Colombia Could Help Europe Ditch Russian Coal

Sanctions against Russia have intensified Europe’s search for alternative energy suppliers. One of them is Colombia whose President Duque seeks to take advantage of the country’s coal reservoirs. This is likely to aggravate already existing socio-environmental conflicts and human rights violations for inhabitants of major mining regions.

European Energy Supply, without Russia?

In response to Russia’s invasion in Ukraine, the European Union (EU) has introduced numerous sanctions. These target Russia’s imminently important energy sector. On April 8th, the EU Member States announced an important ban for Russian coal from August 2022 onwards. Up until then, 70% of European thermal coal imports had come from Russia.

This has sparked a global search for viable alternatives. Increased imports from other major suppliers, including Australia, South Africa and the US, play an important role in this regard. Colombia is another candidate which seems willing and capable of increasing its coal sales to Europe. … Read more

Shortened Week in Store in Canada

Monday

U.S.

Economic Lookahead

Durable goods orders (May)

Pending home sales index (May)

Featured Earnings

Nike Inc. (NYSE:NKE) (Q4) EPS projects of 81 cents, compared to 93 cents in the year-ago quarter.

Trip.com Group Limited (NASDAQ: TCOM) (Q1) EPS projects for loss of 19 cents, compared to a loss of 16 cents in the year-ago quarter.

Concentrix Corporation (NASDAQ: CNXC) (Q2) EPS projects of 16 cents, compared to 18 cents in the year-ago quarter.

Canada

Featured Earnings

Burcon Nutrascience Corporation (T.BU) (Q4) EPS projects loss of three cents, compared to a loss of one cent in the year-ago quarter.

Tuesday

U.S.

Economic Lookahead

Advance Trade in Goods (May)

S&P Case-Shiller U.S. home price index (April)

Consumer confidence index (June)

Featured Earnings

SYNNEX (NYSE:SNX) (Q4) EPS projects of $2.52, compared to two dollars in the year-ago quarter.

Progress Software Corporation (NASDAQ: PRGS) (Q2) EPS projects of 80 cents, compared to 67 … Read more

Dow Completes Comeback with 800-plus-point Gain

The Dow Jones Industrial Average rallied 800 points on Friday, rebounding off the lows of the bear market last week, and capping the first positive week in June.

The 30-stock index leaped 823.32 points, or 2.7%, to 31,500.68.

The S&P 500 hiked 116.01 points, or 3.1%, to 3,911.74.

The tech-heavy NASDAQ popped 375.43 points, or 3.3%, to 11,607.62.

The major averages are wrapping up a big comeback week for stocks. The S&P 500 is up 6.5% for the week, while the NASDAQ Composite gained 7.5% and the Dow is 5.4% higher.

Those moves followed the worst weekly decline for the S&P 500 since 2020. Last week, the broader market index closed down 5.8% for the week.

All three major averages were snapped three-week losing streaks, as market participants continued to search for a bottom. Still, many on Wall Street maintained a gloomy outlook.

Cruise line stocks led the S&P 500 … Read more