The Daily Chase: Suncor makes peace with activist; Markets extend rally
BNN Bloomberg
Suncor Energy has reached a truce with activist investor Elliott Investment Management.
MARKET WATCH
U.S. futures are suggesting the major markets will jump at the start of trading today, extending Friday’s gains of about two per cent. U.S. bank earnings are again providing direction for investors. Goldman Sachs shares have been up more than four per cent after the Wall Street firm’s trading desks delivered a blowout quarter (notably with fixed income, currencies, and commodities revenue up 55 per cent), which dulled the impact of weakness in Goldman’s investment banking unit. It was a similar narrative for Bank of America, only with more modest revenue growth from trading activity. BofA benefitted from higher interest rates, as net interest income surged 22 per cent year-over-year.
Meanwhile, the price of West Texas Intermediate crude has been up as much as three per cent this morning, undercutting U.S. Joe Biden’s optimism about Friday following his meeting with Saudi Crown Prince Mohammed Bin Salman. It should be noted though that the U.S. dollar is trading lower against all the other major currencies this morning, which effectively lifts the price of WTI and other commodities priced in USD.
