2023-06-02 15:08:44
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• US: Congress avoids default and suspends debt ceiling. The United States Senate on Thursday passed President Joe Biden’s bipartisan bill suspending the US debt ceiling, currently set at US$31.4 trillion, averting what would have been a first default by the federal government, a catastrophic situation.
• Toronto: rise in housing prices in May, sales jump 20%. Home prices in the Greater Toronto Area rose between April and May as sales surged, another sign that the residential real estate market has recovered following being rattled by higher borrowing costs .
• US: Slowdown in job growth, lower wages in May? US job growth will likely have slowed in May as wages fall, potentially allowing the Federal Reserve not to raise rates this month for the first time since the start of the current cycle. More than a year ago.
• Interest rates: the Fed’s new projections might reduce uncertainty. The US Federal Reserve, whose communications are scrutinized by investors for clues regarding interest rate hikes, pauses or cuts, might be on the verge of keeping its key rate unchanged following the ten hikes. previous consecutive years, while leaving the door open to further increases in the future.
• World Summit on Air Transport: growth in demand and the fight once morest climate change. Airlines will take advantage of the faster-than-expected recovery in demand and discuss how to put their climate commitments into practice next week at an international summit marking the return to normal operations.
TRENDS BEFORE OPENING
Futures for Canada’s main stock index are ahead as oil prices rise with attention turning to the meeting of OPEC ministers and allies this weekend. Wall Street futures are up slightly as investors take comfort from the passage of the debt ceiling suspension bill, and attention now turns to today’s expected release of wage data in the United States, which will likely influence the Federal Reserve’s next decision. Internationally, European stocks were up, benefiting from the real estate and mining sectors, while the Japanese Nikkei ended the session at a three-decade high. The US dollar is heading for its biggest weekly drop since mid-January as gold prices rise.
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TITLES TO FOLLOW
Results
• Lululemon Athletica: The company raised its full-year sales and profit forecast on Thursday as wealthy Americans snap up expensive sportswear, even as inflation weighs on retail spending, pushing the stock’s price higher following fence. Lululemon’s inventories at the end of the quarter were up 24%, a slight increase that had been forecast by the company in March. It expects growth of around 20% by the end of the current fiscal year. China’s easing of COVID-19 health measures lifted revenues by 79% in the region, while the rise in North America was 17%. Net sales were up 24% to US$2 billion for the year, beating forecasts of US$1.93 billion. Lululemon now expects 2023 annual revenue of between US$9.44-9.51 billion, compared to a previous range of US$9.3-9.41 billion. It now expects annual earnings to be between US$11.74 and US$11.94 per share, compared with a previous range of US$11.5 to US$11.72.
Others
• Suncor Energy: Canada’s second-largest oil producer will cut 1,500 jobs by the end of the year, seeking to cut costs and improve financial performance, the Globe and Mail reported on Thursday, citing details from the Canadian Press. A Suncor spokeswoman confirmed to The Canadian Press that the job cuts will be spread across the organization and will affect both employees and contractors, the Globe and Mail explains. “Suncor is always looking for opportunities to create value and improve the performance of its business, and the job cuts are one of those opportunities,” it was explained to Archyde.com, without giving more details. details of job losses.
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