Jamie Dimon, Chairman and CEO of JPMorgan, will hear on Tuesday what shareholders think of the special grant he received worth $52.6 million in stock options. (Photo: 123RF)
• The Bank of Canada will be the first G7 bank to return to neutral rates. In the face of an overheating Canadian economy, the Bank of Canada is likely to be one of the first central banks to raise interest rates to a level considered neutral, even if concerns about record levels of debt persist, analysts say.
• Elon Musk has temporarily suspended the acquisition of Twitter for $44 billion. Elon Musk has temporarily suspended the $44 billion deal he announced with Twitter, citing clarifications about accounts indicating that fake accounts and spam actually represent less than 5% of the platform’s users.
• JPMorgan CEO faces an advisory vote on holding $52.6 million. Jimmy Dimon, longtime JPMorgan Chairman and CEO, will hear on Tuesday what shareholders think of the $52.6 million private equity option grant he was awarded to stay in the job for another five years, which two major investor advisors dispute.
• Inflation: Powell says price stability is the foundation of the economy. US Federal Reserve Chairman Jerome Powell, who has described price stability as the “foundation” of the economy, said Thursday that the US central bank’s fight to control inflation would involve “some pain” because the impact of higher interest rates would be felt, but the worst outcome would be for prices to continue to rise quickly.
• Canadian flight attendants also want to be paid for ground time. Canadian flight attendants are demanding payment for time on the ground as well as time in the air, with flights recently experiencing delays at the country’s busiest airport, sometimes for hours, due to staff shortages, health checks and an increase in air traffic.
(Re) Read all market news
Directions before opening
The major Canadian stock index futures rose, benefiting from the recovery in crude oil prices. US stock futures regain lost ground and European stocks rise after a volatile week on fears of tighter monetary policies and slowing economic growth. Japan’s Nikkei index posted its biggest gain in over a month and a half as investors hoarded discounted stocks. The US dollar is showing little divergence against most of the major currencies. Gold prices are heading for the fourth consecutive week to the downside.
Canadian tires: National Bank of Canada raised its target price from CA$212 to CA$222, considering the company’s favorable first-quarter results given the strong performance of its retail sales and financial services.
• CI Financial: Scotiabank lowered its price target from C$25 to C$21 due to recent market devaluations and higher cash flow expectations in the near term.
• Medical facilities: National Bank of Canada downgrades its outperformance to a sector performance assessment to reflect labor shortages and inflation.
The main indicators on the agenda
No major indicators expected today.
Amira: Earnings per share forecast C$0.93 in the first quarter
Mining K92: Expected earnings per share for the first quarter of $0.07
08:30 Amira: Q1 earnings conference call
09:00 Waste links: Annual general meeting of shareholders
09:30 garden park: Q1 earnings conference call
10:00 AM Africa Oil: Q1 earnings conference call
10:00 a.m. Algonquin Power & Utilities: Q1 earnings conference call
10:00 AM NorthWest Healthcare REIT: Q1 earnings conference call
10 a.m.: Orla Mining Q1 earnings conference call
11:00 AM: Onex: Q1 earnings conference call
12:00 p.m. Cardinal Energy (AB): Annual general meeting of shareholders
1:00 p.m. Siena Living Room for Seniors: Q1 earnings conference call
1:30 p.m. Wheaton Precious Metals: Annual general meeting of shareholders
Paramount Resources: Amount of 0.10 Canadian dollars
Sprout: $0.25 USD
Stelco Holdings: Amount of 0.30 Canadian dollars
All analyst forecasts are based on I/B/E/S data from Refinitiv.