The Daily Chase: Market selloff

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Here are five things you need to know this morning

Market selloff: North American stocks fell sharply on Thursday and are set for further losses today. Technology stocks are set to be at the forefront of the decline again, with Nasdaq 100 futures falling 1.2 per cent. The index tumbled more than two per cent Thursday; Toronto’s main stock index fell 1.86 per cent. Analysts are pointing to several factors, including mounting doubts over interest-rate cuts next month and trouble signs on government finances in the U.K. … though the biggest factor may be high valuations, with stock indexes surging to successive record highs this year.

Global tensions boost oil: The price of oil has leaped after Ukraine attacked a key Russian oil port and Iran seized a tanker near the Strait of Hormuz, injecting a fresh geopolitical premium into prices. Global benchmark Brent rallied the most in three weeks — at one point, adding as much as three per cent — before paring those gains. West Texas Intermediate also advanced. A major drone attack damaged an oil depot and a vessel in the vital Black Sea port of Novorossiysk. The attack came on the same day that a U.S. defence official said Iranian forces seized a tanker after it passed the vital Strait of Hormuz chokepoint, through which about a fifth of the world’s oil flows.

Enbridge US$1.4 billion expansion: Enbridge has given final approval for a US$1.4 billion project that will add capacity to its network to increase deliveries of Canadian heavy oil to key markets in the U.S. The project will add 150 thousand barrels per day to its Mainline system capacity and 100 thousand barrels per day to its Flanagan South pipeline. The new capacity is expected to be available by 2027.

Canaccord nears U.S. regulatory settlement: Canaccord Genuity reported profit in its latest quarter that topped estimates and saw revenue surge 25 per cent and surpass expectations. Canaccord also says it’s nearing a broad settlement with U.S. authorities stemming from compliance gaps at its non-core trading businesses in the country and has set aside a total of US$75 million to cover anticipated penalties. We’ll find out more when we speak with Canaccord CEO Dan Daviau today at 10:30 a.m. ET on BNN Bloomberg.

MDA Space revenue soars: Revenue jumped 45 per cent in the latest quarter at MDA Space, though earnings were squeezed by a rise in costs and expenses. Adjusted profit fell, but slightly topped analyst estimates. The Canadian robotics, satellite systems and geointelligence provider has been affected by new U.S. rules on government contracts. We’ll discuss it further with MDA Space CEO Mike Greenley today at 10:10 a.m. ET.