2023-06-22 15:37:05
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• Accenture expects fourth quarter revenue to fall below estimates. Computer consultancy Accenture forecast fourth-quarter revenue below Wall Street estimates. She worries that growing economic uncertainty is keeping IT budgets tight and preventing companies from signing new contracts.
• US banks oppose planned international capital increases. US banks are pushing to ease a major regulatory proposal to increase bank capital requirements. They fear the increases will be too onerous, especially for lenders still reeling from the March banking crisis, according to six people familiar with the matter.
• Spirit AeroSystems halts work at Wichita plant following union strike vote. Spirit AeroSystems said it was suspending production Thursday at its Wichita, Kansas, plant following workers rejected a proposed four-year deal and announced a strike beginning June 24.
• The FTC pleads in favor of a pause in the takeover of Activision by Microsoft. The US Federal Trade Commission (FTC) on Thursday asked a federal court for a preliminary injunction to temporarily block Microsoft’s acquisition of video game maker Activision Blizzard. This request prevents the conclusion of the agreement, pending the reasons of the government.
• Netflix chief executive says Korea’s US$2.5 billion investment won’t tap local talent. Ted Sarandos, co-chief executive of Netflix, has vowed its massive investment in South Korean content will not replace that dedicated to young local talent, following some lawmakers asked the streaming giant to share more profits with creators. .
TRENDS BEFORE OPENING
Futures for Canada’s main equity index fell, tracking lower commodity prices, as concerns over further interest rate hikes by the Bank of Canada amid a resilient economy eased investor sentiment. U.S. stock index futures fell slightly, a day following Fed Chairman Jerome Powell maintained his aggressive stance on rate hikes, as investors awaited his second day of testimony before a Senate committee. London stocks fell as the Bank of England raised interest rates half a percentage point higher than expected, with European stocks hitting their lowest level in nearly three months. The Japanese Nikkei closed in the red as investors locked in profits from a recent rise in semiconductor stocks. The Swiss franc surged and the Norwegian krone fell once morest the US dollar following central banks in the respective countries raised rates.
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