2023-05-11 17:52:36
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• The subject of US debt eclipses the meeting of G7 finance ministers. The deadlock in Washington over raising the US debt ceiling has overshadowed the G7 finance ministers’ meeting which opened today, heightening fears of a US recession as central banks seek a smooth return to normal for the global economy.
• Nutrien lowers its forecast following a lower than expected quarterly profit. Nutrien cut its 2023 earnings forecast on Wednesday as high fertilizer prices due to Western sanctions on Russia and Belarus hurt demand.
• Algonquin Power begins strategic review of its renewable energy. Algonquin Power & Utilities has begun a strategic review of its renewable energy group, following pressure from Corvex Management and other corporate activists for change.
• Lower than expected profit for Manulife Financial in the first quarter. Manulife Financial on Wednesday reported quarterly profit below analysts’ forecasts as it attracted less capital from investors spooked by market volatility amid the recent banking crisis.
• Ottawa unveils a new passport with more security features. Canada on Wednesday unveiled a new model passport with advanced security features, including a new set referencing His Majesty King Charles III, as part of a regular update that started a few years ago .
TRENDS BEFORE OPENING
Futures for Canada’s main equity index edged higher, following higher oil prices, as weakness in the metals market limited gains. Wall Street futures are up slightly on continued optimism on the release of upbeat inflation data, but Disney lost ground following losing subscribers in the first quarter. European stocks are up, benefiting from gains in the media and travel sectors. The Japanese Nikkei ended the session lower following many mixed results were released. Gold prices continue to tumble for a second straight session as the US dollar gains ground following the release of US inflation data.
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TITLES TO FOLLOW
Results
• Manulife Financial: The insurance company on Wednesday reported quarterly profit below analysts’ forecasts as it attracted less capital from investors spooked by market volatility amid the recent banking crisis. Core profit fell 16.6% to $287 million. Manulife, however, reported positive momentum for sales in Asia as the region continues to recover from the pandemic. On an adjusted basis, the company earned $0.79 per share in the quarter, which was below expectations of $0.80.
• Nutrients: the company cut its 2023 profit forecast on Wednesday as high fertilizer prices due to Western sanctions on Russia and Belarus hurt demand. Nutrien cut its full-year adjusted earnings forecast to a range of US$5.50 to US$7.50 per share, compared with the range of US$8.45 to US$10.65 previously forecast. The company, however, said it expects global potash demand to rise in the second half of 2023 as supplies run out and accessibility for farmers improves. On an adjusted basis, the potash producer earned US$1.11 per share for the quarter ending March 31, compared to forecasts of US$1.50.
Others
• Algonquin Power & Utilities: the company has begun a strategic review of its renewable energy group, following pressure from Corvex Management and other corporate activists for change. The company said in January it planned to raise US$1 billion through asset sales and would cut its dividend by 40% to bolster its finances. The company also added that there was no guarantee that this process would lead to an agreement or the implementation of a strategic alternative.
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