2023-06-01 18:50:39
Posted at 08:40updated at 09:02
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• The decline in residential construction in Canada is bad news. Residential construction has slowed in recent months in Canada due to labor shortages and high borrowing costs, a situation that might thwart Ottawa’s plans to reduce the housing shortage and contribute to the price increase.
• The US Senate wants to pass the debt ceiling law quickly. The US Senate must consider the bill to raise the debt ceiling, which stands at US$31.4 trillion, but there are only four days left to pass it and send it to Democratic President Joe Biden to be signed, which would avoid a catastrophic default.
• Unlikely that OPEC and its allies will further limit production on June 4th. OPEC and its allies are unlikely to step up supply cuts at their ministerial meeting on Sunday, despite oil prices falling toward US$70 a barrel, Archyde.com told four sources within the organization.
• The Caisse de depot et placement du Québec is curbing its investments in China. Caisse de depot et placement du Quebec (CDPQ), Canada’s second-largest pension fund, has stopped private transactions in China and will close its Shanghai office later this year, the Financial Times reported, citing people familiar with the matter.
• Brookfield acquires majority stake in India’s CleanMax Solar. The Canadian investment firm has announced that it has acquired a majority stake in Indian solar panel manufacturer CleanMax Enviro Energy Solutions for US$360 million.
TRENDS BEFORE OPENING
Principal Futures Contracts canadian stock index are on the rise, following the trend observed in Wall Street following the House of Representatives passed the debt ceiling bill. THE european titles are ahead as investors await the release of regional inflation data for clues regarding upcoming rate hikes. THE Nikkei Japanese ended the session in positive territory, as investors bought back shares following losses suffered the day before. THE American dollar is down slightly on receding expectations that the Federal Reserve will hike rates this month and gold prices are ahead. THE oil price fell due to growing US crude inventories. Canadian data on the PMI manufacturing index is released today.
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