• Canadian union Unifor names GM its second bargaining target among Detroit Three
Canadian union Unifor announced General Motors as its second bargaining target in contract talks with the Detroit Three on Monday, a day after ratifying a new three-year contract with Ford Motor.
• Canadian regulator approves route change request for Trans Mountain pipeline
The Canada Energy Regulator (CER) approved a route change request for the Trans Mountain oil pipeline expansion on Monday, clearing a major hurdle and avoiding months of delay for the Canadian government-owned project.
• The elusive Fed 'soft landing' nears. Why are Americans so mad about the economy?
U.S. Federal Reserve Chair Jerome Powell said emphatically last week that people "hate inflation, hate it," but he left another fact unspoken - they also punish the politicians in charge when prices rise.
• Shutdown showdown in US Congress: Time running short to fund government
The U.S. House and Senate plan to take sharply divergent paths in a high-stakes spending battle, with just five days remaining until a deadline that could force wide swaths of the government to shut down for the fourth time in a decade.
• Thomson Reuters AI copyright dispute must go to trial, judge says
A jury must decide the outcome of a lawsuit by information services company Thomson Reuters accusing Ross Intelligence of unlawfully copying content from its legal-research platform Westlaw to train a competing artificial intelligence-based platform, a Delaware federal judge said on Monday.
BEFORE THE BELL
Futures for Canada's main stock index declined after prices of most commodities, including oil and gold, slipped on a stronger U.S. dollar and demand concerns from top consumer China. U.S. stock index futures dipped as investors remained on the edge about the Federal Reserve's monetary policy and the consequent impact on economy. European equities tracked Wall Street, as technology stocks took the hit from elevated bond yields. Japan's Nikkei share average ended lower, dragged by the decline in heavyweight chip-related shares.
STOCKS TO WATCH
• Enbridge Inc: A recent C$4.6 billion capital raise by Enbridge and a raft of new U.S. deals have spurred optimism for a revival in Canadian equity capital markets (ECM) issuance, bankers and lawyers said. Enbridge's jumbo equity sale to finance a portion of its acquisition of three utilities from Dominion Energy propelled Canadian ECM issuance to a two-year high of C$6.7 billion in the third quarter of this year, according to data from Refinitiv. "I think there is evidence out there that for the right transaction for the right reasons, investors will show up," said François Carrier, co-head of Desjardins Capital Markets.
• Thomson Reuters Corp: A jury must decide the outcome of a lawsuit by information services company Thomson Reuters accusing Ross Intelligence of unlawfully copying content from its legal-research platform Westlaw to train a competing artificial intelligence-based platform, a Delaware federal judge said on Monday. The decision by U.S. Circuit Judge Stephanos Bibas sets the stage for what could be one of the first trials related to the unauthorized use of data to train AI systems. "This case continues to be about Ross’ theft of Thomson Reuters proprietary commentary, analysis, and organizational system," a spokesperson for Thomson Reuters said. "We sought summary judgment on select issues because we believe the facts of the case are clear cut."
Cough syrup deaths overseas prompts US crackdown on toxic testing
The U.S. FDA is cracking down on lax testing practices by dozens of makers of healthcare products following hundreds of deaths overseas from contaminated cough syrups, a Reuters review of regulatory alerts found.
• Cargojet Inc: RBC cuts target price to C$187 from C$197, reflecting lower freight volumes and lag in fuel surcharge passthroughs
• Canfor Pulp Products Inc: Raymond James cuts target price to C$2.60 from C$3.75, citing falling Euro lumber prices and reduced pulp earnings
• Doman Building Materials Group Ltd: Raymond James raises target price to C$9.25 from C$8.75, on the back of improved gross margin outlook, along with attractive & stable shareholder returns.
COMPANIES REPORTING RESULTS
Theratechnologies Inc: Expected Q3 loss of 29 cents per share
AGF Management Ltd: Expected Q3 earnings of 32 Canadian cents per share
H2O Innovation Inc: Expected Q4 earnings of 1 Canadian cent per share
Sangoma Technologies Corp: Expected Q4 loss of 3 cents per share
CORPORATE EVENTS (All timings in U.S. Eastern Time)
0830 Theratechnologies Inc: Q3 earnings conference call
1200 TransAlta Renewables Inc: Shareholders Meeting
West Fraser Timber Co Ltd: Amount $0.30
(All analysts' estimates are according to I/B/E/S Refinitiv data)