$94 from
C$87, stating that same-store sales growth continues to outperform.
• Exfo Inc (EXFO). CIBC cuts price target to $4.25 from $4.50, stating lower than expected fourth-quarter outlook.
• Superior Plus Corp (SPB).
CIBC raises price target to C$16 from C$14.5, citing the stability of
its energy distribution platform during times of economic uncertainty.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 New house price index for May: Expected 0.1%; Prior 0.0%
COMPANIES REPORTING RESULTS
Aritzia Inc (ATZ). Expected Q1 earnings of 15 Canadian cents per share
Goodfood Market Corp (FOOD). Expected Q3 loss of 8 Canadian cents per share
Theratechnologies Inc (TH). Expected Q2 earnings of 00 break even per share
MTY Food Group Inc (MTY). Expected Q2 earnings of 86 Canadian cents per share
CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Goodfood Market Corp (FOOD). Q3 earnings conference call
0830 Firan Technology Group Corp (FTG). Q2 earnings conference call
0830 Theratechnologies Inc (TH). Q2 earnings conference call
0830 Greenspace Brands Inc (JTR). Q4 earnings conference call
1100 Cogeco Inc (CGO). Q3 earnings conference call
1100 Cogeco Communications Inc (CCA). Q3 earnings conference call
1300 Emera Inc (EMA). Shareholders Meeting
1630 Aritzia Inc (ATZ). Q1 earnings conference call
Dollarama Inc (DOL). Amount C$0.04
(All analysts' estimates are according to I/B/E/S Refinitiv data.)