2023-06-15 22:18:53
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• Investors cautious as Federal Reserve announces further rate hikes. Investors are looking for ways to take advantage of rising equities while taking advantage of the disruption that tighter monetary policy might bring, as the Federal Reserve calls for a rate hike amid strong market growth scholarship holders.
• The Trudeau government will meet with the new Premier of Alberta in a spirit of cooperation. The Liberal government of Justin Trudeau wants to work with the recently elected Conservative team leading the main oil-producing province to fight climate change, a federal minister said on Wednesday.
• Taiwan agrees to open its market to Canadian beef imports before the implementation of a free trade agreement. The Taiwanese government has agreed to fully open its market to Canadian beef imports, lifting a hurdle as Taipei seeks a bilateral investment deal with Ottawa this year.
• Patterson-UTI and NexTier merge to form US$5.4 billion oil services company. Patterson-UTI Energy and NexTier Oilfield Solutions have decided to merge in an all-stock transaction to create a US$5.4 billion oilfield services company.
• An FDA panel will study the composition of the next vaccine once morest Covid-19. Food and Drug Administration (FDA) advisers will discuss and vote on Thursday to determine whether to recommend targeting one of the dominant XBB coronavirus variants in updated vaccines for a fall vaccination campaign.
TRENDS BEFORE OPENING
Futures contracts for Canada’s main stock index fell, as those same contracts fell on Wall Street and as the Federal Reserve hinted at another interest rate hike later in the year following y having withdrawn at its last meeting. European stocks fell on fears of an interest rate hike by the European Central Bank later in the day. The price of gold fell to its lowest level in nearly three months as the US dollar strengthened. In Asian equity markets, Japan’s Nikkei closed in the red, taking profits following four sharply rising sessions, while Chinese stocks posted their biggest rise in nearly four months, following the central bank cut the cost of borrowing on its medium-term loans for the first time in ten months. Oil prices rose as the market found a balance between an increase in the number of refineries in China, the world’s largest crude importer, and a weak economic backdrop. Manufacturing sales and housing starts in Canada should be released later today.
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TITLES TO FOLLOW
• Gibson Energy: The company has unveiled its plan to buy the South Texas Gateway oil terminal from Buckeye Partners and its partners for US$1.1 billion, as the Canadian energy infrastructure company seeks to establish a foothold in US energy markets. export of crude oil. “As U.S. crude oil exports increase, driven by growing production from the resource-rich, low-cost Permian Basin, Gibson anticipates the terminal’s potential for future expansion,” said the Alberta company said in a statement. The company will fund the transaction through a C$350 million equity issue and other debt issuances.
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