2023-07-17 17:48:04
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
Tesla: Price cuts should drive top line growth at the expense of earnings. Tesla’s strategy of lowering prices to boost sales is expected to deliver the strongest revenue growth in five quarters, while squeezing margins that hit three-year lows during the reporting period. ‘April June
Netflix, protected from the strike in Hollywood by a solid international team and a rich catalog. Netflix investors will weigh the risks associated with the ongoing strike in Hollywood when the company releases its quarterly results on Wednesday. Analysts believe the company is well positioned thanks to its program portfolio and international production team.
Federal Reserve in focus as another rate hike looms. Since the Federal Reserve decided to keep interest rates unchanged at its June 13-14 meeting, there is every indication that U.S. central bank officials are ready to approve a further modest increase in those rates when they meet. once more next week.
India’s JSW Steel considers bid for stake in Teck coal unit — Bloomberg News. Indian steel producer JSW Steel is considering bidding for up to a 20% stake in Teck Resources’ metallurgical coal business in Canada, Bloomberg News reported, citing people briefed on the situation.
Canada: the “Hollywood of the North” affected by the American double strike. The rare joint strike by actors and screenwriters in Hollywood casts a pall over BC’s creative industry, which has become a hub of American film and television production.
TRENDS BEFORE OPENING
Futures contracts linked to Canada’s main equity index fell on lower commodity prices. Wall Street futures were down following last week’s gains as investors brace for a week filled with financial results from industry heavyweights. European stocks fell as shares of luxury group Richemont fell on weaker-than-expected organic sales growth. In Asian markets, Chinese equities closed lower, weighed down by weak domestic GDP. The price of gold remained unchanged while the US dollar hovered around its lowest level in 15 months. Oil fell following disappointing Chinese data dampened demand hopes, while a partial resumption of suspended Libyan production also exerted pressure.
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TITLES TO FOLLOW
• Teck Resources : Indian steel producer JSW Steel is considering bidding for up to a 20% stake in the coal business of Teck Resources, Bloomberg News reported on Saturday, citing people familiar with the situation. The steelmaker is in discussions with banks for possible financing for the acquisition, which might reach around $2 billion, according to Bloomberg, adding that talks are still in their infancy and that details, such as the price and timing of the transaction, might change. Previously, Japanese steelmaker Nippon Steel and Swiss trading and mining company Glencore had also expressed interest in the Canadian mining company’s coal unit. Last month, Teck confirmed that it was in discussions with Glencore over its proposal, including the splitting of the two companies’ coal units.
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