TOP NEWS
• Canada's Pieridae in talks with government, TC Energy about east coast LNG project
Pieridae Energy, one of the companies proposing a liquefied natural (LNG) gas terminal on Canada's east coast, has asked the federal government to help ensure pipeline operator TC Energy would be able secure permits to expand gas supply pipelines in a timely fashion.
• Bleaker economy could sour airline industry's bet on cargo planes
The airline industry's record-breaking scramble to convert older passenger jets to freighters during the travel-starved years of the coronavirus pandemic threatens to bring a glut of cargo space as a dimming global economic picture hits demand.
• U.S. lawmakers pile pressure on big banks over China ties, Taiwan
Top U.S. bankers came under pressure from lawmakers on Wednesday to take a tougher stance on doing business with China amid growing tensions between Washington and Beijing over Taiwan's sovereignty and China's human rights record.
• Target to hire 100,000 holiday workers, offer deals earlier
Target said it plans to hire up to 100,000 seasonal workers for the holiday season and start offering festive deals earlier than ever as it gears up for the critical shopping period in the middle of a slowing economy.
• Japan intervenes in FX market to stem yen falls after BOJ keeps super-low rates
Japan intervened in the foreign exchange market to buy yen for the first time since 1998, in attempt to shore up the battered currency after the Bank of Japan stuck with ultra-low interest rates.
BEFORE THE BELL
Canada’s main stock index futures were up, supported by oil prices that rose on the prospect of higher Chinese demand and geopolitical risks. U.S. stock index futures were slightly higher, after the Wall Street slumped in the previous session as the Federal Reserve delivered another supersized interest rate hike and signaled more increases in its fight against inflation. European shares were down, hurt by technology stocks. Japan’s Nikkei fell as investors reacted to the Bank of Japan's decision to maintain its ultra-easy monetary policy. The Japanese yen strengthened sharply after authorities intervened in the foreign exchange market for the first time since 1998 to support the currency. Gold prices were in the negative territory.
STOCKS TO WATCH
• Pieridae Energy Ltd & TC Energy Corp: Pieridae Energy, one of the companies proposing a liquefied natural (LNG) gas terminal on Canada's east coast, has asked the federal government to help ensure pipeline operator TC Energy would be able secure permits to expand gas supply pipelines in a timely fashion. Pieridae Chief Executive Alfred Sorensen told Reuters its Goldboro LNG project can only go ahead if TC expands capacity on its existing pipeline network. "There's no other way. Without TC Energy there is no Goldboro LNG project," Sorensen told Reuters. TC did not respond to questions about discussions with Pieridae, but in a statement to Reuters said it has "virtually no spare capacity" on its pipelines due to high energy demand.
ANALYSIS
FedEx investors frustrated with new CEO after withdrawn forecast
FedEx dented investor confidence in the new chief executive's vision to deliver a long-awaited turnaround at the shipping company, sending its shares into a freefall after it withdrew its full-year profit forecast last week.
ANALYSTS' RECOMMENDATION
• Aurora Cannabis Inc: ATB Capital Markets raises rating to sector perform from underperform to reflect the company’s stronger balance sheet and an improved risk-reward given the recent stock pullback.
• Cathedral Energy Services Ltd: Stifel FirstEnergy initiates coverage with buy rating; price target of C$1.65, based on its unique strategy to consolidate the highly fragmented directional drilling market.
• Teck Resources Ltd: CIBC cuts price target to C$56.5 from C$58, after the company announced structural failure of the plant feed conveyor belt at its coal operations in British Columbia.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 New housing price index for Aug: Prior 0.1%
COMPANIES REPORTING RESULTS
September 22:
Vecima Networks Inc: Expected Q4 earnings of 12 Canadian cents per share
September 23:
No major companies are scheduled to report for the day.
CORPORATE EVENTS (All timings in U.S. Eastern Time)
1100 Centerra Gold Inc: Annual Shareholders Meeting
1300 Vecima Networks Inc: Q4 earnings conference call
EX-DIVIDENDS
Aecon Group Inc: Amount C$0.18
Evertz Technologies Ltd: Amount C$0.18
Logistec Corp: Amount C$0.11
Pembina Pipeline Corp: Amount C$0.21
Tecsys Inc: Amount C$0.07
(All analysts' estimates are according to I/B/E/S Refinitiv data)
|
