Essential News: Fed’s Projections, Enbridge’s Expansion, and More

2023-09-20 21:53:58

(Illustration: Camille Charbonneau)

THE ESSENTIAL NEWS

The Fed’s projections will show whether the “soft landing” is a new benchmark, or not. Confident that the Federal Reserve will leave interest rates unchanged, investors are focusing more on the release of new forecasts that will reveal the extent to which the US central bank believes in the prospect of a “soft landing” for the economy. economy and what rate environment will prevail.

Canadian company Enbridge could add 200,000 bpd to the capacity of the Mainline pipeline. Enbridge could add 200,000 barrels per day (bpd) of capacity to its 3 million bpd Mainline system, which routes the bulk of Canada’s crude exports to the United States, a company executive said Tuesday.

Australian court to rule on Chevron LNG strikes after negotiations fail. New negotiations between Chevron and unions over strikes at two liquefied natural gas (LNG) facilities in Western Australia have ended without an agreement, a Chevron spokesperson said, leaving an industrial tribunal to decide what to do next. .

Klaviyo is preparing to debut on the US market after pricing its IPO above the range. Marketing automation company Klaviyo is set to list its shares on the New York Stock Exchange, in a third big test for the new-issue market, following the soft debut of Arm Holdings and ‘Instacart.

• Ford avoids a walkout in Canada as the UAW prepares for new strikes in the American auto industry. Ford reached a last-minute deal to avoid a walkout at its Canadian plants late Tuesday, as the United Auto Workers union prepares for a potential expansion of its strikes in the United States against the three Detroit automakers .

TRENDS BEFORE OPENING

Futures contracts for the main Canadian stock index rose, supported by a slight increase in copper prices. Futures contracts on the American stock index rose slightly as investors anticipated unchanged interest rates from the Federal Reserve, despite gains limited by concerns about the economic fallout from a prolonged rate hike. THE European stocks have increased, the UK stocks outperforming their regional counterparts as investors abandoned Bank of England rate hike bets due to slowing UK inflation data. The index Japanese Topix fell from a 33-year high reached last week as investors remained cautious ahead of a series of key central bank policy decisions. L’or has changed little while the American dollar fell slightly as traders awaited interest rate projections and remarks from Fed Chairman Jerome Powell. THE oil price fell due to investor uncertainty over when the Fed’s key interest rates will peak and what impact they will have on energy demand.

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HEADLINES TO FOLLOW

Enbridge: The company could add 200,000 barrels per day (bpd) to the capacity of its Mainline network carrying 3 million bpd, carrying the bulk of Canada’s crude exports to the United States, a company executive said Tuesday . However, Enbridge will only consider the expansion when the Canadian government-owned Trans Mountain (TMX) Expansion Project comes online, said Marc Weil, senior vice president of the liquids pipeline business. of the society. According to the vice-president, the longer the TMX project is delayed, the more export pipelines in Western Canada risk being saturated.

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