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The US Federal Reserve, facing high inflation and slowing growth, will determine on Wednesday how the increasingly difficult goal of stabilizing the economy without causing it to slide can be achieved in the coming months. (Photo: 123RF)

News Basics

• The Federal Reserve is trying to balance the economy with its policies. The US Federal Reserve, facing high inflation and slowing growth, will determine on Wednesday how the increasingly difficult goal of stabilizing the economy without causing it to slide can be achieved in the coming months.

• Cenovus buys scale for the Sunrise Oil Sand project from BP. Cenovus Energy has said it will acquire the remaining 50% stake in the Sunrise Oil Sands project in northern Alberta from British multinational BP.

• Ottawa will invest millions to reduce emissions from the BHP mine. A government source has announced that Canada will announce a multi-million dollar investment to make the Jansen potash mine, operated by BHP, the world’s largest publicly traded mine, “the cleanest and most sustainable in the world.”

• Celsius cryptocurrency company freezes withdrawals due to falling markets. Leading US crypto lender Celsius Network has frozen withdrawals due to “extreme market conditions,” another sign of the pressure the cryptocurrency market is experiencing as a result of the downturn in the industry.

• Ottawa accuses Beijing of “extremely worrying” behavior related to the air conflict. Canada believes that China has shown “extremely disturbing and unprofessional” behavior in harassing its patrol aircraft near North Korea, according to Defense Minister Anita Anand, who declined to comment anyway.

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Directions before opening

The major Canadian stock index futures fell, dragged down by weak oil and gold prices.

Wall Street futures and European shares fell on fears of an interest rate hike by the US Federal Reserve.

Japan’s Nikkei and Chinese stocks ended the session in negative territory after the release of US inflation data.

The US dollar is advancing on fears of a global economic slowdown and due to expected interest rate increases.

Nicknames to follow

Transactions

• Sinophos Energy: The company said it will acquire the remaining 50% stake in the Sunrise oil sands project in northern Alberta from multinational BP. The total value of the deal, which represents BP’s exit from Canada’s oil sands production, includes C$600 million in cash and a variable payment of C$600 million that expires two years later, according to Sinovos. As part of the deal, BP will also buy Cenovus’ 35% stake in the undeveloped Bay du Nord project off Newfoundland and Labrador shores. The Calgary-based company said it will provide updated guidance with second-quarter results next month to reflect the acquisition, which is expected to expire in the third quarter.

Aharon

• Rogers Communications: Loretta Rogers, the company’s director for more than fifty years and the wife of company founder Ted Rogers, has died at the age of 83. Council President Edward Rogers, Ted’s only son, said the family was deeply saddened by her mother’s death. Loretta Rogers has been a director of Rogers Communications since 1964 and has also been a member of the advisory board of the Rogers Family Control Trust.

Recommendations

• Bosch Health Companies: JPMorgan resumes tracking stocks with an overvaluation and cites Xifaxan’s patent concerns.

• Transat AT: The National Bank of Canada lowered its target price by C$4 to C$3.75 after the company reported lower-than-expected second-quarter results.

The main indicators on the agenda

No major indicators expected today

publish results

June 10 and 13

No major results are expected to be published.

company agenda

There is no major company launching today

Coupon seconds

The main coupon is not expected to separate today.

All analyst forecasts are based on I/B/E/S data from Refinitiv.

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