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Deere’s quarterly profit rose on price and demand. (Photo: Lauren King for Unsplash)

News is essential

• Deere’s quarterly profit on price and demand. Deere reported a rise in quarterly profit as the world’s largest farm equipment maker helped offset inflationary cost pressures as demand for its equipment increased, along with a positive pricing environment.

• Bed Bath’s Ryan Cohen sells his shares, angering retail investors. Retail investors have flooded social media platforms such as Reddit with criticism of Ryan Cohen’s sale of his stake in Bed Bath & Beyond, accusing him of helping the Internet drive up stock prices to earn $60 million in US profits by selling his shares.

• Chinese Internet authorities want to get closer to private firms. Chinese authorities responsible for monitoring cyberspace want to establish a “warmer” relationship between companies in the industry and the government, according to another announcement by a senior official, aiming to reassure a sector of activity tested by numerous controls and regulatory tightening in recent months. .

• Canada’s transport minister questions plane crashes. Canada’s Transport Minister Omar Alghabra will prepare to defend the government’s response to the country’s recent air travel chaos at a parliamentary hearing on Friday, as the industry struggles to cope with rising passenger demand after experiencing historic lows during the pandemic.

• Discharge of oil sands tailings into a river. Canada’s oil sands mining industry proposed Thursday to dump treated water from tailings ponds into the Athabasca River in northern Alberta, a move that risks damaging one of the world’s largest water deltas. Sweetest in the world according to environmental groups

(Re)read all market news

Trends before the opening

Futures contracts for Canada’s main stock index fell as oil prices fell on a gloomy outlook for gasoline demand.

Wall Street futures pointed to a lower open as the prospect of a global economic slowdown weighed on sentiment among investors, who await the Federal Reserve’s annual meeting in Jackson Hole to learn more about upcoming rate hikes.

European stocks are trading in negative territory after the release of data indicating that producer prices in Germany rose at a record rate, adding to an already gloomy outlook.

The euro and pound fell against the US dollar and gold fell. Asian stocks ended the session on concerns over China’s economic health.

Canadian retail sales data for June was released today.

recommendation

• Canadian Solar: JPMorgan raised its price target to C$48 from C$42 after the company reported positive second-quarter results and a higher revenue target for fiscal 2022.

• Crew Energy: Stifel FirstEnergy raised its target price from C$8 to C$10 after the company announced that some redundant land north of the Peace River had been sold to an unnamed buyer for US$130 million in cash.

Key indicators on the agenda

8:30 am Retail Sales, var. Monthly (June): Consensus 0.3%, Previous 2.2%

08:30 Retail sales, excl. Vehicles (June): Consensus 0.9%, Previous 1.9%

Publication of results

19 and 22 August

No publication of major results is anticipated.

Corporate agenda

No major corporate releases today.

Coupon Secondment

Keyera: C$0.16 amount

Pan American Silver: Amount US$0.10

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

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