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CANADA STOCKS-TSX opens higher on strong employment data, commodity gains
Oct 9 (Reuters) – Canada’s main stock index rose on Friday after better-than-expected employment data underscored a consistent economic recovery from the coronavirus, while elevated oil and metal prices also helped.
* At 9:30 a.m. ET (1330 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 59.4 points, or 0.36%, at 16,593.94.
Stock Alert: SpartanNash Ascends 25%
Shares of wholesale and retail grocery distributor SpartanNash Company (SPTN) are climbing more than 25% Friday morning at $21.37.
According to an SEC filing done by the company it has issued warrants to Amazon in connection with a commercial agreement with the company.
The warrant issued to Amazon allows it to purchase up to an aggregate of 5.4 million shares SpartanNash. Upon vesting, the warrant shares may be acquired by Amazon at an exercise price per warrant share of $17.7257.
The right to purchase Warrant Shares expires on October 7, 2027.
The stock has been trading in the range of $9-$23.94 in the past 52 weeks.
Amazon Music Partners With Universal Music, Warner Music To Add More Ultra HD Songs To Catalog
Amazon.com (AMZN) Friday announced that Amazon Music has partnered with Universal Music Group and Warner Music Group to remaster thousands of songs and albums to Ultra HD.
“We launched Amazon Music HD last year with a promise to always offer our customers the best quality recording available for streaming,” said Steve Boom, VP of Amazon Music. “With this partnership, we are building upon that promise by upgrading existing recordings to make the listening experience even better, and preserving artistic legacy for future generations.”
For the first time, music from Eagles, Marvin Gaye, Nirvana, Tom Petty, Diana Ross, Linkin Park, J. Cole, Waylon Jennings, Ramones, 2 Chainz, Lady Gaga, The Notorious B.I.G., Ariana Grande, Selena Gomez and more, has been newly remastered to the highest quality streaming audio and will be available exclusively on Amazon Music HD.
In addition to remastering more albums in Ultra HD, select albums and songs will be remixed in 3D Audio formats, like Dolby Atmos and Sony 360RA. Amazon Music HD subscribers will be able to stream these 3D mixes via Echo Studio, which promises immersive audio. Albums like Tom Petty’s Wildflowers & All the Rest, Linkin Parks’ 20th anniversary edition of Hybrid Theory, the Ramones’ debut album and Selena Gomez’ Rare will soon be available in 3D Audio.
Amazon Music HD will costs $12.99 per month for Amazon Prime members, or $14.99 for non-Prime customers. If you have Music Unlimited, you can get access to the HD tracks for an additional $5 per month.
SIGN UP NOW: How to invest during a volatile election season — a conversation with 3 top market experts
The year 2020 has delivered surprises and shattered records at every turn — and the November elections could prove to be no different.
Americans will head to the polls following an incredibly testy campaign season, and may wake up the following morning to a contested election result for the first time in two decades.
Join Business Insider on Wednesday, October 21 at 2 p.m. ET and hear from three investment experts who will share their advice on how to navigate the election-season peak.
Business Insider's investing editor, Akin Oyedele, will speak with Thomas Lee, managing partner and head of research for Fundstrat Global Advisors; Nancy Davis, founder and managing partner of Quadratic Capital Management; and James McDonald, CEO and chief investment officer of Hercules Investments.
They'll discuss specific investing strategies for protecting your portfolio regardless of who wins the election, highlight the individual sectors and stocks poised to benefit from distinct outcomes, and share advice on how to navigate a contested result.
Join us on October 21 at 2 p.m. ET/11 a.m. PT for the live conversation. You can register here.
European Economics Preview: UK GDP Data Due
Monthly GDP estimate, industrial production and foreign trade figures are due from the UK on Friday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics is scheduled to issue UK monthly GDP data. The economy is forecast to grow 4.6 percent on month in August, slower than the 6.6 percent increase in July.
Industrial production and foreign trade figures are also due from the UK. Industrial output is expected to climb 2.5 percent on month in August. The visible trade deficit is seen widening to GBP 9 billion from GBP 8.65 billion in July.
In the meantime, consumer prices from Norway and foreign trade from Denmark are due.
At 2.45 am ET, the French statistical office Insee releases industrial production data for August. Economists forecast production to advance 1.7 percent on month, slower than the 3.8 percent increase posted in July.
At 3.00 am ET, foreign trade figures from Hungary and Austria are due.
At 4.00 am ET, Italy’s Istat publishes industrial production for August. Economists forecast output to grow 1.3 percent on month, following a 7.4 percent rise in July.
At 5.00 am ET, consumer prices and industrial production reports are due from Greece.
Trudeau Set to Unveil New Plan to Help Companies Pay Rent
Prime Minister Justin Trudeau will unveil a new plan Friday to help businesses pay their rent amid a second wave of coronavirus in Canada.
The program will be available nationally, with companies eligible for more money if they have been forced to close due to local shutdown orders, according to a government official who asked not to be identified.
Bloomberg reportedearlier this week the government was working on a new program to replace the Canada Emergency Commercial Rental Assistance program, which expired Sept. 30. That program distributed less than C$2 billion ($1.5 billion). Many businesses weren’t able to access because it required commercial landlords to apply on their behalf and landlords had to agree to cut rent by as much as 25%.
Case numbers have been rising in Canada and in some areas, including Montreal, businesses are facing new restrictions. Ontario’s cabinet is holding an emergency meeting Friday todiscuss closing businesses in three regions including Toronto and Ottawa to quell an outbreak of Covid-19, according to a report from the Canadian Broadcasting Corp.
Other announcements are expected on increased funding for food banks and Covid-19 health modeling. Trudeau’s press conference is scheduled for 12 p.m.