2023-07-11 15:56:44
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• The major US banks should see their profits increase despite the drop in transactions. Wall Street banks are expected to post higher profits in the second quarter thanks to an increase in interest payments, offsetting the decrease in transactions.
• Canadian regulator orders Trans Mountain to monitor impact on local communities. Canada’s energy regulator has issued an “Inspection Board Order” once morest Trans Mountain for failing to follow an approved plan to monitor the expansion project’s impact on local communities during the construction.
• Dollarama announces the resignation of JPTowner, its chief financial officer. Canadian discount chain Dollarama announced on Monday that its chief financial officer, JP Towner, will be stepping down in the next few months to pursue another career.
• Meta’s Instagram will integrate branded content tools with Threads, according to Axios. Meta Platforms’ company Instagram plans to bring its branded content tools to microblogging app Threads, Axios reported, citing a source familiar with the matter.
• Apple opens a store on the Chinese WeChat platform. Tencent’s WeChat business said iPhone maker Apple opened a store on its social media platform, marking an expansion of the US company’s retail channels in the world’s second-largest economy.
TRENDS BEFORE OPENING
Canada’s main equity index futures rose, mirroring gains in Wall Street and European equities, ahead of U.S. inflation data on hopes it might support a quicker end to the Federal Reserve rate hikes. In Asian equity markets, shares in Hong Kong and China advanced, supported by gains in the auto sector, while the Nikkei gave up earlier gains to end slightly higher as investors locked in profits. Gold strengthened, supported by a weaker US dollar. Oil prices rose as brokers assessed supply cuts by the world’s largest oil exporters.
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TITLES TO FOLLOW
• Dollarama: the Canadian chain of discount stores announced on Monday that its chief financial officer, JP Towner, would leave his post in the coming months to pursue another career. JP Towner had become chief financial officer in March 2021, succeeding Michael Ross who stepped down following more than a decade with the company. Dollarama said it is looking for a new chief financial officer, and that the former director will stay on until the company announces its second quarter results. The retailer beat sales estimates in its latest quarter on strong demand for its lower-priced products and homewares.
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