Market news for Tuesday, May 28

Market news for Tuesday, May 28
Market news for Tuesday, May 28

(Illustration: Camille Charbonneau)

THE ESSENTIAL NEWS

• Apple’s iPhone sales in China jumped 52% in April, according to available data. Apple saw its iPhone sales in China increase 52% in April, compared to the previous year, extending the rebound recorded in March, shows data provided by a research firm affiliated with the Chinese government.

• The Bank of Nova Scotia beats its profit forecasts thanks to asset management and strong financial markets. The Bank of Nova Scotia reported a better-than-expected quarterly profit, supported by higher Canadian brokerage revenues and foreign mutual fund management fees, as well as higher income from capital markets.

• Building on the Exxon lawsuit, investors are urging companies not to sue shareholders. A group of around 40 major European and American institutional investors has urged companies to refrain from taking shareholders to court if they disagree on their proposals.

• Hess shareholders will vote on the proposed acquisition of Chevron. Hess shareholders will vote Tuesday on the proposed $53 billion acquisition of Chevron, after many investors requested a delay in order to get a better deal for their shares.

• Wall Street is preparing for faster settlement of trades. Regulators hope to reduce risks and improve efficiency in the world’s largest financial markets. However, this is expected to temporarily increase failed deals for investors.

TRENDS BEFORE OPENING

Futures contracts for the main Canadian stock index are down slightly due to falling precious metals prices. U.S. stock index futures are slightly higher after a holiday-long weekend as investors eagerly await PCE inflation data, due later in the week. At the same time, European stocks are struggling to find direction after the European Central Bank’s survey showed that consumer inflation expectations had eased in April, while real estate stocks, keep the index afloat. In Asia, the Japanese Nikkei ended slightly lower, as investors questioned the likely timing of further tightening of Bank of Japan policy. The US dollar is falling against a basket of major currencies. Oil prices extend gains from the previous session.

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HEADLINES TO FOLLOW

• Bank of Nova Scotia: The company reported higher-than-expected quarterly profit, supported by higher brokerage revenues in Canada and mutual fund management fees abroad, as well as higher revenues from the financial markets. capital. The bank reported net income for its global wealth management unit up 8% in the second quarter from February to April, driven by growth of 6% in Canada and 19% in international markets, including Latin America, the Caribbean and Central America. Revenues from the financial markets sector increased by 7%. Bank of Nova Scotia’s loan loss provisions increased to C$1 billion in the quarter, compared to C$709 million in the prior period. The Bank of Nova Scotia’s net interest income, the difference between what lenders earn on loans and what they pay on deposits, increased to C$4.69 billion over the quarter, compared to 4.46 billion Canadian dollars the previous year. Its net profit fell to C$2.11 billion, or C$1.58 per diluted share, for the three months ended April 30, from C$2.16 billion, or C$1.69. per diluted share, a year earlier. Analysts had expected 1.56 Canadian dollars per share, according to LSEG data.

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