• Detroit Three under pressure to progress UAW talks, avoid wider auto strikes
The United Auto Workers (UAW) and the Detroit Three automakers have a final full day to make significant progress on a new contract before the union plans to otherwise announce an expansion of its U.S. strikes.
• Australia tribunal pushes Chevron, LNG unions to resolve wage fight
Australia's industrial arbitrator proposed steps to Chevron and unions to resolve a long-running dispute over pay and conditions at two liquefied natural gas (LNG) projects, to end strikes that have roiled world gas markets.
• India suspends visa services for Canadian citizens because of security threats - India foreign ministry
India has suspended visa services for Canadian citizens because of security threats to its staff in its consulates in Canada, India's foreign ministry spokesperson said.
• VinFast discloses revenue surge in first report since blockbuster debut
Vietnamese electric-vehicle maker VinFast reported a 131.2% rise in revenue in its first quarterly report since going public in August on higher deliveries to domestic customers.
• Striking writers, Hollywood studios to meet again Thursday
Negotiators for the striking Writers Guild of America (WGA) and Hollywood studios will meet again to try to resolve a nearly five-month standoff that has disrupted film and television production.
BEFORE THE BELL
Futures for Canada's main stock index slipped, weighed down by weak commodity prices. U.S. stock index futures declined as growth stocks took a hit from a jump in Treasury yields after the Federal Reserve held interest rates steady while hinting at another hike this year. Overnight Wall Street losses weighed on European shares while London stocks were little changed after the Bank of England held interest rates steady at 5.25%. Japan's Nikkei ended more than 1% lower. Gold extended its decline, weighed by the surge in the U.S. dollar and bond yields. Oil prices fell as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles.
Canada's losing productivity streak adds to inflation problem
Canada's record of declining productivity over the past three years is likely to make it more difficult for the Bank of Canada to tame inflation, raising the prospect of additional interest rate hikes even as the economy slows.
• Saturn Oil & Gas Inc: Canaccord Genuity cuts target price to C$5.75 from C$6.5, reflecting on the energy company’s latest guidance that revealed impact of curtailed production and reduced capital program.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 New housing price index for Aug: Prior -0.1%
0830 Retail sales mm for July: Expected 0.4%; Prior 0.1%
0830 Retail sales ex-autos mm for July: Expected 0.5%; Prior -0.8%
COMPANIES REPORTING RESULTS
Vecima Networks Inc: Expected Q4 earnings of 11 Canadian cents per share
CORPORATE EVENTS (All timings in U.S. Eastern Time)
1000 Medexus Pharmaceuticals Inc: Annual Shareholders Meeting
1100 MCI Onehealth Technologies Inc: Annual Shareholders Meeting
1300 Vecima Networks Inc: Q4 earnings conference call
1700 Bengal Energy Ltd: Annual Shareholders Meeting
Aecon Group Inc: Amount C$0.18
Evertz Technologies Ltd: Amount C$0.19
Logistec Corp: Amount C$0.12
Parkland Corp: Amount C$0.34
Tecsys Inc: Amount C$0.07
(All analysts' estimates are according to I/B/E/S Refinitiv data)