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Major US oil refiners will meet Energy Secretary Jennifer Granholm and other Biden administration officials on Thursday in an emergency meeting. (Photo: 123RF)

News Basics

• A recession in the US would hurt global growth prospects. Manufacturing growth is slowing worldwide, from Asia to Europe, as health restrictions in China and Russia’s invasion of Ukraine disrupt supply chains, while the rising risk of recession in the United States poses a new threat to the global economy.

• A meeting between refineries and the government about prices in the United States. Major US oil refiners will meet with Energy Secretary Jennifer Granholm and other Biden administration officials on Thursday for an emergency meeting to discuss ways to bring record oil prices down.

• Solidarity with Ukraine is expected in the G7 despite the economic gloom. The Group of Seven (G7) will seek to demonstrate its long-standing support for Ukraine in its fight against Russian aggression at a summit beginning Sunday, even as the growing impact of the war on the global economy tests its resolve.

• Bombardier employees have approved the new employment contract. Bombardier announced Wednesday that workers at a major division of the Canadian business jet maker have approved a new contract that calls for a wage increase of up to 18.5% over five years.

• Less-than-expected revenue for Accenture in the fourth quarter. Computer services company Accenture now expects lower-than-expected revenue for the fourth quarter, due to higher inflation and the impact of a stronger dollar on its outside earnings.

(Re)read all market news

Directions before opening

The main Canadian stock index futures rose, following the trend seen on Wall Street, where US Federal Reserve Chairman Jerome Powell said the central bank was “strongly committed” to lowering inflation.

European shares fell after a survey was published showing a significant slowdown in business activity in June in the euro zone, raising fears of a severe recession.

In the Asian markets, Chinese stocks approached a four-month high as the Hong Kong stock exchange ended the session higher, benefiting from the rise of Chinese technology companies and the auto sector linked to government support policies.

Gold prices fell, affected by the strength of the US dollar. Oil prices are dropping as investors reassess the risks of a recession.

Nicknames to follow

• Grenade launcher: The company announced on Wednesday that workers at a major division of the Canadian business aircraft manufacturer have approved a new contract that calls for a pay increase of up to 18.5% over five years. It affects about 1,800 workers, who mainly produce Bombardier’s popular Challenger commercial jets, which made up a third of the company’s deliveries in 2021.

• Brookfield Asset Management: The companies said on Wednesday that Brazilian antitrust authorities had given the green light to an investment fund managed by Canada’s Brookfield to buy assets for car rental companies Localisa and Unidas. The sale was imposed by the regulatory authorities at the end of 2021 as a condition of the merger between Localiza Rent a Car SA and Unidas, officially known as Companhia de Locacao das Americas. They now expect the deal to expire on July 1, according to regulatory documents filed jointly.

Recommendations

• AGF management: Scotiabank raised its price target from C$7.75 to C$8 as the company’s second-quarter results reflect its strong operating performance on several fronts despite challenging industry conditions.

• Empire Company: The National Bank of Canada lowered its price target from C$48 to C$42 because it believes fourth-quarter results will be unfavorable due to negative same-store sales growth, as well as potential market share losses.

The main indicators on the agenda

No major indicators expected today

publish results

June 23

Wellness Health: Expected loss per share of C$0.02 in the first quarter

Black BerryExpected loss per share: $0.05 in the first quarter

Evertz . TechnologiesEarnings per share forecast for the fourth quarter of C$0.17

June 24

No major results are expected

Company’s agenda

08:00 Medixis Pharmaceuticals: Q4 earnings conference call

08:30 Health Wellness: Q1 earnings conference call

08:30 Health Wellness: general meeting of shareholders

08:30 Nearby pharmacy: Q4 earnings conference call

09:00 Polaris Infrastructure: Annual general meeting of shareholders

10:00 a.m. Globex Mining Enterprises: Annual general meeting of shareholders

10:00 AM McCoy Global: Annual general meeting of shareholders

10:00 AM Wisdom Gold Mines: Annual general meeting of shareholders

10:30 a.m. Global Atomic: Annual general meeting of shareholders

11:00 Converge Technology Solutions: Annual general meeting of shareholders

11 a.m. Kronos Collection: Annual general meeting of shareholders

11 a.m.: Orla Mining Annual general meeting of shareholders

11:30 a.m. United Companies: Annual general meeting of shareholders

12:00 Stone Energy: Annual general meeting of shareholders

1:00 PM Philo Mining: Annual general meeting of shareholders

1:00 p.m. Nevada Cooper: Annual general meeting of shareholders

1:00 p.m. Solaris Resources: Annual general meeting of shareholders

4:00 pm Dundee: Annual general meeting of shareholders

4:30 p.m. Tidal water and infrastructure: Annual general meeting of shareholders

5:00 p.m. Evertz Techniques: Q4 earnings conference call

5:00 p.m. Nexgen Energy: Annual general meeting of shareholders

5:00 p.m. Northern Family Metals: Annual general meeting of shareholders

5:00 PM STEP Energy Services: Annual general meeting of shareholders

5:30 p.m. BlackBerry phone: Q1 earnings conference call

6:00 p.m. Valuea Energy: Annual general meeting of shareholders

Coupon seconds

Icon group: Amount of 0.18 Canadian dollars

Canadian Pacific Railway: Amount of 0.19 Canadian dollars

goeasy: Amount of 0.91 Canadian dollars

Pembina pipeline: $0.21 Canadian dollar

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

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