2023-05-01 13:41:36
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• JPMorgan buys assets from First Republic and assumes filings. JPMorgan Chase will buy most of the assets of First Republic Bank, the third major US bank to fail in two months, as part of a last-ditch bailout led by US regulators.
• Some Canadian union members reach agreement with Ottawa, return to work Monday. Ottawa has reached a new wage deal with the PSAC, the union representing 120,000 federal workers said Monday, ending the country’s largest public sector strike that has crippled services from tax to health. ‘immigration.
• Gulf of Mexico: oil supply at a peak, place for carbon capture. After nearly a century, oil production in the U.S. Gulf of Mexico is heading towards its peak, with new platforms to provide a final lap, as the region becomes important for capturing of carbon.
• Ophthalmology: Japanese Astellas acquires Iveric Bio for US$5.9 billion. Japanese company Astellas Pharma has announced that it will acquire US drugmaker Iveric Bio for approximately US$5.9 billion, making it its largest acquisition and giving it access to a range of eye treatments.
• EV: Biden administration might delay biofuels program. The Biden administration may delay its decision to give electric vehicle (EV) makers tradable credits for using electricity generated from renewable fuels, according to two sources familiar with the matter, a political uncertainty that might hurt car manufacturers like Tesla.
TRENDS BEFORE OPENING
The futures contracts main Canadian stock market index are in neutral, following the trend observed at Wall Street, as investors tread cautiously awaiting the announcement this week of key central bank interest rate decisions. On the asian marketsthe Nikkei Japanese hit a more than eight-month high following the Bank of Japan maintained its loose monetary policy. The prices of oil fell as the release of disappointing Chinese manufacturing data erased gains associated with new OPEC+ production cuts taking effect this month. The prices ofor fell and the American dollar is increasing.
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