2023-08-18 14:22:31
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• Deere raises its full-year profit forecast due to strong demand for large tractors. Deere & Co has raised its full-year profit forecast as demand for large farm tractors remains buoyant, while reduced supply chain bottlenecks drive down manufacturing costs.
• Hawaiian Electric calls in experts, but says it’s not a restructuring. Hawaiian Electric Industries, the largest electricity supplier in the US island state, said it was seeking expert advice, but the goal was not to restructure the company.
• Estee Lauder predicts a drop in its annual forecast due to the slow recovery in Asia. Estee Lauder’s full-year net sales and revenue are expected to fall below market expectations, due to a slower-than-expected recovery in its travel retail business , mainly in Asia, and lower demand in the United States.
• WeWork will complete a 1:40 stock split. WeWork has announced that it will consolidate outstanding Class A and Class C shares on a one-for-forty share consolidation, which was previously authorized by shareholders.
• California is investigating “pharmaceutical deserts” in Kroger’s Albertsons case. The California attorney general’s office is investigating whether Kroger’s $24.6 billion plan to buy rival grocer Albertsons will make it harder for people in poor city or rural areas to buy drugs. according to two sources familiar with the matter.
TRENDS BEFORE OPENING
Futures contracts that track Canada’s main stock market index fell on lower oil prices as traders await producer price data, which is expected later in the day. Wall Street Futures Contracts fell slightly, the resilience of the US economy raises fears that the Federal Reserve will keep interest rates higher for longer than expected. European stocks fell to their lowest level in more than a month due to interest rate fears and China’s economic difficulties. In Asia, the Nikkei Japanese posted its biggest weekly loss in eight months while the Chinese stocks have falled. Investor sentiment remains subdued due to the lack of concrete stimulus measures to stimulate consumption and support a struggling real estate sector. L’or climbed due to the weakening of the American dollar.
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