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U.S. consumer sentiment fell for a fourth straight month in November, and households’ expectations for inflation rose again, with their medium-term outlook for price pressures shooting to the highest in more than a dozen years, a survey showed on Friday.

The University of Michigan’s preliminary reading of its Consumer Sentiment Index dropped to 60.4, the lowest since May, from October’s final reading of 63.8.

The median expectation among economists in a Reuters poll had been for the index to be little changed at 63.7.

The survey’s preliminary gauge of current conditions fell to 65.7 from last month’s final level of 70.6, while the expectations index slid to 56.9 from 59.3 in October. Like the headline index, both subindexes were the lowest since May.

Consumers’ outlook for inflation in the year ahead rose for a second month to a seven-month high of 4.4%. Over a five-year horizon, consumers expect inflation to average 3.2%, up from 3.0% in October and the highest since March 2011.

Officials at the Federal Reserve, who have raised interest rates by 5.25 percentage points since March 2022 to lower inflation from four-decade highs, keep close tabs on consumers’ attitudes about price trends. They are keen to see inflation expectations trend lower so as not to alter consumption behaviour that could reverse the gains they have made in slowing the pace of price increases.

Thanks largely to persistent inflation, American households have held a broadly sour view of the U.S. economy and their own prospects ever since the pandemic struck in early 2020, even though overall employment is back to record highs, jobless rates are near historic lows, wages have been rising faster than before the health crisis, and overall economic growth has been running well above trend.

Brookfield Corp. BN-T -1.82%decrease is stockpiling spare cash and refinancing loans across its portfolios in anticipation of an uptick in deal-making over the course of next year as confidence returns to volatile markets.

The parent company of Brookfield Asset Management Ltd. BAM-T -0.16%decrease is sitting on US$120-billion of capital that is available to be deployed, with US$4-billion in cash and undrawn credit lines and another US$60-billion in liquid securities.

Given widespread uncertainty in financial markets, Brookfield CEO Bruce Flatt reminded investors that “cash is king” in a letter to shareholders. Higher interest rates have made it tougher for asset managers and private-market investors to fundraise or secure financing, which has curbed deal-making.

But Brookfield appears to have largely resisted those trends so far. And Mr. Flatt said he believes interest rates “have crested around the world” and, as inflation cools, confidence in pricing financial risks is gradually increasing.

All of that should add up to “a very busy period of transaction activity through to the end of next year,” he said. And though Brookfield has been spending some of its cash on share buybacks, as the company believes its shares are undervalued, it expects to rebuild that cash pile and to see more opportunities to put it to work.

Brookfield Corp.’s distributable earnings – a measure of the company’s profits that could be paid out to shareholders – were down 2.6 per cent to nearly US$1.1-billion in the third quarter, before accounting for realizations and after adjusting for the spinoff of the asset manager as a separate business.

Over the past 12 months, distributable earnings before realizations increased 11 per cent year-over-year to US$4.2-billion.

Brookfield earned a profit of US$35-million, or 12 U.S. cents a share, compared with US$716-million, or 24 U.S. cents a share, in the same quarter last year, when profits were boosted by one-time valuation gains.

Over the first nine months of the year, Brookfield has sold about US$25-billion of assets, and US$35-billion over the past 12 months, to bolster its cash reserves.

The company is also waiting to close its acquisition of insurers Argo Group International Holdings Ltd. and American Equity Investment Life Holding Co., which would double the insurance float available to be invested to US$100-billion.

At the same time, the company has refinanced nearly US$15-billion of debt in its private equity business, without significantly increasing its overall cost of debt. And it has refinanced US$23-billion of debt across 131 real estate loans, despite the mounting pressure on commercial real estate.

 | Published: 11/9/2023 4:54 AM ET

Oil prices rose nearly 1 percent on Thursday, after having fallen over 2 percent to hit their lowest since mid-July in the previous session on concerns over waning demand in the U.S. and China.

Benchmark crude futures rose about 1 percent to $80.27 a barrel, while WTI crude futures were up 0.9 percent at $76.01.

Oil prices were rising despite new data indicating deflationary pressures in China, the world’s biggest crude oil importer.

Official data showed earlier in the day that China’s consumer price inflation fell 0.2 percent year-on-year in October while factory-gate prices declined 2.6 percent, falling for a 13th month in a row and raising concerns over domestic demand.

The U.S. Energy Information Administration (EIA) said earlier this week that crude production in the U.S. will rise by slightly less than previously expected but demand will fall.

The dollar struggled for direction in European trade following hawkish comments from Fed officials and an uneventful speech from Chair Jerome Powell, who will appear again on a panel discussing monetary policy challenges later today.

Hydro One Ltd. reported a third-quarter profit of $357 million, up from $307 million a year ago.

The power utility says the profit amounted to 59 cents per diluted share for the quarter ended Sept. 30, up from 51 cents per diluted share a year earlier.

Revenue totalled $1.93 billion, down from $2.03 billion in the same quarter last year, while revenue, net of purchased power, totalled $1.08 billion, up from $1.07 billion a year earlier.

Hydro One says the increase in revenue, net of purchased power, was helped by a hike in transmission rates and higher average monthly peak demand.

Since the end of the quarter, the company says it was awarded the right to develop and construct three new transmission lines to meet growing demand in Northeastern and Eastern Ontario.

It says it has been collaborating with First Nations on early planning and that First Nations will have the opportunity to invest in a 50 per cent equity stake in the transmission line component of the projects.

This report by The Canadian Press was first published Nov. 8, 2023.

WSP Global Inc provides engineering and design services to clients in the Transportation and Infrastructure, Property and Buildings, Environment, Power and Energy, Resources, and Industry sectors. It also offers strategic advisory services. The firm operates through four reportable segments namely, Canada, Americas ( US and Latin America), EMEIA (Europe, Middle East, India and Africa), and APAC (Asia Pacific, comprising Australia, New Zealand and Asia).

 WSP Global Inc. is reporting its third-quarter profit and revenue both rose by nearly a quarter compared with a year ago, buoyed by organic growth as well as recent acquisitions.

The engineering company says its net earnings attributable to shareholders grew to $156.2 million or $1.25 per share for the three months ended Sept. 30 compared with $127.5 million or $1.05 per share in the same period a year earlier.

Revenue rose 24 per cent to $3.6 billion in its third quarter from $2.9 billion the year before.

On an adjusted basis, WSP’s profit climbed to $1.98 per share in its most recent quarter compared with $1.59 per share a year earlier.

The result beat analyst expectations for $1.90 per share, according to financial markets data firm Refinitiv.

Chief executive Alexandre L’Heureux also says a seven per cent year-over-year backlog growth to $14.28 billion in the third quarter speaks to continued demand for the Montreal-based firm’s services.

This report by The Canadian Press was first published Nov. 9, 2023.

Rogers Communications Inc. reported a net loss in its latest quarter as it was hit by a charge related to one of its joint venture investments.

The cable and wireless company says it lost $99 million or 20 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $371 million or 71 cents per diluted share a year ago.

The results in the most recent quarter included a $422-million loss on an obligation to purchase at fair value the non-controlling interest in one of its joint ventures’ investments.

On an adjusted basis, Rogers says it earned $1.27 per diluted share in its most recent quarter, up from an adjusted profit of 84 cents per diluted share a year earlier.

Revenue in the company’s third quarter totalled $5.09 billion, up from $3.74 billion in the same quarter last year.

Rogers says its net increase in mobile phone subscribers totalled 261,000 for the three-month period, its best quarterly result ever, while its net increase in internet subscribers amounted to 18,000 for the quarter.

This report by The Canadian Press was first published Nov. 9, 2023.

TC Energy Corp. reported a loss in its latest quarter compared with a profit a year ago as it took an impairment charge related to its Coastal GasLink pipeline project.

The result came as the company says it has achieved mechanical completion of Coastal GasLink ahead of its year-end target and plans to complete commissioning activities to be ready to deliver gas to the LNG Canada facility by the end of the year.

The pipeline company reported a net loss attributable to common shares of $197 million or 19 cents per share for the quarter ended Sept. 30 compared with net income of $841 million or 84 cents per share in third quarter 2022.

The latest results included a $1.18-billion after-tax impairment charge related to its equity investment in the Coastal GasLink Pipeline Limited Partnership.

TC Energy says its comparable earnings for the quarter amounted to $1 per share, down from $1.07 per share in the same quarter last year.

Revenue for the quarter totalled $3.94 billion, up from $3.80 billion a year earlier.

This report by The Canadian Press was first published Nov. 8, 2023.

 Canadian Tire Corp. Ltd. raised its quarterly dividend as it reported a loss in its latest quarter, weighed down by a one-time charge related to its deal to buy back the 20 per cent stake in Canadian Tire Financial Services that is owned by Scotiabank.

The retailer says it will now pay a quarterly dividend of $1.75 per share, an increase of 2.5 cents per share.

The increased payment to shareholders came as Canadian Tire reported a net loss attributable to shareholders of $66.4 million, or $1.19 per diluted share, for the quarter ended Sept. 30 compared with a profit of $184.9 million, or $3.14 per diluted share a year earlier.

The results included a $328-million charge related to the Scotiabank transaction, offset in part by a $131-million insurance recovery related to a fire at a distribution centre in March.

On a normalized basis, Canadian Tire says it earned $2.96 per diluted share in its latest quarter, compared with $3.34 per diluted share a year earlier.

Revenue was $4.25 billion, up from $4.23 billion in the same quarter last year, while consolidated comparable sales fell 1.6 per cent.

This report by The Canadian Press was first published Nov. 9, 2023.

MEG Energy Corp is an energy company focused on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. MEG transports and sells thermal oil (known as Access Western Blend or AWB) to customers throughout North America and internationally.

MEG Energy Corp. says it earned $249 million in the third quarter, up from $156 million a year earlier.

The Calgary-based energy company says earnings per diluted share were 86 cents, up from 51 cents during the same quarter last year.

Revenues were $1.4 billion, down from $1.6 billion a year earlier.

CEO Derek Evans says increased bitumen production and strong bitumen realizations resulted in over $400 million in free cash flow, allowing the company to advance its debt reduction.

The company says it paid down US$68 million in debt, or approximately $92 million in Canadian dollars, during the third quarter.

Bitumen production rose to 103,726 barrels to day, up from 101,983 a year earlier.

This report by The Canadian Press was first published Nov. 6, 2023.