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Msg  67717 of 67921  at  7/10/2020 12:12:14 PM  by

Gammafriend


Morning News Call TD


 

CANADA EDITION

 

FRIDAY, JULY 10, 2020

 


TOP NEWS
• IEA raises 2020 oil demand forecast but warns COVID-19 clouds outlook
The International Energy Agency (IEA) bumped up its 2020 oil demand forecast but warned that the spread of COVID-19 posed a risk to the outlook.
• Pandemic-proofing: Insurance may never be the same again
Insurers are creating products for a world where virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis.
• EU regulators to decide by July 31 on Alstom, Bombardier deal
European Union antitrust regulators have set a new deadline of July 31 to rule on Alstom's bid for Bombardier's transport business after the French TGV high-speed train maker offered to sell assets to address competition concerns.
• Barrick Gold sends dispute notice to Papua New Guinea over Porgera mine
Canadian miner Barrick Gold said it served a dispute notice to the Papua New Guinea government over the country's refusal to extend a mining lease in the Porgera valley.
• Ford says restrictions at Mexico plants "not sustainable"
Ford on Thursday said new staffing restrictions imposed on plants producing car parts in the Mexican state of Chihuahua were "not sustainable," the latest sign U.S. automakers are still reeling from coronavirus lockdowns in Mexico.



BEFORE THE BELL
Canada's main stock index futures were little changed ahead of the monthly jobs data. Wall Street futures fell as a record increase in coronavirus cases in several U.S. states led to worries that more lockdowns may be necessary, disrupting business activity ahead of the start of the second quarter earnings season next week. Asian shares were in the red, while Italy's rebound after strong May industrial output data pulled European stocks out of loss. The U.S. dollar was little changed, while gold prices were higher. Oil dropped on virus resurgence worries and oversupply concerns. Shaw Communications results is scheduled for release later in the day. 


STOCKS TO WATCH
• Barrick Gold Corp (ABX). The miner said it served a dispute notice to the Papua New Guinea (PNG) government over the country's refusal to extend a mining lease in the Porgera valley.The company said the notice was sent by its subsidiary Barrick (PD) Australia Pty Limited, an investor in the Porgera mine, citing a violation in a bilateral investment treaty between PNG and Australia as well as international law governing foreign investment.​
• Bombardier Inc (BBDb). European Union antitrust regulators have set a new deadline of July 31 to rule on Alstom's bid for Bombardier's transport business after the French TGV high-speed train maker offered to sell assets to address competition concerns. The European Commission, which posted the new deadline on its site on Friday, will now seek feedback from rivals and customers of both companies before deciding whether to accept the package or demand more in line with its procedures. The EU competition enforcer could also open a four-month long investigation if it has serious doubts.The proposed assets are equivalent to the size of a medium-sized player in Europe, people familiar with the matter said.


POLL
Canada's near-term economic outlook brightens; joblessness a risk
The economic recovery underway in Canada will be stronger in the near-term than expected a few months ago, according to a Reuters poll of economists who said a resurgence in coronavirus infections and high unemployment were the two biggest risks. Like many other countries, the Canadian government imposed strict lockdowns to quell the spread of the novel coronavirus, forcing businesses to close and citizens to stay home, bringing swathes of the economy to a standstill.​



ANALYSTS' RECOMMENDATION
• Aritzia Inc (ATZ). Scotiabank raises target price to C$23.50 from C$21.50, following the company’s Q1 earnings, as they remain convinced Aritzia will emerge stronger than most apparel retailers advantaged by its exceptional ecommerce platform, its small brick and mortar footprint, unique operating model and brand positioning. 
• Just Energy Group Inc (JE). CIBC cuts target price to C$0.5 from C$0.75, citing uncertainty on the recapitalization and path forward. 
• Western Forest Products Inc (WEF). RBC cuts rating to sector perform from outperform, saying that while the underlying trend in wood products remains favorable, they believe that the company still presents a "cloudier" story compared its peers.



ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Average hourly wages permanent employee yy for Jun: Prior 9.96%
0830 Employment change for Jun: Expected 700,000; Prior 289,600
0830 Unemployment rate for Jun: Expected 12.0%; Prior 13.7%
0830 Full time employment change SA for Jun: Prior 219,400
0830 Part time employment change SA for Jun: Prior 70,300
0830 Participation rate for Jun: Prior 61.4%



COMPANIES REPORTING RESULTS
July 10:
MTY Food Group Inc (MTY). Expected Q2 loss of 29 Canadian cents per share
Shaw Communications Inc (SJRb). Expected Q3 earnings of 30 Canadian cents per share

July 11:
No major companies are scheduled to report for the day.



CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Canacol Energy Ltd (CNE). Annual Shareholders Meeting
0830 MTY Food Group Inc (MTY). Q2 earnings conference call
1100 Horizon North Logistics Inc (HNL). Annual Shareholders Meeting
1100 Velan Inc (VLN). Q1 earnings conference call
1730 Shaw Communications Inc (SJRb). Q3 earnings conference call



EX-DIVIDENDS
BMTC Group Inc (GBT). Amount C$0.14


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


 


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