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REFINITIV An LSEG Business
 
 
Refinitiv
 
THURSDAY, JUNE 24, 2021
 


For the full report including more on Top News, Analysis and Insight, click here


COMING UP IN U.S.
The U.S. Commerce Department is scheduled to release gross domestic product (GDP) data for first quarter and it is likely to have increased at an annualized rate of 6.4%, the same level as the last quarter. The department is also scheduled to release durable goods data for May and it is likely to have risen 2.8% in May after declining 1.3% in April. The Labor Department is scheduled to release initial claims for state unemployment benefits data for the week ended June 19 and they are likely to have risen to 380,000, after rising 412,000 in the previous week. Continued jobless claims for the week ended June 12, likely dropped to 3.470 million.

• Federal Reserve Bank of Richmond President Thomas Barkin is scheduled to speak before virtual Raleigh Chamber of Commerce Partners Forum. Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Atlanta President Raphael Bostic are scheduled to speak on "Rebuilding Sustainably and Equitably" before virtual "Official Monetary and Financial Institutions Forum: Fed Week" event co-sponsored by OMFIF and the Federal Reserve Bank of Philadelphia. Federal Reserve Bank of New York President John Williams is scheduled to participate in a virtual moderated discussion hosted by the College of Staten Island about Staten Island's economy, what President Williams has learned in conversations with local stakeholders, and broader economic trends. Federal Reserve Bank of St. Louis President James Bullard is expected to give a presentation on the U.S. economy and monetary policy before the Clayton Chamber of Commerce Power Hour Virtual Speaker Series. Federal Reserve Bank of Dallas President Robert Kaplan is expected to participate in a moderated question-and-answer session before virtual Headliners Club of Austin event. Federal Reserve Bank of Richmond President Thomas Barkin is scheduled to speak before virtual Richmond Risk Management Association 2021 Economic Update event.

• FedEx Corp is expected to post fourth-quarter earnings. The company is under pressure to show stockholders how it will keep growing profits after the pandemic surge in package delivery flattens.


PROMOTION
LIVECHAT-REUTERS GLOBAL MARKETS FORUM
Corey Stewart, Senior Energy Analyst at Refinitiv, discusses the outlook for oil markets and production, how U.S. shale players are adapting to the energy transition, and energy transition programs in Latin America and the Caribbean. (1000 ET/1400 GMT) To join the conversation, click here


To read more upcoming events, click here


U.S. TOP NEWS
U.S. House panel approves higher merger fees and bigger enforcement budgets
The House Judiciary Committee voted to approve a bill to increase the budgets of antitrust enforcers and increase fees on the biggest mergers as the panel considered six antitrust bills, many aimed at reining in Big Tech. 


• FDA to add warning about rare heart inflammation to Pfizer, Moderna vaccines
The U.S. Food and Drug Administration said it will add a warning about rare cases of heart inflammation in adolescents and young adults to fact sheets for the Pfizer/BioNTech and Moderna COVID-19 vaccines.


• Tesla opens solar charging station in Tibet, its first in China
Tesla has opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, the company said in a Weibo post, its first such facility in China. 

• French court sets date in Apple case over App Store developer contracts
A French court has set Sept. 17 as the date for hearing a case brought by the finance ministry against Apple over allegedly abusive contractual terms imposed by the tech giant for selling software on its App Store. 

• Southwest CEO Gary Kelly to hand reins to insider Robert Jordan
Southwest Airlines aid long-time Chief Executive Officer Gary Kelly will step down next year and be succeeded by insider Robert Jordan as the company pushes past the coronavirus pandemic that hammered travel demand. 


To read more top news, click here


MARKET RECAP AT 4 pm ET

The Nasdaq hit an all-time high, boosted by a rally in Tesla shares and data showing a record peak for U.S. factory activity in June. Treasury yields rose, on statement from the Fed Chair Powell that rising inflation is likely temporary. The dollar steadied, while gold was slightly lower. Oil prices climbed to highest in over two years, after data showed U.S. crude inventories declined.

To read more on markets, click here


COMING UP IN CANADA
Blackberry Ltd is expected to post a fall in first-quarter revenue as the company struggles to grow its software and services business due to the economic implications of the COVID-19 pandemic. Investors will look for Blackberry's forecast of its enterprise software services segment, its largest business and overall business outlook given the company is still transitioning into a software and services provider.


CANADA TOP NEWS
Canadian retail sales slide in April, May as COVID-19 shutdown bites
Canadian retail sales plunged in April and May, as shops and other businesses were shuttered amid a third wave of COVID-19 infections, Statistics Canada data showed. 

• Canada's M&A boom fuels hiring spree, higher pay
Record-breaking dealmaking in Canada is encouraging investment banks to beef up staffing, but the increased demand for bankers is forcing some to pay up in unique ways to attract new hires. 

• Trans Mountain allowed to resume tree clearing for oil pipeline project
The Canada Energy Regulator (CER) this week lifted a stop work order on Trans Mountain Corporation that restricted tree clearing and mowing across the oil pipeline project to protect the environment and migratory birds. 

• Bitcoin Fund breaks new ground in Middle East with debut on Nasdaq Dubai
The Bitcoin Fund debuted on the Nasdaq Dubai, becoming the Middle East's first listed cryptocurrency fund. 

• AIB agrees to life and pensions joint-venture with Canada Life
Allied Irish Banks said it would form a joint venture with Canada life as it seeks to plug gaps in its life, savings and wealth products. 



INSIGHT AND ANALYSIS
• FOCUS-Boeing faces rocky path to gaining approval for 737 MAX return in China
Trade power tensions, regulatory hurdles and attempts by the West to counter Chinese competition are delaying a return of the 737 MAX in China, frustrating Boeing Co as a potential rival demonstrates its growing influence. 


• FOCUS-Manufacturers have an answer to higher costs: Pass them on
In 2018, Whirlpool Corp swung to a loss after a tariff-fueled rally in U.S. steel prices drove up its raw-materials costs. This year, it is paying $1 billion for steel and other materials, but the West Michigan appliance maker is on track to post its highest profit in decades. 


• From game-changer to back-up - J&J's COVID vaccine struggles in Europe
At the height of Europe's vaccine supply crisis in March, Johnson & Johnson's (J&J) single-dose COVID-19 vaccine was touted as a game-changer. But two months into its rollout, the shot has the lowest uptake of all four approved vaccines.



WEALTH NEWS
• U.S. new home sales tumble to one-year low as prices soar
Sales of new U.S. single-family homes fell to a one-year low in May as the median price of newly built houses soared amid expensive raw materials, including framing lumber. 


• Biden to oust housing finance chief after U.S. Supreme Court ruling
The U.S. Supreme Court made it easier for President Joe Biden to remove the head of the federal housing finance agency - a move the White House said he intends to make right away - while also nixing separate claims brought by shareholders of mortgage finance companies Fannie Mae and Freddie Mac.


• Fed officials say "temporary" inflation surge may last longer than thought
A period of high inflation in the United States may last longer than anticipated, two U.S. Federal Reserve officials said, prompting one to pull forward his views on when the central bank should start raising interest rates.


• U.S. SEC chair provides more detail on new disclosure rules, Treasury market reform
The U.S. Securities and Exchange Commission (SEC) may require public companies to publish data on a whole range of new areas, including greenhouse gas emissions, workforce turnover and diversity, as its new chairman looks to enhance the SEC's disclosure regime.


• Warren Buffett resigns from Gates Foundation, has donated half his fortune
The billionaire investor Warren Buffett said he is resigning as a trustee of the Bill and Melinda Gates Foundation, and has donated half his wealth to philanthropy since pledging 15 years ago to give away his fortune from running Berkshire Hathaway. 



For the full report including more on Top News, Analysis and Insight, click here


CHART OF THE DAY

 
 
 
 
 
 
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