2023-12-22 19:04:03
(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• Royal Bank of Canada receives the green light to buy the HSBC unit for 13.5 billion. Canada on Thursday approved Royal Bank of Canada’s C$13.5 billion acquisition of HSBC’s domestic unit, in a deal that would further strengthen the major lenders’ grip on the market from the country.
• Nike shares fall as weak consumer spending leads to lower forecasts. Nike shares fell, a day following the sportswear giant cut its annual revenue forecast and outlined a plan to save $2 billion, signaling a shift in strategy toward boosting profits rather than sales, while consumer spending remained weak.
• Bristol Myers buys Karuna Therapeutics for $14 billion. Bristol Myers Squib has agreed to buy Karuna Therapeutics for $14 billion, securing a promising experimental schizophrenia drug that would help the pharmaceutical company face expiring patents for older treatments.
• Boeing delivers its first Dreamliner to China since 2019. Boeing made the first direct delivery since 2019 of a 787 Dreamliner to China on Friday in Shanghai, paving the way for an accelerated thaw in Chinese deliveries of the 737 MAX, Boeing’s most profitable aircraft, following more than four years .
• Tesla recalls more than 120,000 vehicles in the United States — NHTSA. Tesla is recalling 120,423 vehicles in the United States, citing risks of cabin doors unlocking in the event of an accident, the country’s highway safety regulator said Friday, days following the announcement. another recall by the electric vehicle maker.
TRENDS BEFORE OPENING
Futures tied to Canada’s main stock index were flat and U.S. stock index futures fell amid caution ahead of a key U.S. inflation report, which will be analyzed for clues on the path of the Federal Reserve’s monetary policy in 2024. European stocks fell slightly, weighed down by technology and sportswear makers. Stocks in Hong Kong fell due to new Chinese rules aimed at curbing spending on video games. The price of gold has increased due to the decline in the US dollar. Oil prices have risen due to tensions in the Middle East following Houthi attacks on ships in the Red Sea.
(Re)read all the market news
HEADLINES TO FOLLOW
• First Quantum Minerals : The company’s Panamanian unit said on Thursday it was seeking formal discussions with the Central American country over the legal status and future of its mine, following the government’s decision to close the major copper producer. The Canadian mining company said in a statement that access to the mine – blocked by protesters opposing it – must be cleared so that the company can have the necessary supplies to avoid causing damage to the environment.
• Royal Bank of Canada: Canada on Thursday approved the bank’s $13.5 billion acquisition of HSBC’s domestic unit, in a deal that would further strengthen the grip of the country’s top lenders on the market. The deal is conditional on RBC establishing a global banking center in Vancouver, waiving fees related to the transfer of mortgages from HSBC to RBC and protecting HSBC’s Canadian workforce. RBC will also need to increase the workforce at its Winnipeg client operations center by 10%, provide $7 billion in financing for the construction of affordable housing across Canada and maintain banking services in a minimum of 33 HSBC branches. The Vancouver center would support more than 1,000 jobs and create regarding 440 net new jobs in British Columbia, Finance Minister Chrystia Freeland said. HSBC, in a stock exchange filing, said it was working with RBC to progress the deal, which is expected to close in the first quarter of 2024. It said it plans to pay a special dividend of 21 cents per share on the proceeds of the deal. operation during the first half of the year.
Click next to see the recommendations
1703273291
#Market #news #Friday #December