Light Week for Economic News

Monday

U.S.

Featured Earnings

Dominion Energy (NYSE: D) (Q2) EPS projects for 77 cents, compared to 76 cents in the prior-year quarter.

American International Group Inc. (NYSE: AIG) (Q2) EPS projects for $1.23, compared to $1.52 in the prior-year quarter.

BioNTech SE (NASDAQ: BNTX) (Q2) EPS projects for $8.12. compared to $12.98 in the prior-year quarter.

Canada

Featured Earnings

Altius Minerals (T.ALS) (Q2) EPS projects for 25 cents, compared to 21 cents in the prior-year quarter.

Hardwoods Distribution Inc. (T.HDI) (Q2) EPS projects for $1.98, compared to $2.44 in the prior-year quarter.

Hudbay Minerals Inc. (T.HBM) (Q2) EPS projects for 13 cents, compared to two cents in the prior-year quarter.

K-Bro Linen Inc. (T.KBL) (Q2) EPS projects for gain of 18 cents, compared to loss of four cents in the prior-year quarter.

Tuesday

U.S.

Economic Lookahead

NFIB small-business index (July)

Featured Earnings

Emerson Electric Company (NYSE: EMR) (Q3) EPS projects … Read more

Workers at UK’s biggest container port in Felixstowe to walk off the job for eight days

Workers at the UK’s biggest container port will go on strike for more than a week later this month in a dispute over pay.

More than 1,900 members of Unite union at Felixstowe will strike for eight days from Sunday 21 August until Monday 29 August.

The union said that employer Felixstowe Dock and Railway Company had failed to improve on its offer of a 7% pay increase, following only a 1.4% increase last year.

Almost half of the UK’s container traffic comes through Felixstowe and Unite said the action would hit supply chains, the logistics and haulage sectors, as well as international maritime trade.

It is the latest round of industrial action by workers pushing for pay to keep up with the cost of living.

Unite national officer for docks Bobby Morton said: “Strike action will cause huge disruption and will generate massive shockwaves throughout the UK’s supply chain, … Read more

USD / CAD – August 2022: FX Outlook – Economic Outlook and Summary

July ended with the Wall Street staging an impressive performance. The Nasdaq finished with an 11.7% gain, while the S&P 500 Index rose 7.97%., despite the Fed matching June’s rate increase with another 75 basis point hike on July 27.

The Fed’s rate hike was puny compared to the Bank of Canada’s (BoC)100 bp increase July 13, which surprised markets but failed to provide the Canadian dollar with a lasting benefit.

The European Central Bank (ECB) followed the BoC’s lead on July 21 and surprised markets with a 50 bp rate hike, double what President Christine Lagarde suggested just a week before the meeting. They also introduced a new tool to address EU country bond price divergences.

The Bank of England was quiet, leaving Prime Minister Boris Johnson’s resignation to drive GBPUSD price action during July. The BoE is expected to raise interest rates 50 bps on Thursday, August 4, … Read more