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Msg  72066 of 72289  at  8/16/2022 10:08:31 AM  by

Gammafriend


Morning News Call TD

CANADA EDITION

TUESDAY, AUGUST 16, 2022


TOP NEWS
• Walmart expects smaller profit drop as discounts drive demand
Walmart forecast a smaller drop in full-year profit than previously projected, after deep discounts to clear excess merchandise and a drop in fuel prices helped it beat expectations for quarterly sales.

• Home Depot beats quarterly sales estimates
Home Depot reported quarterly comparable sales above Wall Street estimates on steady demand for home-improvement goods from professional builders and handymen.

• Australia's Tassal accepts sweetened $1.70 billion bid from Canada's Cooke
Tassal Group said it had accepted a sweetened A$5.23 per share takeover offer from Canadian aquaculture company Cooke Inc, giving the Australia-based salmon producer an enterprise value of A$1.70 billion.

• Soaring coal prices lift BHP to highest profit in 11 years
BHP Group reported bumper profits on the back of gains in prices of coal and other commodities, and declined to rule out a second approach in its spurned $6 billion bid for OZ Minerals.

ANALYSIS-Loosening financial conditions threaten central bank inflation fight
The U.S. Federal Reserve is hiking interest rates at the most aggressive pace in a generation, but the financial conditions it needs to tighten to tame soaring inflation are heading in the wrong direction.


BEFORE THE BELL
Canada's main stock index futures were in the red, ahead of the country’s inflation numbers, with a fall in oil and gold prices weighing on sentiment. U.S. stock index futures inched lower as investors assessed results from retailers Walmart and Home Depot, while signs of a slowing global economy continued to keep investors on edge. In Asian equities, China's stocks ended lower over COVID-19 concerns, while Japan's Nikkei ended flat. European stocks were up, supported by the mining sector. The U.S. dollar rose against a basket of major currencies.


INSIGHT
Cryptoverse: Electric ether leaps on verge of Merge
It looks like ethereum's mega-upgrade is happening. Finally. After years of delays, the "Merge" seems all but certain to take place in September, with the cryptography underlying the blockchain undergoing a radical shift to a system where the creation of new ether tokens becomes far less energy-intensive.


ANALYSTS' RECOMMENDATION
• Bank of Montreal: CIBC raises target price to C$143 from C$142, citing higher commercial loan growth assumptions.

• Dexterra Group Inc: National Bank of Canada cuts target price to C$10 from C$12, following the company’s Q2 results.

• Dollarama Inc: TD Securities raises target price to C$86 from C$82, saying the company is expected to raise annual guidance following its upcoming Q2 results.

• National Bank of Canada: CIBC raises target price to C$104 from C$102, expecting the bank’s more defensive positioning to benefit it in an economic slowdown.

• Toronto-Dominion Bank: CIBC cuts target price to C$97 from C$100, anticipating an economic slowdown in 2023.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0815 Housing starts, annualized for July: Expected 262,100; Prior 273,800
0830 CPI inflation mm for July: Expected 0.1%; Prior 0.7%
0830 CPI inflation yy for July: Expected 7.6%; Prior 8.1%
0830 CPI BoC core yy for July: Prior 6.2%
0830 CPI BoC core mm for July: Prior 0.3%
0830 CPI mm SA for July: Prior 0.6%
0830 Core CPI mm SA for July: Prior 0.5%
0830 CPI median for July: Prior 4.9%
0830 CPI trim for July: Prior 5.5%
0830 CPI common for July: Expected 4.7%; Prior 4.6%
0830 CPI NSA for July: Prior 152.9
0830 CPI yy SA for July: Prior 7.94%
0830 Securities Canadians for June: Prior C$0.57 bln
0830 Securities Foreign for June: Prior C$2.35 bln


COMPANIES REPORTING RESULTS
August 16 & 17:
No major companies are scheduled to report.


CORPORATE EVENTS
No major events are scheduled for the day.


EX-DIVIDENDS
Cascades Inc: Amount C$0.12
Enghouse Systems Ltd: Amount C$0.18


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



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