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Market Wrap: pre-opening session |
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U.S. market futures are well oriented after major U.S. stock indexes rebounded strongly on Thursday, with the Nasdaq 100 bouncing 914 points (+3.36%) to 28,106, the S&P 500 up 121 points (+1.66%) to 7,437, and the Dow Jones up 613 points (+1.19%) to 52,208.
On the stat front, in the U.S., the Chicago purchasing managers index is seen at 56.0 in July vs 56.7 in June.
In Canada, gross domestic product is expected to grow 0.2% month-on-month in May after a 0.5% rise in April.
European indices trade green. On the stat plan, eurozone consumer prices rose 0.2% month-on-month in July in first estimate, in line with expectations, after declining 0.1% the previous month. On an annual basis, inflation came in at 2.9% in first reading, as anticipated, following 2.8% in June. In Germany, the unemployment rate increased to 6.4% in July from 6.3% in June. Economists expected it to remain unchanged. In France, consumer prices rose 0.6% month-on-month in July, in first estimate, versus +0.3% expected, after declining 0.3% the previous month. On an annual basis, inflation came in at 2.1% in the flash reading, compared with 1.8% anticipated, after 1.8% the previous month. In the UK, according to Nationwide, house prices increased 0.1% month-on-month in July, as anticipated, after remaining unchanged in June.
Asian indices gained ground with the Japan's Nikkei 225 jumping 4%. On the economic front, the Bank of Japan kept its benchmark rate unchanged at 1.00% as expected. Regarding stats, Japan's jobless rate was steady at 2.5% in June as expected. Also, industrial production grew 1.3% month-on-month in June, above 0.7% estimated, while retail sales fell 4.1%, compared with -0.5% expected. Separately, China's official manufacturing purchasing managers index dropped to 49.2 in July, below 50.0 estimated. Also, Australia's producer price index rose 3.6% year-on-year in the second quarter, above 2.5% expected.
WTI crude oil prices still consolidate below 85 dollars.
Gold trades sideways still holding the key 4,000 dollars threshold.
Bitcoin consolidates below 65,000 dollars.
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Amazon.com (AMZN), the world's largest online retailer and web services provider, soars as quarterly sales beat estimates. The company's cloud segment growth also topped expectations.
Apple (AAPL), a consumer electronics giant, drops after issuing a downbeat guidance, citing supply constraints. However, quarterly financial figures beat estimates.
ExxonMobil (XOM), an oil giant, loses ground as quarterly earnings missed estimates. On the other hand peer Chevron (CVX) rises as quarterly earnings topped expectations.
Coinbase (COIN), a cryptocurrency exchange platform, is badly oriented as quarterly financial figures missed expectations.
Rivian Automotive (RIVN), an electric vehicle maker, gains ground as the company lowered its 2026 capital spending outlook and narrowed its projected full-year loss. Rivian also reaffirmed its previously increased vehicle delivery target.
Reddit (RDDT), a social media, tumbles as quarterly U.S. user growth slowed.
Newell Brands (NWL), a consumer goods company, soars as full-year earnings guidance beat expectations.
First Solar (FSLR), a maker of solar panels, rises on better-than-expected quarterly earnings.
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ExxonMobil Holdings Corp (XOM)
AbbVie Inc (ABBV)
Chevron Corp (CVX)
Linde PLC (LIN)
Colgate-Palmolive Co (CL)
Dominion Energy Inc (D)
Anglogold Ashanti PLC (AU)
Cboe Global Markets Inc (CBOE)
Ares Management Corp (ARES)
T. Rowe Price Group Inc (TROW)
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Earnings release:
Enbridge Inc (ENB)
Imperial Oil Ltd (IMO)
Cameco Corp (CCO)
Fortis Inc (FTS)
George Weston Ltd (WN)
Magna International Inc (MG)
TELUS Corp (T)
On Thursday, the S&P/TSX Composite Index gained 0.49% to 35,505 and the S&P/TSX 60 Index added 0.36% to 2,099.
TMX Group (X), an integrated exchange group, announced a strategic investment in MEMX, an exchange operator and market technology provider. Concurrent with that transaction, BOX, a US equity options market with both electronic and floor-based trading, will be combined with MEMX, and TMX Group will have an approximately 59% ownership interest in the combined business. The implied transaction value is around 2.3 billion dollars. Separately, TMX Group reported quarterly adjusted EPS up 19% to 0.62 dollar on sales up 16% to 487.5 million dollars. Both figures beat estimates. Also TMX Group increased dividend by 8% to 0.26 dollar per share.
Alimentation Couche-Tard (ATD), a convenience stores operator, "announced that it plans to acquire all of the issued and outstanding shares of Zabka Group, Poland's largest convenience retailer. Couche-Tard will initiate a voluntary tender offer at a price of 32.00 Polish zloty (equivalent of 8.48 dollars) per share, representing a total equity value of approximately 32.62 billion Polish zloty (equivalent of 8.6 billion dollars)".
Magna International (MG), an automotive supplier, jumps after reporting better-than-expected quarterly financial figures and raising full-year guidance.
Equinox Gold (EQX) and Orla Mining (OLA) announced "the successful completion of their previously announced business combination, creating North America’s new senior gold producer. The combined company is expected to produce approximately 1.1 million ounces of gold annually, with a clear path to more than 1.9 million ounces as its high-quality North American growth projects are developed".
Pembina Pipeline (PPL), an oil and natural gas infrastructure company, posted quarterly adjusted EPS up to 0.66 dollar, yet missing estimates, from 0.58 dollar a year earlier. Sales rose to 2.15 billion dollars, beating expectations, from 1.79 billion dollars a year ago. "Pembina is reiterating its 2026 adjusted Ebitda guidance range of 4.35 billion dollars to 4.55 billion dollars while noting that it is currently trending to the midpoint of the range. At the midpoint of the range, due to seasonal factors, timing of spending, and certain one-time items, Pembina anticipates that the adjusted Ebitda contribution in the third quarter is expected to be below the second quarter, with a higher contribution expected in the fourth quarter".
Aecon Group (ARE), a construction company, unveiled quarterly adjusted EPS of 0.35 dollar vs an adjusted loss per share of 0.10 dollar a year earlier. Sales rose 25% to 1.63 billion dollars. Both figures beat expectations.
Baytex (BTE), an energy company, reported quarterly net income of 174.9 million dollars vs a loss of 67.3 million dollars a year ago. The company raised annual production guidance.
Fairfax Financial (FFH), an insurer, posted quarterly net income down to 1.56 billion dollars from 1.60 billion dollars a year earlier. Gross premiums rose 4.1% to 9.63 billion dollars.
Capstone Copper (CS), a mining company, unveiled quarterly adjusted Ebitda up to 354.0 million dollars from 215.6 million dollars a year earlier on sales up to 739.7 million dollars from 543.2 million dollars a year ago. Both figures topped estimates. Adjusted net income increased to 97.6 million dollars, yet missing expectations, from 27.5 million dollars a year earlier.
Eldorado Gold (ELD), a mining company, reported quarterly adjusted EPS up to 0.54 dollar from 0.44 dollar a year ago on sales up to 487.5 million dollars from 451.7 million dollars a year earlier. However both figures missed estimates. Separately, "the company announced that George Burns will retire as CEO, effective September 30, 2026. Christian Milau, current President, will assume the role of President and CEO". Moreover, "effective today, Steven Reid has stepped down as Chair and from the Board after more than five years as Chair and 13 years of service as a director. The Board has appointed Dan Myerson as Chair of the Board and Patrick Godin as Lead Independent Director".
Power Corporation of Canada (POW), a diversified international management and holding company, posted quarterly adjusted net income up to 974 million dollars from 883 million dollars a year earlier. Target price was raised to 101 dollars from 84 dollars at TD Cowen.
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