• Bank of America profit beats as healthy economy fuels loan growth
Bank of America beat estimates for quarterly profit, as the United
States' second-largest lender's loan book benefited from a healthy
• Bills targeting China's Huawei introduced in U.S. Congress
Members of the U.S. Senate and House of Representatives introduced bills
on Tuesday to keep tight restrictions on Huawei, amid concern about
President Donald Trump's easing of curbs on the Chinese firm.
• Seeking to avoid escalation, ships deploy unarmed guards to navigate Gulf
Shipping companies are hiring unarmed security guards for voyages
through the Middle East Gulf as an extra safeguard after a wave of
attacks in the region, security companies involved said.
• Amazon appeases German watchdog, but EU opens new probe
Amazon has reached a deal with Germany's anti-trust authority to
overhaul its terms of service for third-party merchants, acting to
appease regulators as the European Union announced its own investigation
of the e-commerce giant.
• Facebook to face more scrutiny from Congress on Libra
Facebook will face more questioning by U.S. lawmakers over its planned
cryptocurrency after a bruising first bout when senators from both
parties condemned the project, saying the company had not shown it could
BEFORE THE BELL
Canada's main stock index futures edged up, as oil prices rose. U.S.
stock futures were slightly higher as investors continue to focus on quarterly results from major companies. European shares were little changed, while Japan's Nikkei ended
lower on U.S.-China trade uncertainty. The dollar index edged down. Gold was trading in the negative territory. Canada's
inflation and factory sales data are scheduled for release later in the day.
STOCKS TO WATCH
• Barrick Gold Corp (ABX).
Acacia Mining said it was seeking a stay of international
arbitration proceedings against Tanzania, a step that could ease
tensions between the two sides locked in a dispute following a $190
billion tax bill, two days before a deadline for a buyout proposal by
Barrick Gold. Adding to pressure on Acacia, the company
said late on Tuesday it had been notified of an imminent ban on the use
of a storage dam that would prevent its North Mara gold mine - its main
source of revenue - from operating. The offer to postpone arbitration,
which was scheduled to start on Monday, precedes
a looming July 19 deadline for Acacia's majority owner Barrick Gold,
holder of a 63.9% stake, to make a firm bid to buy out Acacia.
sense of chaos? Algos scour social media for clues to crypto moves
After months of relative calm in cryptocurrency markets, bitcoin
exploded back into life in April with its sharpest price jump in over a
year - but few people could convincingly explain why. The 20% leap
focused investors' attention on one of the enduring mysteries
of cryptocurrencies: what moves the price of an emerging asset in an
opaque, largely unregulated market?
• Canadian Pacific Railway Ltd (CP). RBC raises target price to C$356 from C$342,
reflecting the company's volume growth outlook and operating efficiencies that could drive meaningful EPS growth.
• Cogeco Communications Inc (CCA).
CIBC raises target price to C$109 from C$103, citing the company's
solid momentum continuing across both Canadian and U.S. segments.
• High Tide Inc (HITI).
Canaccord Genuity initiates coverage with speculative buy rating,
citing the company's growing retail presence in Canada and its accretive
acquisitions of 2018.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 CPI inflation mm for Jun: Expected -0.2 %; Prior 0.4%
0830 CPI inflation yy for Jun: Expected 2.0%; Prior 2.4%
0830 CPI BoC core yy for Jun: Prior 2.1%
0830 CPI Boc core mm for Jun: Prior 0.4%
0830 CPI mm SA for Jun: Prior 0.3%
0830 Core CPI mm SA for Jun: Prior 0.3%
0830 CPI median for Jun: Prior 2.1%
0830 CPI trim for Jun: Prior 2.3%
0830 CPI common for Jun: Expected 1.8%; Prior 1.8%
0830 CPI NSA for Jun: Prior 136.6
0830 CPI yy SA for Jun: Prior 2.33%
0830 Manufacturing sales mm for May: Expected 2.0%; Prior -0.6%
COMPANIES REPORTING RESULTS
No major companies are scheduled to report for the day.
West Fraser Timber Co Ltd (WFT). Expected Q2 earnings of 41 Canadian cents per
CORPORATE EVENTS (All timings in U.S. Eastern Time)
1630 Kinder Morgan Canada Ltd (KML). Q2 earnings conference call
Alimentation Couche-Tard Inc (ATDb). Amount C$0.12
Richelieu Hardware Ltd (RCH). Amount C$0.06
(All analysts' estimates are according to I/B/E/S Refinitiv data.)