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Treasury
Canada to Announce Creation of A Sovereign Wealth Fund This Morning, says Scotiabank
The Canadian federal government, led by Prime Minister Mark Carney, will announce a new sovereign wealth fund in a press conference at 9:15 a.m. ET on Monday in Ottawa, while Finance Minister Francois-Philippe Champagne will follow that up with a press conference at 10 a.m. ET in Montreal, says Scotiabank in its Monday morning note.The announcements around the fund will come ahead of Tuesday's Spring economic update from the federal government and, further down the road, ahead of a September investment conference that the Carney administration is planning, aimed at attracting global investment to Canada, notes Scotiabank."The devil will be very much in the details", says the bank of the new fund.One immediate observation from Scotiabank is that usually countries with sovereign wealth funds are net savers. Canada isn't.
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Research
AlphaValue/Baader Europe Upgrades Novartis to Add, Trims PT
AlphaValue/Baader Europe on Monday upgraded Swiss drugmaker Novartis (NOVN.SW) to add from reduce and lowered its price target to 131.00 francs from 134.00 francs.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
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Research
ABG Sundal Collier Downgrades Mycronic to Hold, Raises PT
ABG Sundal Collier on Monday downgraded Swedish electronics production equipment company Mycronic (MYCR.ST) to hold from buy and raised its price target to 300 kronor from 265 kronor.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
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