2023-08-17 19:00:27
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• The Indian JSW Steel plans to take a 75% stake in the coal business of Teck — Bloomberg. India’s JSW Steel Ltd plans to take a 75% stake in steelmaking coal business Elk Valley Resources from Teck Resources, according to a Bloomberg report.
• Auto parts imported from China scrutinized by Washington. Electric vehicle batteries and other auto parts are the latest products to come under scrutiny as part of Washington’s push to root out US ties to forced labor in supply chains. supply, according to a document seen by Archyde.com, statistics agency and sources.
• Tapestry reported quarterly revenue below estimates due to weaker US demand. Tapestry, which agreed to buy Capri last week, forecast fiscal 2024 profit below estimates and reported quarterly revenue below expectations on Thursday as demand for its bags handbags and luxury accessories is slowing down in the United States.
• U.S. plans new tariffs on can metal from China, Germany and Canada — WSJ. The United States plans to announce new tariffs on metal used in the manufacture of cans imported from China, Germany and Canada. A measure that food companies say might lead to higher prices for some canned foods, the Wall Street Journal.
• Australia — No Update on LNG Wage Negotiations According to Chevron and Woodside; the unions file a complaint. Woodside Energy and Chevron said there was no update on pay disputes at some of Australia’s largest liquefied natural gas (LNG) facilities, as unions involved in the negotiations filed complaints once morest Woodside for work safety reasons.
TRENDS BEFORE OPENING
Futures contracts linked to main Canadian stock market index progressed thanks to the increase in the price of oil raw. The futures contracts Wall Street edged higher as investors assessed minutes from the US Federal Reserve’s July meeting that highlighted a hawkish tone from policymakers. THE European stocks declined due to lower earnings and BAE Systems. In Asia, the Nikkei Japanese ended just above a two and a half month low, while the Chinese stocks increased slightly. THE American dollar hovered around a two-month high, while l’or recorded slight gains.
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