2023-06-13 15:25:52
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• Bunge and Viterra: US$18 billion (US$B) merger to create agricultural powerhouse. U.S. grain producers Bunge and Viterra are merging in an $18 billion deal, including debt, the two companies said, creating one of the world’s largest agri-trading companies.
• The Fed is embarking on a policy of meeting-by-meeting decision-making in a context of high uncertainty. U.S. Federal Reserve officials convene on Tuesday for their first meeting in 15 months without any pre-determined interest rate hikes.
• The American FTC asks the court to block the acquisition of Activision by Microsoft. The Federal Trade Commission (FTC) on Monday asked a court to temporarily block giant Microsoft’s acquisition of Activision Blizzard, seeking to prevent the deal from being finalized before the government’s case once morest the $69 deal. $US is heard.
• US Senate leaders unveil US$107 billion aviation policy bill Senate Commerce Committee leaders on Monday introduced a bipartisan aviation policy bill that seeks to bolster runway safety, track balloons at high altitudes and ban airlines from charging fees for families can sit together.
• AMD expected to provide new AI chip details to challenge Nvidia. Global semiconductor company Advanced Micro Devices is set to reveal new details on Tuesday regarding an artificial intelligence ‘superchip’ that analysts say is a strong competitor for Nvidia, whose chips dominate the fast-growing intelligence market. artificial.
TRENDS BEFORE OPENING
Major Canadian equity indices rose as oil prices advanced on opportunistic buying, recouping some of the ground lost the day before. Wall Street futures rose slightly ahead of the release of key US inflation data expected later in the day, which might influence the Fed’s monetary policy outlook. European stocks were up, supported by technology stocks. The US dollar weakened, leading to higher gold prices. The Japanese Nikkei ended higher, hitting a 33-year high above 33,000 points, on expectations of an influx of investment in chip-related companies. Chinese stocks also closed higher following China’s central bank lowered its short-term lending rate to restore market confidence.
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TITLES TO FOLLOW
• Neo Performance Materials: Australian rare earth producer Hastings Technology Metals has announced that it has signed a non-binding agreement with Canadian company Neo Performance Materials to supply rare earth concentrate from its Yangibana project in Western Australia. Hastings said it would supply up to 25,000 tonnes of concentrate per year to Neo’s refineries in Europe and Asia starting in the first quarter of 2025. The company did not provide financial details regarding the deal. This potential sales arrangement might cover up to 70% of the first and second phase production of Yangibana, which has an estimated development cost of $640.28 million, for an initial 10-year period, Hastings added.
• Valeura Energy: The company said oil production from its fields in Thailand increased 16% in June following it completed drilling of the Nong Yao field. Oil production from its four assets in Thailand increased by regarding 23,700 barrels per day in the first 11 days of June, compared to average production in the first quarter of 2023, the oil and gas company said in a statement. in Canada. Additionally, the group said it has completed drilling two additional wells at the majority-owned Nong Yao field, located in the shallow waters of the Gulf of Thailand.
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