2024-01-30 20:36:32
(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• GM optimistic for 2024, banking on a “resilient” American economy. General Motors on Tuesday reported lower fourth-quarter pretax profit, but gave investors an optimistic outlook for 2024 and signaled that more capital might be returned to shareholders.
• Pfizer reports a surprise quarterly profit, driven by good demand for COVID products. Pfizer reported an unexpected quarterly profit, driven by higher-than-expected demand for COVID products and lower research costs.
• New delay for the Canadian Trans Mountain oil pipeline due to technical problems. Canada’s Trans Mountain said Monday it had encountered technical problems and faced further delays as it tries to complete the final part of its oil export pipeline expansion.
• UPS forecasts turnover lower than expectations in 2024, the stock falls. United Parcel Service forecasts annual revenue below Wall Street estimates as the world’s largest package delivery company faces sluggish domestic and international e-commerce demand.
• Marathon Petroleum beats quarterly profit estimates. U.S. refiner Marathon Petroleum beat quarterly profit estimates, thanks to strong demand that offset lower fuel prices.
TRENDS BEFORE OPENING
THE futures contracts for Canada’s main stock index remain subdued, with investors cautious ahead of the release of earnings from major U.S. technology companies and national GDP data expected on Wednesday. Wall Street declines, awaiting the publication of the JOLTS report on job creation, which will make it possible to assess the strength of the American labor market. THE European stocks rose slightly, boosted by strong corporate performance and investors’ assessment of interest rate cut expectations, in a busy week for markets. THE Chinese stocks fell due to deepening concerns over the real estate sector, while the Nikkei Japanese finished higher as chip-related stocks followed overnight gains on Wall Street. Oil prices have lost ground. THE American dollar fell as traders awaited the Federal Reserve’s monetary policy decision this week, while gold price increased.
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