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Market Wrap: pre-opening session |
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U.S. market futures are little changed as uncertainty over the Iran conflict persists.
U.S. stocks rebounded on Monday as U.S. President Donald Trump said he had "very good and productive conversations" with Iran, with the S&P 500 rallying 74 points (+1.15%) to 6,581, and the Nasdaq 100 up 290 points (+1.22%) to 24,188.
The Dow Jones jumped 631 points (+1.38%) to 46,208.
Trump added in his social-media post that U.S. forces will postpone military strikes against Iranian power plants and energy infrastructure for five days.
And he later told reporters that both the U.S. and Iran wanted to "make a deal".
However, Iranian state media reported that the two countries did not hold direct talks.
On the stat front in the U.S. the S&P Global manufacturing purchasing managers index is estimated at 50.2 in March vs 51.6 a month earlier, and the services index is anticipated at 50.4 vs 51.7 in February. Separately, the Richmond Fed manufacturing index is seen at -11 in March vs -10 a month ago.
European indices pared initial gains to trade currently broadly steady. On the stat plan, eurozone's S&P Global composite purchasing managers index fell to 50.5 in March in first reading from 51.9 in February (50.4 expected). In the U.K., the S&P Global composite purchasing managers index was 51.0 in March in first estimate vs 53 anticipated and 53.7 a month earlier.
Asian indexes rebounded, tracking Wall Street's gains. Regarding stats, Japan's core inflation rate slowed to 1.6% year-on-year in February, below 1.8% expected, from 2% in January.
WTI crude oil prices plunged more than 10% yesterday following Trump statements. However, after hitting 85 dollars, it currently rebounds to trade around 90 dollars.
Gold and silver are steady after erasing most of their losses yesterday.
Bitcoin bounced more than 4% yesterday. It holds its gains to trade currently around 71,000 dollars.
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Estée Lauder (EL), a cosmetics company, confirmed "that it is in discussions regarding a potential business combination with Puig, in which the two companies would potentially merge their businesses." Puig is a spanish beauty company.
Jefferies (JEF), an investment banking and capital markets firm, soars as the Financial Times reported Japan's SMFG Sumitomo Mitsui Financial Group assesses potential takeover of the company.
Apollo Global Management (APO), an asset manager, loses ground as its private credit fund Apollo Debt Solutions said it capped redemptions at 5% of its shares after clients sought to redeem 11.2% of them.
CF Industries (CF)'s, a producer of nitrogen and phosphate fertilizers, target price was raised to 130 dollars from 91 dollars at HSBC.
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Earning Release:
Dollarama Inc (DOL)
On Monday, the S&P/TSX Composite Index rose 1.81% to 31,884, while the S&P/TSX 60 Index gained 1.64% to 1,863.
Boralex (BLX), a renewable energy provider, said "it is aware of recent statements in the media regarding a strategic review of alternatives being conducted by the Corporation. The Corporation confirms that its Board of Directors has formed a special committee to review and recommend strategic alternatives."
TransAlta (TA), an electricity provider, was upgraded to "outperform" from "sector perform" at National Bank of Canada.
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