2023-07-28 18:47:13
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• Exxon joins its rivals in posting a fall in its profit due to the drop in energy prices. Exxon Mobil Corp joined rivals in reporting a 56% slump in second-quarter profit from a year earlier, due to lower energy prices, in line with the midpoint of the earnings outlook. company results released earlier this month.
• Intel results boost chipmaker stocks. Intel shares jumped a day following the release of a surprisingly strong quarterly report, heralding a turnaround following a long struggle to squeeze margins from tumbling computer sales and a data center market. very competitive data.
• P&G exceeds quarterly sales estimates as demand holds up and prices rise. Procter & Gamble beat analysts’ estimates for quarterly sales as the consumer goods giant benefited from several price increases and buoyant demand for its janitorial products, paper towels and other household products .
• Chevron clarifies its annual outlook. Chevron said its annual production guidance was at the low end of the previously estimated range.
• TC Energy spins off its pipeline business and focuses on natural gas. North American pipeline company TC Energy, which is seeking to sell assets and reduce debt, said on Thursday it would spin off its pipeline business and focus on natural gas transportation, saying the two businesses would have more value separately.
TRENDS BEFORE OPENING
Futures tied to Canada’s main stock index rose, on the heels of Wall Street futures climbing on post-market gains, led by Intel’s earnings. The European stock fell as investors took in a series of mixed results, while the UK stock rose slightly on positive results from pharmaceutical companies. On the Asian front, the Japanese Nikkei ended lower following the Bank of Japan eased its yield curve control policy and eased its defense of a long-term interest rate cap. Meanwhile, Chinese stocks surged following the country’s leaders pledged to continue their policy of supporting economic recovery. Gold rose on the back of a weaker US dollar, while oil prices fell. In addition, data on Canada’s gross domestic product should be released later today.
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TITLES TO FOLLOW
• TC Energy: The North American pipeline company, which is seeking to sell assets and reduce debt, said Thursday it intends to spin off its pipeline business and focus on natural gas transportation, saying the two businesses would have more value separately. TC said it expects to complete the split in the second half of 2024. TC CEO Francois Poirier said in a statement that the split would generate greater shareholder value by allowing each company to focus on its own growth and operations, while stabilizing TC’s balance sheet. This decision is the culmination of a two-year review. In addition to natural gas, TC’s business will include its interests in power generation and energy storage, as well as projects related to the energy transition, such as carbon transport and hydrogen.
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