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Msg  67670 of 69706  at  7/3/2020 12:02:03 PM  by


Morning News Call TD




FRIDAY, JULY 3, 2020


• Global banks seeking details of U.S. sanction threat against China individuals for Hong Kong law
International banks were seeking details of the scope of U.S. legislation that would penalize them for doing business with Chinese officials who implement Beijing's sweeping new national security law on Hong Kong.
• U.S. reports 55,000 COVID-19 cases in single day, hits new global record
The United States reported more than 55,000 new COVID-19 cases on Thursday, a new daily global record for the coronavirus pandemic, as infections rose in a majority of states.

• France's Macron picks new prime minister to reinvent presidency 
President Emmanuel Macron named Jean Castex, a top civil servant and local mayor who orchestrated France's coronavirus lockdown exit strategy, as his new prime minister as he acted to reinvent his administration and win back voters.

• Euro zone business slump eased in June as lockdowns relaxed
The plunge in euro zone business activity caused by lockdowns imposed to stop the spread of the coronavirus eased sharply last month as more businesses reopened and people ventured out, a survey showed on Friday.
• Canada's Supreme Court dismisses appeal of long-delayed Trans Mountain oil pipeline
Canada's Supreme Court removed an obstacle to expansion of the Trans Mountain oil pipeline on Thursday, dismissing an appeal of a lower court decision that had backed Ottawa's approval of the project.

Futures for Canada’s main stock index edged lower, as oil prices fell on fears that resurgence of coronavirus cases could stall fuel demand growth. European stocks slipped over concerns on economic recovery. In Asia, Japan’s Nikkei ended higher, taking a positive cue from a record surge in U.S. June payrolls and Wall Street's overnight rally. The U.S. dollar was little changed against its rival currencies. Gold prices dipped.

• Turquoise Hill Resources Ltd (TRQ). The company said on Thursday it has decided to defer further discussions on any interim funding arrangements with Rio Tinto for its Mongolian copper project. The Mongolian state owns 34% in the Oyu Tolgoi copper project, while Rio's majority-owned Turquoise Hill has a 66% stake. Turquoise said it now expects to have liquidity available to fund operations and underground development of the project beyond the third quarter of 2021. "If it becomes prudent to do so, the company may re-engage with Rio Tinto and/or third parties regarding possible interim funding," the company said in a statement. 

The end of bonds as ballast?
The days of using safe bonds as ballast for equity-heavy investment portfolios may now be numbered for many investors - though what replaces them is a much more complicated business.

No economic indicators are scheduled for release.

July 3 & 6:
No major companies are scheduled to report.

No major events are scheduled for the day.

There are no major exdivs for the day.

(All analysts' estimates are according to I/B/E/S Refinitiv data)

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