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Msg  72146 of 72963  at  8/31/2022 10:57:03 AM  by

Gammafriend


Morning News Call TD

CANADA EDITION

WEDNESDAY, AUGUST 31, 2022


TOP NEWS
• U.S. Labor Day weekend travel volumes seen rebounding to pre-pandemic levels
The number of people traveling for the U.S. Labor Day holiday weekend is expected to rebound to pre-pandemic levels and possibly set new records in some cases, according to several travel companies.

• OPEC+ JTC raises 2022 oil market surplus forecast
The OPEC+ Joint Technical Committee sees the oil market surplus this year reaching 900,000 barrels per day (bpd), up 100,000 bpd from its previous forecast, a report by the committee seen by Reuters showed.

• JPMorgan's Frankfurt offices searched as part of 'cum-ex' probe - spokesperson
JPMorgan Chase's Frankfurt offices were visited by German authorities this week, a bank spokesperson confirmed, as long-running probes into one of the country's biggest post-war financial scandals was extended to another global lending giant.

• Toyota triples planned investment to $3.8 billion in U.S. battery plant
Toyota will boost its planned investment in a new U.S. battery plant from $1.29 billion to $3.8 billion, partly in response to rising consumer demand for electric vehicles, the company said.

• Amazon, Google slam Microsoft's cloud computing changes
Amazon and Alphabet unit Google criticised Microsoft's cloud computing changes on Tuesday, saying they limit competition and discourage customers from switching to rival cloud service providers.


BEFORE THE BELL
Canada's main stock index was set to open lower on weakness in crude and gold prices, with investors awaiting economic growth data. U.S. stock futures were little changed ahead of August readings on private sector jobs from ADP. European shares fell and the euro slipped below parity against the U.S. dollar following another record-high euro zone inflation numbers. Japan’s Nikkei ended lower on sell off in the technology and energy stocks.


INSIGHT
This decade's oil boom is moving offshore - way offshore
Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects including some in the remote iceberg waters far off Canada's Atlantic coast.


ANALYSTS' RECOMMENDATION
• Alimentation Couche-Tard Inc: RBC raises target price to C$79 from C$77, after the company reported first-quarter earnings above forecast.

• Bank of Montreal: Canaccord Genuity cuts target price to C$150.50 from C$152.50, following the company’s third-quarter earnings miss.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 GDP qq for Q2: Prior 0.8%
0830 GDP qq Annualized for Q2: Expected 4.4%; Prior 3.1%
0830 GDP Implicit Price qq for Q2: Prior 2.9%
0830 GDP mm for June: Expected 0.1%; Prior 0.0%


COMPANIES REPORTING RESULTS
August 31:
Laurentian Bank of Canada
: Expected Q3 earnings of C$1.25 per share
VersaBank: Expected Q3 earnings of 21 Canadian cents per share

September 1:
No major companies are scheduled to report.


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Alimentation Couche-Tard Inc: Q1 earnings conference call
0900 Laurentian Bank of Canada: Q3 earnings conference call
0900 VersaBank: Q3 earnings conference call
1030 Alimentation Couche-Tard Inc: Annual Shareholders Meeting
1030 Avicanna Inc: Annual Shareholders Meeting


EX-DIVIDENDS
Agnico Eagle Mines Ltd: Amount $0.40
Atco Ltd: Amount C$0.46
Dominion Lending Centres Inc: Amount C$0.03
Great-West Lifeco Inc: Amount C$0.49
High Liner Foods Inc: Amount C$0.10
TransAlta Corp: Amount C$0.05


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



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