First Look With Surveillance: China Adds, FTX Pact
North American equity market futures are pointing to further gains after yesterday's massive rally in the wake of cooler than expected U.S. inflation. To wit – the Nasdaq rose more than seven per cent to post its largest gains since 2020, while back here at home the S&P/TSX Composite Index was up more than three per cent, its largest rise since that noted April 6, 2020 surge. The biggest point gainers here in Toronto were Shopify – typically tied to rate expectation, which are heavily influenced by inflation data – Brookfield Asset Management and RBC.
CHANGING OF THE GUARD AT ONEX
Here's one you don't get to type every day – Gerry Schwartz is relinquishing his role as CEO of Onex, a firm he founded back in 1984. Bobby Le Blanc will become its chief executive officer next year, with Schwartz remaining executive chair and controlling shareholder. The company is also proposing to add a five-year sunset clause to Schwartz's multiple-voting shares, meaning he would relinquish voting control by 2028.
MUSK WARNS OF POSSIBLE TWITTER BANKRUPTCY
Odd for a man who just shelled out US$44 billion for a company that he thinks may go bankrupt, but here we are. According to reporting from our Bloomberg partners, the world's richest man said the social media giant could go bankrupt if it doesn't stem its cash burn. The pronouncement came after a rough two-week start to Musk's ownership of Twitter, in which he has fired half it's staff.
OTHER NOTABLE STORIES
- Algonquin Power missed quarterly earnings expectations and lowered it full-year adjusted earnings per share forecast as rising rates take a bite out of firms.
- Emera topped expectations in its latest quarter, as the company – which has significant assets in Florida through its TECO unit – was able to dodge the worst of hurricane season.
- Thomson Reuters has inked a deal to buy SurePrep – a tax automation firm – for $500 million in cash.
- Notable data: University of Michigan Consumer Sentiment Index
- *NOTE* Remembrance Day in Canada – stock markets open, bond markets closed, Veterans Day in the U.S. – stock markets open, bond markets close