• Coronavirus surge in Canada checks Trudeau's green ambitions
A recent surge in COVID-19 cases is forcing Canadian Prime Minister
Justin Trudeau to scale back his plan to outline an ambitious green
economic recovery package next week.
• Second UK lockdown? COVID hospital admissions double every eight days
Britain's health minister said that the novel coronavirus was
accelerating across the country, with hospital admissions doubling every
eight days, but refused to say if another national lockdown would be
imposed next month.
• Caixabank strikes $5 billion Bankia deal as more European bank mergers loom
Caixabank has agreed to buy Bankia for 4.3 billion euros in an all-share
deal that creates Spain's biggest domestic lender and signals a pick up
in mergers among Europe's banks as they battle the fallout from the
• Jack Ma's Ant Group wins Shanghai OK for launch of giant dual IPO
China's Ant Group has received approval from the Shanghai Stock Exchange
for a domestic initial public offering, the bourse said, bringing the
financial technology firm closer to a dual-listing expected to be worth
up to $30 billion.
• Unity sells shares in $1.3 billion U.S. IPO above target range
Unity Software on Thursday sold shares in its New York initial public
offering (IPO) above its target range to raise $1.3 billion, the company
BEFORE THE BELL
Canada’s main stock index futures ticked
up, supported by higher gold prices. Futures tracking the Nasdaq 100 index rose as a two-day sell-off in technology-related
stocks halted, while worries about rising coronavirus cases and a patchy economic recovery weighed on the S&P 500 and the Dow futures.
Travel and bank stocks weighed on major European indexes. China stocks staged a strong finish, led by heavyweight financials,
while Japanese shares ended marginally higher. The U.S. dollar extended overnight losses. Oil
prices pared gains.
STOCKS TO WATCH
• Nuvei Corp (NVEI).
Shares of the company jumped on their market debut after the
Canadian payment processing firm raised $700 million in the largest
ever technology company offering on the Toronto Stock Exchange. Nuvei's
shares opened at C$45.25, a 32% premium to the stock's initial public
offering price of $26. It closed at C$45.05. The
company, backed by Caisse de Depot et Placement du Quebec and Canadian
private equity firm Novacap Investments, offers foreign exchange
services, local acquiring and risk management services in countries
including the United States and Canada.
to burgers: food companies wrangle climate-warming cattle emissions
Looking to improve milk production, California farmer John Verwey turned
to a Swiss-made feed additive designed to make a cow more efficient
while reducing methane emissions from cattle burps. The more a cow
belches, the more it spends energy that could be
used instead for milk production, Verwey reasoned. So two years ago, he
started feeding his cattle Agolin, made of coriander, clove and carrot
extracts, and replaced costlier additives that promoted weight gain. He
is still determining whether the change has
affected milk output, but Verwey figures he has positioned himself for a
world where consumers care more about greenhouse gas emissions from
• Jamieson Wellness Inc (JWEL). Eight Capital raises target price to C$44 from C$41, given the company's superior
revenue growth, which is predominantly organic, and its higher EBITDA margin profile relative to peers.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Retail sales mm for July: Expected 1.0%; Prior 23.7%
0830 Retail sales ex-autos mm for July: Expected 0.5%; Prior 15.7%
0830 Wholesale trade mm for July: Expected 3.5%; Prior 18.5%
COMPANIES REPORTING RESULTS
September 18 & 21:
No major companies are scheduled to report.
No major events are scheduled.
Cargojet Inc (CJT). Amount C$0.23
Hammond Power Solutions Inc (HPSa). Amount C$0.08
Olympia Financial Group Inc (OLY). Amount C$0.23
Rocky Mountain Dealerships Inc (RME). Amount C$0.01
(All analysts' estimates are according to I/B/E/S Refinitiv data.)