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Revlon declared bankruptcy, unable to compete in online sales. (Photo: Highlight ID for Unsplash)

IMPORTANT NEWS

• Investors are preparing for a recession after the Fed hike. Investors’ faith in an orderly adjustment of the US economy was severely tested as the Federal Reserve’s significant interest rate hike raised concerns about recession and market volatility ahead.

• Biden blasts refineries for record profits and supplies. US President Joe Biden, under pressure over rising fuel prices, on Wednesday asked refineries to explain why they are not bringing more fuel to market when they post earnings. in the air.

• Musk is expected to confirm his interest in Twitter during a meeting on Thursday. Elon Musk is expected to mention his desire to acquire Twitter when speaking to employees of the social media company, according to The Wall Street Journal, citing a person familiar with the matter.

• Revlon declared bankruptcy, unable to compete in online sales. Revlon has filed for bankruptcy protection as the US cosmetics company is crippled by the debts it incurred to compete with beauty brands sold online.

• McDonald’s agreed to pay US$1.3 billion to settle a tax dispute with France. McDonald’s has agreed to pay US$1.3 billion in fines and back taxes to settle a tax dispute with France, ending a long investigation into whether the American multinational correctly declared all its income in the country.

(Re)read all the market news

TRENDS HAVE NOT OPENED YET

Futures for Canada’s main stock index fell, following a trend seen on Wall Street on fears of a recession after the US Federal Reserve announced its biggest rate hike in nearly three decades.

European stocks tumbled after the Swiss National Bank unexpectedly raised interest rates, fueling renewed concerns about the impact of inflation on the global economy.

In Asian markets, the Japanese Nikkei and Chinese stock markets ended the session lower.

The US dollar is depreciating, while gold prices are volatile. The price of oil dropped.

TITLES TO FOLLOW

• Canadian National Railway: the railroad company announced that a union representing about 750 workers in the country may call a strike on June 18. The Montreal-based company said it received 72 hours notice of the strike from the International Brotherhood of Electrical Workers (IBEW). CN also offered to resolve remaining disputes, primarily related to wages and benefits, through binding arbitration. The company faced an eight-day rail strike in 2019.

RECOMMENDATIONS

• Hexo: CIBC cut its price target from C$0.7 to C$0.2 after the company’s operations declined further during the third quarter.

• High water: ATB Capital Markets cut its target price from C$13.25 to C$12 after the company’s international wholesale and retail sales fell in the second quarter due to chain problems.

• Kinross Gold: The National Bank of Canada raised its target price from C$12 to C$13 on the company’s sale of Russian assets and expected revaluation.

MAIN INDICATORS OF THE AGENDA

08:30 (approx) Wholesale trade, var. lie. (April): consensus 0.2%; previous 0.3%

PUBLICATION OF RESULTS

June 16 and 17

No publication of major results is anticipated.

CORPORATE AGENDA

10:00 am Descartes Systems Group: annual general meeting of shareholders

11:00 am Green Thumb Industries: annual general meeting of shareholders

11:00 am Obsidian Energy: annual general meeting of shareholders

11:00 am Topaz Energy: annual general meeting of shareholders

COUPON SECONDMENTS

Canada’s Natural Resources: amount of C$0.75

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

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