2023-10-24 18:52:34
(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• Teck Resources misses its quarterly profit estimates and lowers its copper production forecasts. Canadian mining company Teck Resources missed market estimates for its third-quarter profit, pressured by falling steelmaking coal and zinc prices, and reduced sales volumes of Highland’s steelmaking coal and copper Valley.
• A poll reveals that 68% of Canadians oppose the government’s depreciation of the Trans Mountain pipeline. More than two-thirds of Canadians oppose the federal government’s multibillion-dollar writedown of the Trans Mountain pipeline, a poll suggests, posing a dilemma for Justin Trudeau’s Liberals seeking to sell it before a planned election by 2025.
• Coca-Cola raises its annual forecast due to stable demand and higher prices. Coca-Cola has raised its annual sales and profit forecasts, taking advantage of consumers’ enthusiasm for its sodas, fruit juices and energy drinks at higher prices.
• GM reverses its 2023 forecast due to rising costs from the UAW strike. General Motors withdrew its previous forecasts for 2023 earnings and near-term electric vehicle production as costs related to United Auto Workers strikes reached $200 million per week in October.
• Halliburton posts higher profit due to increased drilling activity. Halliburton’s third-quarter profit rose on strong offshore and offshore drilling activity, which boosted demand for oilfield services and equipment.
TRENDS BEFORE OPENING
Futures contracts main Canadian stock index are increasing, in the wake of futures contracts Wall Street, while benchmark Treasury yields move away from the 5% mark reached the day before. Investors are eagerly awaiting profits from tech giants. THE European stocks increased slightly, while the Nikkei ended a three-day losing streak as investors bought back falling stocks. THE gold price fell due to the strengthening of the US dollar. THE oil price increased slightly.
TITLE TO FOLLOW
• Teck Resources Ltd: The Canadian miner posted a Q3 profit below consensus, as it comes under pressure from falling steelmaking coal and zinc prices, and reduced sales volumes of Highland Valley steelmaking coal and copper . The company reported adjusted earnings of C$0.76 per share for the three months ending September 30, compared with analysts’ average estimate of C$1.09 per share, according to IBES data from Refinitiv. The company increased its capital cost forecast for its QB2 copper project in Chile to $8.6-8.8 billion from the $8.0-8.2 billion initially forecast, adding that efforts are underway to mitigate risks and cost pressures. The company also said it expects QB2’s annual production to be at the lower end of its 2023 guidance.
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