Category: Uncategorized

Published: 7/21/2023 2:22 PM ET

Gold prices drifted lower on Friday as the dollar climbed, but the most active gold futures contract still posted a small weekly gain.

The dollar index rose to 101.19, gaining nearly 0.3%, before easing a bit. The index was last seen at 101.07, up 0.18% from the previous close.

Gold futures for August ended lower by $4.30 or about 0.2% at $1,966.60 an ounce.

Silver futures for September ended down $0.107 at $24.855 an ounce, while Copper futures for September settled at $3.8180 per pound, losing 0.0165.

The dollar gained amid speculation that the Federal Reserve may keep interest rates higher for longer to bring inflation under control.

Besides the Fed, policy meetings of the European Central Bank and the Bank of Japan are also due next week.

Published: 7/21/2023 3:21 PM ET

Oil futures settled higher on Friday, lifted by data showing a drop in U.S. crude inventories last week and recent announcements by Saudi Arabia and Russia about crude output reductions.

A stronger dollar and worries about the outlook for energy demand from China due to the slow pace of economic recovery limited oil’s advance.

West Texas Intermediate Crude oil futures for September ended higher by $1.42 or about 1.9% at 77.07 a barrel. WTI Crude futures gained about 2.3% in the week.

WTI crude futures had gained a total of close to 9% in the previous three weeks.

Brent crude futures were up $1.33 or 1.67% at $80.97 a barrel a little while ago.

A report from Baker Hughes said the total rig counter fell to 669 this week. The number of oil rigs declined by 7 this week to 530, down 91 so far this year.

Published: 7/21/2023 5:03 PM ET

The Canadian market ended on a firm note on Friday, led by gains in healthcare, communications, energy and consumer staples sectors.

A few stocks from industrials, consumer discretionary and financials sectors too found some support.

The mood in the market was a bit cautious amid a lack of fresh triggers. Investors appeared a bit reluctant to make big moves ahead of the Federal Reserve’s monetary policy meeting next week.

The benchmark S&P/TSX Composite Index ended with a gain of 110.64 points or 0.54% at 20,547.51, after scaling a low of 20,479.25 and a high of 20,561.96 intraday. The index gained about 1.4% in the week.

Tilray Inc (TLRY.TO), Chartwell Retirement Residences (CSH.UN.TO) and Sienna Senior Living Inc (SIA.TO) gained 1.3 to 2.3%.

Telus Corp (T.TO) and Quebecor Inc (QBR.B.TO), up 1.9%, and 1.35%, respectively, were the major gainers in the communications sector.

In the energy sector, Imperial Oil (IMO.TO) gained nearly 3%. Crescent Point Energy (CPG.TO), Athabasca Oil Corp (ATH.TO), Vermilion Energy (VET.TO), Baytex Energy (BTE.TO), Cenovus Energy (CVE.TO), Suncor Energy (SU.TO), Enerplus Corp (ERF.TO), MEG Energy (MEG.TO), Precision Drilling Corp (PD.TO) and Canadian Natural Resources (CNQ.TO) gained 1 to 2.5%.

Among consumer staples shares The North West Company (NWC.TO) gained 2.4%. Jamieson Wellness (JSWL.TO) and Metro Inc (MRU.TO) both gained nearly 1.5%.

On the economic front, data from Statistics Canada showed retail sales advanced by 0.2% in May, revised lower from the first estimate of a 0.5% increase. On yearly basis, retail sales increased 0.5% in May over the same month in the previous year.

Another data from Statistics Canada showed new home prices in Canada fell by 0.7% from the previous year in June 2023, extending slightly the 0.6% drop in May.

Monday July 24

Japan and Euro zone manufacturing and services PMI

(8:30 a.m. ET) Canadian wholesale trade for June.

(8:30 a.m. ET) U.S. Chicago Fed National Activity Index for June,

Earnings include: NXP Semiconductors NV

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Tuesday July 25

(8:30 a.m. ET) Canadian manufacturing sales for June.

(9 a.m. ET) U.S. S&P CoreLogic Case-Shiller Home Price Index (20 city). The Street is forecasting an increase of 0.7 per cent from April but down 2.3 per cent year-over-year.

(9 a.m. ET) U.S. FHFA House Price Index for May. Consensus is a rise of 0.6 per cent from May and up 2.4 per cent year-over-year.

(10 a.m. ET) U.S. Conference Board Consumer Confidence Index for June.

Also: U.S. Fed meeting begins

Earnings include: Alphabet Inc.; Canadian National Railway Co.; Danaher Corp.; General Electric Co.; General Motors Co.; Microsoft Corp.; Texas Instruments Inc.; Verizon Communications Inc.; Visa Inc.; 3M Co.

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Wednesday July 26

(10 a.m. ET) U.S. new home sales for June. The Street expects an annualized rate decline of 5.4 per cent.

(1:30 p.m. ET) Release of the Bank of Canada’s Summary of Deliberations for the July 12 decision

(2 p.m. ET) U.S. Fed announcement with chair Jerome Powell’s press conference to follow.

Earnings include: Agnico Eagle Mines Ltd.; Alamos Gold Inc.; Allied Properties REIT; AT&T Inc.; Boeing Co.; Canadian Pacific Kansas City Ltd.; Celestica Inc.; CGI Inc.; Coca-Cola Co.; Crescent Point Energy Corp.; GFL Environmental Holdings Inc.; Loblaw Companies Ltd.; Meta Platforms Inc.; Methanex Corp.; Qualcomm Inc.; Rogers Communications Inc.; ServiceNow Inc.; Toromont Industries Ltd.; Union Pacific Corp.; West Fraser Timber Co. Ltd.; Whitecap Resources Inc.

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Thursday July 27

Bank of Japan monetary policy meeting (through Friday) and release of its outlook report

ECB monetary policy meeting

(8:30 a.m. ET) Canada’s Survey of Employment, Payrolls and Hours for May.

(8:30 a.m. ET) U.S. initial jobless claims for week of July 22. Estimate is 236,000, up 8,000 from the previous week.

(8:30 a.m. ET) U.S. real GDP and GDP deflator for Q2. Consensus is annualized rate rises of 1.7 per cent and 3.0 per cent, respectively.

(8:30 a.m. ET) U.S. goods trade deficit for June.

(8:30 a.m. ET) U.S. wholesale and retail inventories for June.

(8:30 a.m. ET) U.S. durable orders for June. Consensus is a rise of 0.9 per cent from May.

(8:30 a.m. ET) U.S. core orders for June. The Street expects a month-over-month decline of 0.2 per cent.

(10 a.m. ET) U.S. pending home sales for June. Consensus is a decline of 0.5 per cent.

Earnings include: Amazon.com Inc.; Atco Ltd.; Baytex Energy Corp.; Canadian Utilities Ltd.; Canfor Corp.; Cenovus Energy Inc.; Comcast Corp.; Eldorado Gold Corp.; FirstService Corp.; Ford Motor Co.; Intel Corp.; Mastercard Inc.; McDonald’s Corp.; MEG Energy Corp.; Norfolk Southern Corp.; Ovintiv Inc.; Secure Energy Services Inc.; Tamarack Valley Energy Ltd.; Teck Resources Ltd.; T-Mobile US Inc.; TMX Group Ltd.; Winpak Ltd.

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Friday July 28

Euro zone consumer and economic confidence

Germany CPI

(8:30 a.m. ET) Canada’s monthly real GDP for May. Consensus is for growth of 0.3 per cent from April.

(8:30 a.m. ET) U.S. personal spending and income for June. The Street expects month-over-month increases of 0.4 per cent and 0.5 per cent, respectively.

(8:30 a.m. ET) U.S. Core PCE Price Index for June. Consensus is a rise of 0.2 per cent from May and up 4.2 per cent year-over-year.

(8:30 a.m. ET) U.S. employment cost index for Q2. The Street is projecting a rise of 1.1 per cent from Q1 and 4.6 per cent year-over-year.

Also: Ottawa’s budget balance for May.

Earnings include: AltaGas Ltd.; ARC Resources Ltd.; Chevron Corp.; Exxon Mobil Corp.; George Weston Ltd.; Imperial Oil Ltd.; Procter & Gamble Co.; TC Energy Corp.

Oil prices rose on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China.

Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while U.S.West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel.

“The supply deficit that had been looming in the second half of the year is now backed up by hard figures,” Commerzbank analysts said, citing recent data indicating China and India’s imports of crude oil from Russia had hit an all-time high in June.

However, buying interest from India is likely to weaken, given narrowing discounts and payment problems. Meanwhile, in early July Russia joined Saudi Arabia in cutting output for August.

“Demand from China and India could therefore shift more towards other suppliers, which would push up oil prices,” the analysts said.

In the U.S., crude inventories have also fallen, supported by a jump in crude exports as well as higher refinery utilization, the Energy Information Administration (EIA) said on Wednesday.

“That tightness in supply is already showing up in inventories,” analysts from ANZ Bank said.

Meanwhile, investors welcomed stimulus measures designed to reinvigorate China’s sluggish economy.

Latest figures from the world’s second-biggest oil consumer suggest the rate of gross domestic product growth in the second quarter augurs a miss of the government’s 5% annual growth target.

On Friday, Chinese authorities unveiled plans to help boost sales of automobiles and electronics.

“The announcement remains short on detail but notions of China buying more cars gives rise in hope for oil investor bulls,” PVM analyst John Evans said.

FinancialNewsMedia – Wed Jul 12, 7:50AM CDT Partnership Content

Palm Beach, FL – July 12, 2023 – FinancialNewsMedia.com News Commentary – Potash fertilizers help in the overall improvement of plant quality and also increases its shelf life. Potassium is a vital soil element and is one of the key members of the NPK fertilizer family. Natural potassium does not exist in the environment since it responds aggressively to water. Fertilizer potassium is at times called “potash”, a term that originates from an early making procedure where potassium was filtered from ashes of woods and concentrated by dissipating the leachate in huge iron pots. A report from Verified Market Research projected that the Potash Fertilizers Market size is projected to reach USD 41.11 Billion by 2030, growing at a CAGR of 4.66% from 2023 to 2030.  The report said: “In the production of food, potassium is eliminated from the soil in the crops that are harvested and should be replaced keeping in mind the end goal to keep up the crop growth in the future. It also helps to enhance crop yield, improvise taste, and further helps plants to resist diseases. Potash fertilizers are applied to various crop types such as cereals & grains, oilseeds & pulses, and fruits & vegetables. In terms of form, potash fertilizers are present in liquid & solid forms.” Active companies in the markets this week include Millennial Potash Corp. (OTC-BB:MLPNF) (TSXV:MLP.VN), The Mosaic Company (NYSE:MOS), Gensource Potash Corporation (OTCPK:AGCCF) (TSXV:GSP.VN), Intrepid Potash, Inc. (NYSE:IPI), Nutrien Ltd. (NYSE:NTR) (TSX:NTR.TO).

Verified Market Research continued: “A greater number of crops such as plantation crops and horticulture crops are fertilized utilizing potash fertilizers, and hence, this factor act as a driver for the development of the market. The other determinant factor boosting the Potash Fertilizers Market is the rise in nourishment utilization together with the expanded population and the have to keep up a sound way of life. Rising soil deficiency, ease of utilization, and giving uniform application, coupled with an increasing demand for more production of food crops, are anticipated to drive the growth of the potassium fertilizers market. The potash fertilizer required depends on the type of crops developed because potassium take-up changes between crops and different soils. As accuracy horticulture is known to play down supplement misfortunes by enabling the variable-rate fertilizer application, the demand for this fluid potassium, fertilizers are expected to rise within the forthcoming a long time.  The significant growth trend of the global population indicates an increasing demand for food, and in turn, would drive the demand for potash for the production of fertilizers.”

Nutrien Ltd. (NYSE:NTR) (TSX:NTR.TO) recently announced plans to release second quarter earnings results on Wednesday, August 2, 2023, after market close. Nutrien will host a conference call the following day, Thursday, August 3, 2023 at 10:00 a.m. EDT to discuss and answer investor questions on second quarter results and the outlook.

Investors can access the call by dialing 1-888-886-7786 or 1-416-764-8658.

A webcast of the conference call can be accessed by visiting Nutrien’s ebsite, https://www.nutrien.com/investors/events.  A recording of the conference call will be available after the completion of the call by dialing 1-877-674-7070 and inputting the conference identification number 043533#. The recording will be available through November 1, 2023.w

• Just days after the Canadian government negotiated a deal to end the West Coast ports strike, a key caucus of ILWU Canada union members voted down the deal on Tuesday night sending rank-and-file members back to picket lines.
• But Canada’s independent Industrial Relations Board deemed the strike illegal on Wednesday and union workers were back on the docks.
• $6.5 billion in trade is anchored offshore of Canada and the restart of the strike will add to supply chain congestion that already built up during the initial strike’s 13-day period.
• “Things are once again thrown into turmoil,” said a supply chain manager.

https://www.cnbc.com/2023/07/19/canadian-port-workers-are-back-on-strike-after-rejecting-labor-deal.html

Published: 7/19/2023 8:53 AM ET

Crude oil prices extended gains on Wednesday amidst hopes of a less hawkish monetary policy stance by central banks. Evidence of a firmly downward inflation trajectory revealed in the latest updates from the Euro Area and the U.K renewed hopes of a softer monetary policy stance by central banks, lifting Brent Crude futures above the $80 level.

The rally is despite the weaker-than-expected inventory build in the U.S. Data released on Tuesday by the American Petroleum Institute had showed crude oil inventories decline by 0.80 million barrels during the week ended July 14, lower than the decline of 2.25 million barrels that markets were expecting. Crude oil inventories had increased by more than 3 million barrels in the previous week.

Brent Oil Futures for September settlement which had finished Tuesday’s trading at $79.63 traded between $78.19 and $80.38. It is currently at $80.17, having gained 0.68 percent from the previous close.

West Texas Intermediate Crude Oil Futures for September settlement which had a closing price of $75.66 on Tuesday ranged between a high of $76.23 and a low of $75.33. The current price of $76.05 represents a gain of 0.52 percent from the previous close.

Both the crude oil benchmarks added to Tuesday’s gains. Brent Futures recorded larger gains, offsetting in part the comparatively lower gains in Tuesday’s rally.

A third of Canadians have changed or cancelled their vacation plans due to inflation, according to a new survey by Leger.

Of those who have changed their vacation plans, 46 per cent are also cutting back on dining out, found the July survey of 1,526 Canadians.

Inflation slowed to 2.8 per cent in June, but the price of groceries continued to climb, with prices rising 9.1 per cent last month, Statistics Canada said. Lower inflation was led by a decline in gasoline prices compared with last year, the agency reported.

In addition to concerns about inflation, Canadians are also feeling the sting of flight delays and cancellations when it comes to their vacation plans.

Delays, cancellations and lost luggage were the hallmarks of air travel as the industry ramped up to meet demand amid loosening COVID-19 restrictions.

Almost half of Canadians surveyed by Leger said they think airlines aren’t reliable when it comes to their departures and arrivals.

Six in 10 Canadians who have taken at least one flight in the past year said they have experienced flight delays, while two in 10 experienced cancellations. Almost two in 10 experienced baggage delays, while another 10 per cent experienced lost baggage.

Because of these disruptions, more than half of Canadians said they are looking to book only direct flights.

Thirty-five per cent of Canadians said they’re planning to go on vacation this summer, the Leger poll found.

Among those who said they have changed their vacation plans due to inflation, 43 per cent said they are opting for less expensive accommodation options, while 41 per cent are cutting back on activities and attractions and 39 per cent are taking a shorter trip.

In May, Greater Toronto Airports Authority president and CEO Deborah Flint said Pearson Airport had hired 10,000 new employees since the previous summer to handle rising demand, and modernized some of its systems.

Those new hires have helped increase baggage system reliability, cut security wait times and decreased holds on board aircraft, Flint announced Tuesday.

However, it hasn’t been all smooth sailing this summer. Over the Canada Day long weekend, Air Canada delayed or cancelled almost 2,000 flights, with passengers posting photos online of long lines and busy terminals that hearkened back to last year’s chaos.

The airline at the time said it may take longer to recover from an issue along the system when a network is running at full tilt, and said thunderstorms in the Montreal area and the U.S. contributed to the disruptions.