The Daily Chase: It's jobs day in Canada; Trudeau confirms sanctions on Abramovich
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Major European markets are trading higher and U.S. futures are pointing to gains at the open as traders latch on to an Interfax report that Russia President Vladimir Putin called talks with Ukraine “positive.”
No matter whether you’re looking at commodity prices or major equity markets, there’s a whole lot of green on screens this morning – at least as of 6:55 a.m. Major European markets are trading higher and U.S. futures are pointing to gains at the open as traders latch on to an Interfax report that Russia President Vladimir Putin called talks with Ukraine “positive.” And the entire energy complex is back in rally mode. West Texas Intermediate crude has been up as much as 3.99 per cent this morning. Notably, Iran nuclear talks have been halted due to what one European official described as “external factors.” Watch for Tara’s reporting at BNNBloomberg.ca today on the speed bumps facing Canada’s oil patch amid hopes that this country can fill the void left by bans on Russian oil.
Let’s point out the S&P/TSX Composite Index closed yesterday at its highest level in a month and is sitting less than 200 points away from a record close. The most influential stock in the index yesterday was Nutrien; keep an eye on BNNBloomberg.ca for some deeper reporting on how the hand-wringing over CEO turnover feels like a distant memory as Russia’s attack on Ukraine helps propel the company’s shares beyond Bay Street’s expectations.
CANADA SANCTIONS ABRAMOVICH
Just before flying back to Canada this morning, Prime Minister Justin Trudeau confirmed that Roman Abramovich has been added to the list of sanctioned Russian individuals and parties. Abramovich is the top shareholder in Evraz, which is best known to us as the steel manufacturer that’s an important employer in Saskatchewan, and which has been a supplier to the Trans Mountain expansion project. We’ll gather insight on the domestic implications of the sanctions. Also today, Evraz announced an overhaul of its board of directors as a result of U.K. sanctions. And just yesterday, Evraz seemingly attempted to distance itself from Abramovich by providing a list of reasons why he isn’t a controlling influence on the company.
JOBS DAY IN CANADA
Bay Street is trusting that Canadian employers went on a hiring spree last month as the worst of Omicron started to fade. The median estimate among economists tracked by Bloomberg is for a gain of 127,500 jobs in the month, following January’s shedding of 200,100 positions. We’ll have instant analyst at 8:30 a.m., and will look ahead as provinces accelerate the loosening of public health restrictions and as the return-to-office trend picks up steam.
