Its shares are sliding in pre-market trading. There was more retail misery after yesterday’s closing bell, as Nordstrom’s chief executive said “customer traffic and demand decelerated significantly beginning in June.” And so now the higher-end department store chain is “aligning inventory and expenses to recent trends” and slashing its full-year profit outlook.Rather than any firm contract, the two sides agreed to a non-binding joint declaration of intent that includes a target to start exports from Canada by 2025. EDT.Īfter all the buildup, Germany and Canada put pen to paper late yesterday afternoon on their clean energy ambitions. We’ll tee that up this morning with former Chicago Fed insider Carl Tannenbaum at 10:30 a.m. Federal Reserve Chair Jerome Powell’s speech on Friday. EDT as traders bide their time ahead of U.S. Sticking with the energy space, we’ll be watching shares in uranium miners today after Japan’s prime minister said that country will consider building new nuclear reactors after “Russia’s invasion changed the global energy situation.” Meanwhile, futures were basically flat as of 8 a.m. We’ll see if that holds after today’s U.S.
West Texas Intermediate continued its ascent today, rising almost two per cent to top US$95 per barrel at one point this morning. Looks like at least five analysts downgraded the stock in the aftermath, including Darko Mihelic at RBC Capital Markets, who cut BNS to sector perform from outperform, while stating “our thesis on International is not panning out.” Sidebar on Scotia: this is the day that its customers in Grand Manan, N.B., had been hoping wouldn’t come as the island’s only bank branch is scheduled to permanently close this morning. Meanwhile, National Bank of Canada lived up to profit expectations in the quarter as it managed to buck the trend by posting higher net income in its capital markets unit.īank of Nova Scotia fell the most since March 2020 yesterday after an ignominious start to earnings season. We’ve got plenty of detail at BNNBloomberg.ca and will wait to see how investors greet the performance. Royal Bank of Canada missed profit expectations in its third quarter as a dearth of deals hammered its investment banking revenue and the risk of future loan losses compelled it to set aside hundreds of millions of dollars in provisions.