Key employees vote on Bombardier’s threatened strike offer. (Photo: Bombardier)
• Key employees vote on Bombardier’s threatened strike offer. Workers at a major division of Canadian aircraft maker Bombardier will decide on Wednesday whether to accept a new contract or go on strike.
• Biden may temporarily suspend the gas tax on Wednesday. US President Joe Biden is expected to seek the temporary suspension of the $0.18.4 per gallon federal tax on gasoline on Wednesday, a source familiar with the matter told Reuters on Tuesday.
• The Canadian Content Act has been adopted on online platforms. Canada’s House of Commons on Tuesday passed legislation that will bring online streaming platforms under the jurisdiction of the CRTC and force companies like Netflix, YouTube and Spotify to offer more local content.
• Boeing expects supply problems to occur through the end of 2023. The Boeing CEO expects supply chain problems to continue until around the end of 2023, due to a labor shortage in the middle class and smaller suppliers, in part because demand is returning faster than expected.
• Fierce competition for Kellogg’s vegetable products. Kellogg’s plan to split up and eventually sell off profitable MorningStar Farms for plant and meat alternatives could upend the frozen food aisle of grocery stores due to stiff competition.
(Re)read all market news
Directions before opening
The main Canadian stock index futures saw a slight decline, as oil prices fell due to a possible cut in the federal gas tax by US President Joe Biden.
Wall Street futures fell on fears of an interest rate hike and recession, as investors await the head of the US Federal Reserve to appear before Congress today for clues about his next policies.
European stocks hit a one-year low, dragged down by commodity-related stocks. Chinese stock markets ended the day lower as temperature extremes in parts of the country added to lingering doubts about the economic recovery from the COVID-19 pandemic.
Gold prices fell and the US dollar advanced slightly.
Nicknames to follow
• bomber: Workers at a major division of the Canadian business jet maker will decide on Wednesday whether to accept a new contract or go on strike. The labor dispute affecting the Montreal-based company is one of those facing the aviation and aerospace sectors around the world, as demand for travel soars after the COVID-19 pandemic and higher prices drive unions to demand larger wage increases. Rejecting the agreement to increase wages by up to 18.5% over five years will lead to a general strike by 1,800 workers, who mainly produce Bombardier’s iconic business jets, which made up a third of the company’s deliveries in 2021.
• Grenade launcher: TD Securities lowered its price target from C$69 to C$62, believing that the current stock market environment could limit the increase in the company’s valuation multiple in the short term.
Isoenergy: Eight Capital begins tracking the stock with a buy valuation and target price of C$7.1 due to the uranium outlook, the company’s potential to make new discoveries in Larocque East, and other characteristics.
• Energy services step: Atb Capital Markets raised its price target from C$6.25 to C$9 after the company raised its targets for the second quarter.
The main indicators on the agenda
08:30 CPI, inflation rate, var. He lies. (mayo): consensus 1.0%; Previous 0.6%
08:30 CPI, inflation rate, var. General (May): consensus of 7.4%; Previous 6.8%
08:30 CPI, seasonally adjusted data, variable. General (May): Previous 6.64%
08:30 CPI, ref. BoC, var. General (May): 5.9% consensus; Previous 5.7%
08:30 CPI, ref. BoC, var. He lies. (mayo): Previous 0.7%
08:30 CPI, seasonally adjusted data, variable. He lies. (mayo): Previous 0.7%
08:30 CPI, seasonally adjusted benchmark, variable. He lies. (mayo): Previous 0.8%
08:30 CPI, weighted median (May): Previous 4.4%
08:30 CPI, cut-off average (May): Previous 5.1%
08:30 IPC, Common Component (May): 3.5% previous; 3.2% previous
08:30 CPI, unadjusted data (May): Previous 149.8
AGF management: Earnings per share forecast for the second quarter of C$0.12
Empire Corporation: Earnings per share forecast for the fourth quarter of C$0.69
Medixis Pharmaceuticals: Expected loss per share of $0.22 in the fourth quarter
Medicina treatments: Expected loss per share of CAD 0.11 in the fourth quarter
Wellness Health: Loss per share forecast of C$0.02 in the first quarter
Black Berry: Expected loss per share of $0.05 in the first quarter
Evertz techniques: Earnings per share forecast for the fourth quarter of C$0.17
08:30 Medicina treatments: Q4 earnings conference call
10:00 AM Gold and Silver Verse: Annual general meeting of shareholders
10:00 a.m. Cipher Pharmaceuticals: Annual general meeting of shareholders
10:00 AM Dinakor Gold Mines: Annual general meeting of shareholders
10:00 AM Torex Gold Resources: Annual general meeting of shareholders
10:00 AM Tricon Residence: Annual general meeting of shareholders
11 a.m. AGF Administration: Q2 earnings conference call
11:30 a.m. Empire Corporation: Q4 earnings conference call
12:00 Buhler Industries: Annual general meeting of shareholders
12:00 PM MAG Silver: Annual general meeting of shareholders
1:00 pm. BlackBerry: Annual general meeting of shareholders
1:00 p.m. copper candent: Annual general meeting of shareholders
2:00 PM CI Financial: Annual general meeting of shareholders
2:00 p.m. Greenlane Renewables: Annual general meeting of shareholders
2:30 p.m. Marathon Gold: Annual general meeting of shareholders
5:00 PM B2 Gold: Annual general meeting of shareholders
Aura minerals: 0.14 USD
BMTC Group: Amount of 0.18 Canadian dollars
Logistic company: Amount of 0.10 Canadian dollars
All analyst forecasts are based on I/B/E/S data from Refinitiv.