2024-01-10 16:32:09
(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• Executives of major Canadian banks predict an increase in provisions for bad debts this year. Canada’s big banks are preparing to set aside more provisions in the new fiscal year to deal with rising bad debts, as their customers face record borrowing costs and a slowdown in l ‘economy.
• Boeing CEO admits mistake, says mid-air explosion ‘must never happen again’. Boeing CEO Dave Calhoun acknowledged mistakes made by the American plane maker as more than 170 jets remained grounded for the fourth day in a row. He told staff that the company would ensure that an accident like the Alaska Airlines sign exploding in mid-flight “can never happen again.”
• Hundreds of people protest against the First Quantum copper mine in Panama. About 500 people demonstrated in front of the First Quantum copper mine in Panama on Tuesday to pressure the Canadian mining group and authorities to implement plans to close the site, weeks after the Supreme Court ruled declared his contract unconstitutional.
• Bitcoin ETF still hoping for SEC approval despite social media hack. Asset managers remain hopeful that the U.S. financial markets watchdog will allow swaps of spot exchange-traded funds (ETFs) to bitcoin, even though a fake message on the agency’s X account claiming they had been approved caused confusion on Tuesday. The Securities and Exchange Commission (SEC) will decide on Wednesday whether to approve the application by asset managers Ark Investments and 21Shares to launch a bitcoin spot ETF.
• Investor Ackman supports dissidents’ candidacy for Harvard board. Billionaire hedge fund manager William Ackman, who joined other Harvard graduates in successfully calling for the resignation of university President Claudine Gay, continues his efforts to reshape the institution’s governance. elite by supporting the candidacy of four dissident former students to its board of directors.
TRENDS BEFORE OPENING
Futures contracts on Canada’s main stock index and the S&P 500 and Dow Jones are little changed on the eve of the release of major inflation reports and earnings season. At the same time, losses suffered by commodity-related stocks weighed on European stocks. In Asian stock markets, Japan’s Nikkei finished at a 34-year high, supported by technology sector stocks and a weaker yen, while Chinese stocks fell on weak investor sentiment, in the absence of catalysts on the market. The price of gold increased slightly due to the slight weakening of the US dollar. Oil steadied after earlier gains as supply concerns were offset by rising U.S. production and economic concerns.
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HEADLINES TO FOLLOW
• First Quantum Minerals: Around 500 people demonstrated Tuesday in front of the company’s copper mine in Panama to put pressure on the Canadian mining group and the authorities. Protesters want them to implement their plan to close the site, weeks after the Supreme Court declared its contract unconstitutional. A few days before the Supreme Court’s ruling in November regarding the contract to operate the lucrative Cobre Panama mine, the site had already been closed after protesters blocked access to the port serving it. Last week the group’s local unit said it was “deeply concerned” after a union announced plans to “invade” the Cobre Panama mine this week. But by Tuesday noon, the demonstration, which was peaceful, dispersed. Many protesters waved Panamanian flags, while others held banners that read: “Panama is worth more without mining.”
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