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Market Analysis:
Newmont Pulls Back in Canada, Seeks TSX Delisting
Newmont, the world’s largest gold miner, is pulling its shares from the Toronto Stock Exchange, citing low trading volumes and a drive to cut costs. The delisting takes effect September 24. The move comes as Newmont targets $300 per ounce in savings, a goal that could mean layoffs. Since buying Newcrest for $17 billion last year, Newmont has sold several Canadian mines, including Eleonore in Quebec, Musselwhite in Ontario, and its stake in Porcupine. That leaves just Brucejack and Red Chris in British Columbia. Analysts say Newmont’s “Canadian footprint” is shrinking as it consolidates around core operations abroad.
Full analysis in Premium Post: Newmont Pulls Back in Canada, Delists
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Data on Deck: CPI/ PPI
MONDAY, SEPT. 8 Consumer credit
TUESDAY, SEPT. 9 NFIB optimism index
WEDNESDAY, SEPT. 10 PPI
THURSDAY, SEPT. 11 CPI
8:30 am Consumer price index Aug.0.3% 0.2%
CPI year over year 2.9% 2.7%
Core CPI Aug.0.3% 0.3%
Core CPI year over year3.1% 3.1%
FRIDAY, SEPT. 12 Consumer sentiment1
Charts and Final Market Check:
MONDAY, SEPT. 83:00 pmConsumer creditJuly$15.0B$7.4B
TUESDAY, SEPT. 96:00 amNFIB optimism indexAug.100.6100.3
WEDNESDAY, SEPT. 108:30 amProducer price indexAug.0.3%0.9%8:30 amCore PPIAug.--0.6%8:30 amPPI year over year--3.3%8:30 amCore PPI year over year--2.8%10:00 amWholesale inventoriesJuly0.2%0.2%
THURSDAY, SEPT. 118:30 am Consumer price index Aug.0.3%0.2% 8:30 amCPI year over year2.9%2.7%8:30 amCore CPIAug.0.3%0.3%8:30 amCore CPI year over year3.1%3.1%8:30 amInitial jobless claimsAug.16234,000237,0002:00 pmMonthly U.S. federal budgetAug.$290.0 billion$380.1 billion
FRIDAY, SEPT. 1210:00 amConsumer sentiment (prelim)Sept.58.058.2
FRIDAY, SEPT. 58:30 amU.S. employment reportAug.75,00073,0008:30 amU.S. unemployment rateAug.4.3%4.2%8:30 amU.S. hourly wagesAug.0.3%0.3%8:30 amHourly wages year over year3.7%3.9%
