(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• Trudeau summons major Canadian grocers to fight rising food prices. Canadian Prime Minister Justin Trudeau said he had convened the country’s main grocery chains to find a solution to put an end to the skyrocketing increase in food prices. He also pledged to cut federal taxes on new building rentals. The head of government is battling a cost-of-living crisis that is affecting his party’s popularity.
• The UAW union launches a first simultaneous strike in three Detroit factories. The United Auto Workers union has launched simultaneous strikes at three Detroit plants owned by General Motors, Ford and Chrysler owner Stellantis, in what is the most ambitious social movement in decades in the United States.
• SoftBank chip designer Arm reaps gains after $65 billion IPO. The stock of Arm Holdings, owned by Softbank, was rising before the markets opened, continuing the trajectory set in motion by its successful listing on the Nasdaq, which led it to be valued at $ 65 billion, alleviating fears over US IPOs.
• Apple will update iPhone 12 software in France to address concerns over the airwaves. Apple said it would release a software update for iPhone 12 users in France to resolve a dispute with regulators who ordered sales of the phone suspended over exposure to airwaves greater than the authorized threshold.
• Citigroup could make layoffs after its management change – sources. As Citigroup embarks on a massive reorganization, support staff responsible for compliance and risk management are among those most likely to lose their jobs, according to sources familiar with the situation.
TRENDS BEFORE OPENING
THE futures contracts reflecting the stock index Canadian prices rose in the wake of prices for most metals and oil crude, after the stimulation of demand and the hopes of recovery generated by promising data from the Chinese economy. THE Wall Street futures ended mixed, as shares of Ford and General Motors as well as chip equipment makers fell in early trading despite investor optimism about a pause in interest rate hikes in the UNITED STATES. THE European stocks continued their recovery and are on track to end the week higher, after a sharp increase during the previous session led by the ECB’s signal that its cycle of interest rate hikes was ending. THE Topix Japanese stock finished at its highest level in 33 years, driven by technology stocks after the successful IPO of chipmaker Arm. Gold gained in value while American dollar decreased compared to yuan.