Stock Market Update & Analysis: July 4th, 2024

Stock Market Update: July 4th, 2024

Global Markets

Canadian Markets

Canada’s TSX experienced a modest increase amidst subdued trading volumes, buoyed by rises in both gold and copper prices. The uptick in commodity prices provided some lift to investor sentiment, albeit cautiously as they awaited key U.S. economic indicators later in the week.  The jobs data report, could offer insights into the Federal Reserve’s potential interest rate decisions.

European Markets

European shares saw gains driven by optimism surrounding potential interest rate cuts in the United States following recent lackluster economic data. Investors in Europe reacted positively to the prospect of lower borrowing costs, which could stimulate economic growth.

UK Markets

The UK indexes were strong going into the national election, in which the Labour Party has a strong lead. British wage growth is set to slow, as employers look to reduce costs.

Japanese Markets

In Japan, major stock indexes reached new record highs, with automakers, banks, and technology firms leading the rally. The broader Topix index also achieved a historic milestone by surpassing its previous peak set 34 years ago, indicating robust investor confidence in the Japanese market.

Chinese Markets

Chinese markets fell almost 1 percent on Thursday, as foreign investors pulled back on investments in China over economic concerns.

Currency Markets

Currency markets showed movements against the U.S. dollar, with both the pound and the euro strengthening. This shift reflected market expectations and reactions to developments in U.S. monetary policy and economic indicators.

Oil Markets

Conversely, oil prices retreated from recent multi-month highs, declining from the previous session’s peaks. The pullback in oil prices followed recent volatility influenced by geopolitical tensions and supply-demand dynamics in the global energy markets.

Corporate Stock News

AbbVie (ABBV) lowered its 2024 adjusted profit forecast due to $937 million in milestones and increased R&D spending linked to recent acquisitions.

ANZ Group(ANZGY)  and Blackstone (BX) launched a new wealth management fund in Australia targeting ANZ’s private clients, aiming to expand in wealth management.

Apple (AAPL): Evercore ISI updates coverage on Apple with a “Buy” rating and a target price of $250.

Arkhouse Management and Brigade Capital Management increased their bid for Macy’s to approximately $6.9 billion in ongoing negotiations.

Eramet (ERMAY) plans to start production at its Centenario lithium plant in Argentina by November, aiming for 24,000 metric tons of battery-grade lithium by mid-2025.

Ericsson (ERIC) recorded a $1.09 billion noncash impairment charge in Q2 2024 related to its Vonage acquisition.

Federal Reserve officials noted a slowing U.S. economy and reduced price pressures in their June 11-12 meeting but opted for a cautious wait-and-see approach on interest rate cuts.

First Quantum Minerals (FM:CA): J.P. Morgan Chase & Co rates First Quantum Minerals as “Hold” with a target price of $20 per share.

Pluxee (PLNXF) upgraded its 2024 full-year organic revenue guidance for the second time, driven by strong growth in Latin America and other non-European markets.

Tesla’s (TSLA) Model Y became the first Tesla vehicle approved on a Chinese government list for electric and plug-in hybrid models eligible as service vehicles.

Toronto Real Estate: Toronto condo sales dropped by 28% in June.. Sales declined across all property types in Toronto. Greater Toronto Area (GTA) home sales were down by 16% in June, as the rate cut failed to ignite the market.

Vermilion Energy (VET:CA) BMO Capital Markets updated coverage on  Vermilion Energy with a “Outperform” and a target price of $20. STA Research recommends Vermilion Energy as a “Speculative Buy” with a target price $18 per share.

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