BNN Bloomberg's mid-morning market update: May 30, 2023
North American equity market futures are pointing to a higher open as we approach what looks like a deal on the U.S. debt ceiling. It's the Nasdaq leading the way, at the moment – up the better part of one per cent – with Congress set to vote on the tentative deal struck by U.S. President Joe Biden and House Majority Leader Kevin McCarthy as soon as tomorrow. All told, it's the ending everyone predicted, but the one that never seems to come easy. The U.S. is the only country on the planet that keeps on ramming into a self-imposed debt ceiling, putting investors on edge.
UCP HOLDS ALBERTA
Alberta is staying to its roots, with the United Conservative Party sweeping to victory in Canada's energy heartland. Danielle Smith's UCP captured 49 of the 87 seats available in the Leg, easily topping Rachel Notley's New Democrats in yesterday's elections. The implications are clear with this new mandate – the first of Smith's via election, as she took over from Jason Kenney in the wake of party dissatisfaction. Smith is ardently pro-energy (which, in fairness, so is Notley), and generally combative towards Ottawa, to the point where she's floated an Albertan Sovereignty Act, something akin to Quebec's distinct society concept.
- Notable data: Current Account Balance, S&P CoreLogic Case-Shiller Home Price Index, U.S. Conference Board Consumer Confidence Index
- Notable earnings: Coveo Solutions, HP Inc.
- Notable guests: Laura Adams, managing director, head of institutional sales & trading, Morgan Stanley Canada Limited