First Look With Surveillance: Oil Soars, Fed Changes
Two of Canada’s largest gold miners are combining. Agnico Eagle is buying Kirkland Lake Gold in an all-stock deal valued at roughly $13.4-billion. Agnico’s CEO Sean Boyd will become executive chair, while Kirkland’s CEO Tony Makuch will become the chief executive once the deal closes.
U.S. FUTURES FALL AS BOND YIELDS RISE AHEAD OF POWELL, YELLEN TESTIMONY
U.S. futures are pointing to a negative start at the opening of North American markets, while bond yields continue to rise. That’s ahead of testimony in Washington, D.C., from Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen to discuss the economic recovery. In prepared remarks, Powell warned that inflation may remain higher than expected in the coming months before moderating.
OIL PRICES CONTINUE TO RISE
The price of crude continues to climb higher. West Texas Intermediate is now trading above the US$76 a barrel mark and Brent oil has topped US$80 a barrel as global supplies tighten.
RESCUE CONTINUES, 19 OF 39 TRAPPED WORKERS NOW ABOVE GROUND
Efforts to rescue people trapped underground at Vale’s Totten Mine in Sudbury continue this morning. About half of the 39-trapped miners had been brought to the surface and the remaining 20 are expected to be above ground later today. The employees became trapped on Sunday after the mine shaft became blocked by an excavator that was being transported into the mine.
OTHER NOTABLE STORIES
- TransAlta sets renewable growth targets, expects to be entirely off coal by the end of 2025
- Shares of Aurora Cannabis will be a stock to watch after the company saw fourth-quarter consumer sales drop 45 per cent from the same period a year ago
- Goldman Sachs has cut China’s growth forecasts to 7.8 per cent for 2021 compared with a year, citing the energy crunch, as the world’s second-largest economy aims to meet environmental targets for energy consumption
- Notable data: U.S. Conference Board consumer confidence index
- Notable earnings: Micron
- 8:30: SNC-Lavalin hosts investor day
- 10:00: Canada Mortgage and Housing Corporation will release its latest Housing Market Assessment (HMA), a comprehensive report that identifies the level of stability in the housing markets of Canadian cities.
- 10:00: TransAlta hosts investor day
- 10:00: Caisse de dépôt et placement du Québec announces 2021 climate strategy (1000; technical briefing at 9)
- 10:00:U.S. Treasury Secretary Janet Yellen and U.S. Federal Reserve Chair Jerome Powell address U.S. Senate Banking Committee hearing on CARES Act Oversight
- 14:30: U.S. Treasury Secretary Janet Yellen addresses National Association of Business Economics annual meeting