2023-07-13 22:22:32
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• The Bank of Canada’s monetary tightening plan exposes lenders’ mortgage risks. The Bank of Canada’s interest rate hike on Wednesday and the prospect of another hike raises the level of risk for mortgage lenders, as homeowners risk staying in debt longer in the face of difficulty making higher payments and even pay off the interest portion of their home loans, investors and analysts say.
• PepsiCo raises its annual forecast once more thanks to price increases and stable demand. PepsiCo raised its full-year revenue and profit forecast for the second time, banking on resilient demand for its snacks and drinks as well as price increases.
• TC Energy urges Canada to speed up permitting for energy transition projects. Canada’s TC Energy on Wednesday urged policymakers to simplify obtaining permits to convert oil and gas infrastructure to advance energy transition projects and reduce greenhouse gas emissions.
• Delta Air raises full-year earnings forecast on post-pandemic travel boom. Delta Airlines raised its full-year profit forecast following its second-quarter results beat Wall Street expectations on a continued boom in post-pandemic travel.
• Hollywood actors prepare to join screenwriters and go on strike. Negotiators for the Hollywood Actors Union unanimously recommended a strike following talks with studios broke down, clearing the way for artists to join screenwriters as early as Thursday and disrupt scores of shows and movies.
TRENDS BEFORE OPENING
Canadian index futures traded higher as oil prices rose with Brent above US$80 a barrel. U.S. stock index futures were in the green following a sharp rise on Wall Street during the previous session as data showed inflation slowing, and as investors awaited producer price figures and the number of job seekers expected later in the day. European equities rose, driven by technology stocks. In Asian stock markets, stocks from mainland China and Hong Kong surged, also driven by tech giants following authorities sent a fresh signal that a years-long crackdown on the industry might to conclude. The Nikkei advanced, supported by stocks in the microchip sector. Gold rose on the back of the lower US dollar.
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TITLES TO FOLLOW
TC Energy : The company has urged politicians to simplify permit procedures for the conversion of oil and gas infrastructure in order to promote energy transition projects and reduce greenhouse gas emissions. TC Energy has more than 20,000 kilometers of pipelines in western Canada that might be reallocated to transporting carbon dioxide for underground sequestration or transporting low-emission hydrogen, chief executive Francois Poirier said. . “Should we impose the same timetable and the same level of regulatory review as for a virgin project on a new right of way? These are the discussions we have with governments,” said François Poirier at the LNG 2023 conference in Vancouver. Forcing new technologies that repurpose existing assets back to the start of the permitting process risks silencing innovation, said Bechtel Corp. energy business unit manager Paul Marsden.
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