The Daily Chase: Markets point to positive open; Target signals slowdown ahead
BNN Bloomberg
North American equity markets seem poised for a cautiously higher open as investors assess the potential for U.S. lawmakers to bridge the gap in debt ceiling negotiations.
TARGET WARNS OF SHORT-TERM SLOWDOWN
We've got yet another sign of how the American consumer is dealing with the rising cost of living, this time courtesy of Target. The company says softening sales trends will crimp near-term results, forecasting earnings per share will come in no higher than US$1.70 in the coming quarter, well below analyst estimates. That said, it is standing by its annual profit forecast, but the reasons why tell a story all on their own. The company reckons food and household essentials will help underpin said profit, as consumers perhaps pull back on discretionary spending in favour of making sure the pantry is well stocked instead.
ALBERTA WILDFIRES SHIFT AS HOT WEATHER CONTINUES
