Live news: Lululemon and Peloton team up, breathing life into struggling fitness company’s shares

peloton-0928-ph
Today’s top stories
7:30 a.m.
Lululemon and Peloton team up
Peloton Interactive Inc. shares are rising in pre-market trade after a deal was announced with Canadian giant Lululemon Athletica Inc. to tap its online workouts and team up on apparel.
The deal will make Vancouver-based Lululemon the primary athletic apparel partner of Peloton, while New York-based Peloton will be the exclusive digital fitness content provider to Lululemon.
Subscribers to Lululemon’s digital services will also get access to various levels of Peloton digital classes, depending on their payment tier.
The deal comes as Lululemon moves to discontinue selling its digital fitness screen called the Studio Mirror and wind down its digital app-only membership.
Peloton, meanwhile, has had a rocky stretch that saw its founder step down as CEO last year. The company is working to rebrand as a health technology company.
The Canadian Press
Read more.
Stock markets: Before the opening bell
Financial Post
Stocks are drifting lower today, knocked by fresh fears over China’s property sector after trading in shares of heavily indebted Evergrande Group was suspended in Hong Kong.
Evergrande is the world’s most heavily indebted real estate developer and is at the centre of a property market crisis that is dragging on China’s economic growth.
It’s just one in a long list of investor worries this month that has put September on track to be the worst month for stocks this year. Another is the threat of a U.S. government shutdown as Capitol Hill threatens a stalemate that could shut off federal services across the country as soon as this weekend.
Dow futures this morning are down nearly 0.1 per cent and S&P 500 futures are virtually unchanged.
Canada’s main stock index closed last night more than 100 points lower despite strength in energy stocks as the price of oil climbed. The S&P/TSX composite index closed down 120.17 points at 19,435.98.
Story continues
WIT oil briefly surged to US$95 a barrel yesterday, its highest price since August last year, before paring gains. It was trading at US$93.45 this morning.
With demand proving resilient, many in the market now see US$100 oil as inevitable, even as the dollar rallies and worries about high global interest rates persist.
The Associated Press, Canadian Press and Bloomberg
What to watch today
Innovation Minister François-Philippe Champagne is among speakers at the ALL IN 2023 in Montreal, an event focused on artificial intelligence, governance and how it transforms industries.
The Canadian Club hosts a forum on Indigenous Ownership & Canada’s Economic Future in Toronto
Canada job vacancies and employment growth numbers for July are coming out at 8:30 a.m. ET and are likely to confirm that labour demand continues to slow. We will also get the latest numbers on real gross domestic product from the United States.
Earnings out today include BlackBerry Ltd., Aritzia Inc. and Nike Inc
Need a refresher on yesterday’s top headlines? Get caught up here.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform.