TOP NEWS
• Seeking
clarity from Fed's Powell? Good luck with that
When Federal Reserve Chair Jerome Powell speaks in Jackson Hole,
Wyoming, traders will comb through his remarks for clues on whether the
U.S. central bank will deliver more rate cuts this year. They may be
disappointed.
• VMware to pay $5 billion for firms offering cloud security, developers platform
VMware said on Thursday it bought two providers of cloud security and
cloud developer services in separate deals valued at about $5 billion,
as it expands offerings for corporate clients.
• Tesla in advanced talks with LG Chem on battery supply in China-source
U.S. electric vehicle maker Tesla is in advanced talks with South
Korea's LG Chem to source batteries for vehicles to be made in its
Shanghai plant, a person familiar with the matter said.
• Hasbro takes home Peppa Pig, PJ Masks in $4 billion eOne deal
Hasbro will buy Entertainment One for about $4 billion in cash,
expanding into the lucrative infant and preschool market by gaining
access to popular TV shows like Peppa Pig and PJ Masks.
• Huawei says U.S. curbs to cut smartphone unit's revenue by over $10 billion
Chinese technology giant Huawei said the impact of U.S. trade
restrictions on its business will be less than what it initially feared,
though the curbs could push its smartphone unit's revenue lower by
about $10 billion this year.
BEFORE THE BELL
Canada's stock futures edged higher, in line with global
stock markets, as investors looked to Federal Reserve
Chair Jerome Powell's speech to find out whether the U.S. central bank
will deliver more rate cuts this year. The U.S. dollar strengthened
against a basket of six major currencies, whereas gold fell as investors locked in profits. Oil prices were little
changed. Canada's retail sales data is scheduled for release later in the day.
POLL
Canada
house prices to pick up from stand-still but risks aplenty
Canadian house prices will be flat this year, but will pick up in 2020,
driven by lower mortgage rates and solid domestic economic conditions,
according to economists and property market analysts polled by Reuters.
ANALYSTS' RECOMMENDATION
• Canadian Imperial Bank of Commerce (CM). RBC cuts target price to C$124 from C$128, saying the bank is
relatively more exposed to a potential slowing rate of growth in Canadian consumer lending.
• Empire Company Ltd (EMPa). BMO raises target price to C$42 from C$36, reflecting its strong second-quarter results.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Retail sales mm for Jun: Expected -0.1%; Prior -0.1%
0830 Retail sales ex-autos mm for Jun: Expected 0.0%; Prior -0.3%
COMPANIES REPORTING RESULTS
August 23 & 26:
No major companies are scheduled to report.
CORPORATE EVENTS
No major events are scheduled for the day.
EXDIVIDENDS
AltaGas Ltd (ALA). Amount C$0.08
(All analysts' estimates are according to I/B/E/S Refinitiv data.)
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