Economic Calendar: Dec 5 – Dec 9

Monday December 5

China, Japan and Euro zone services and composite PMI

(8:30 a.m. ET) Canadian building permits for October. Estimate is an increase of 5.0 per cent month-over-month.

(10 a.m. ET) U.S. factory orders for October. The Street is forecasting a month-over-month increase of 0.7 per cent.

(10 a.m. ET) U.S. ISM services PMI for November.

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Tuesday December 6

China foreign reserves and trade surplus

Japan household spending

Germany factory orders

(8:30 a.m. ET) Canada’s merchandise trade balance for October.

(8:30 a.m. ET) U.S. goods and services trade balance for October.

(10 a.m. ET) Canadian Ivey PMI for November.

Earnings include: AutoZone Inc.; Evertz Technologies Ltd.; Ferguson PLC

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Wednesday December 7

Euro zone GDP

Germany industrial production

(8:30 a.m. ET) U.S. productivity for Q3. The Street expects an annualized rate rise of 0.3 per cent with unit labour costs increasing 3.2 per cent.

(10 a.m. ET) Bank of Canada policy announcement.

(3 p.m. ET) U.S. consumer credit for October.

Earnings include: Brown Forman; Campbell Soup Co.; Descartes Systems Group Inc.; Dollarama Inc.; North West Co. Inc.; Snowflake Inc.

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Thursday December 8

Japan GDP, current account balance and bank lending

(8:30 a.m. ET) U.S. initial jobless claims for week of Dec. 3. Estimate is 230,000, up 5,000 from the previous week.

(12:30 p.m. ET) Bank of Canada Deputy Governor Sharon Kozicki delivers the Economic Progress Report in Montreal.

(10 a.m. ET) U.S. quarterly services survey for Q3.

Also: Quebec’s fiscal update

Earnings include: Broadcom Inc.; Chewy Inc.; Costco Wholesale Corp.; Lululemon Athletica Inc.

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Friday December 9

China CPI, PPI, aggregate yuan financing, new loans and money supply

(8:30 a.m. ET) Canadian capacity utilization for Q3.

(8:30 a.m. ET) U.S. PPI for November. Consensus is a increase of 0.2 per cent from October and up 7.2 per cent year-over-year.

(10 a.m. ET) U.S. wholesale trade for October.

(10 a.m. ET) U.S. University of Michigan Consumer Sentiment Index for December (preliminary reading).

Earnings include: Laurentian Bank of Canada

OPEC+ to consider deeper oil output cuts ahead of Russia sanctions and proposed price cap

• OPEC+, a group of 23 oil-producing nations led by Saudi Arabia and Russia, will convene on Sunday to decide on the next phase of production policy.
• The highly anticipated meeting comes ahead of potentially disruptive sanctions on Russian oil, weakening crude demand in China and mounting fears of a recession.
• RBC Capital Markets’ Helima Croft said there was no expectation of a production increase from the upcoming OPEC+ meeting and a “significant chance” of a deeper output cut.

https://www.cnbc.com/2022/12/02/opec-meeting-oil-output-cuts-on-the-table-ahead-of-russia-sanctions.html

Payrolls and wages blow past expectations, flying in the face of Fed rate hikes

• Nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%, the Labor Department reported Friday.
• The payrolls number was well above the 200,000 estimate, while the unemployment rate was in line.
• Average hourly earnings jumped 0.6% for the month, double the estimate, and 5.1% annually versus the 4.6% expectation.

https://www.cnbc.com/2022/12/02/jobs-report-november-2022.html

TOURMALINE DECLARES QUARTERLY DIVIDEND

Newswire.ca – Thu Dec 1, 4:00PM CSTPartnership Content

CALGARY, AB, Dec. 1, 2022 /CNW/ – Tourmaline Oil Corp. (TSX:TOU.TO) (“Tourmaline” or the “Company“) is pleased to announce that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.25 per common share. The dividend will be payable on December 30, 2022 to shareholders of record at the close of business on December 15, 2022. This quarterly cash dividend is designated as an “eligible dividend” for Canadian income tax purposes.Read more at newswire.ca

Fin. Services Index ($FTTS) and Canadian Banks

National Bank Reports Q4 Profit Down From Year Ago, Raises Quarterly Dividend

MONTREAL — National Bank of Canada raised its dividend as it reported its fourth-quarter profit fell four per cent compared with a year ago.

The Montreal-based bank says it will up its quarterly payment to shareholders by five cents to 97 cents per share.

The increased payment came as National Bank says it earned $738 million or $2.08 per diluted share for the quarter ended Oct. 31, down from $769 million or $2.17 per diluted share in the same quarter last year. Revenue totalled $2.33 billion, up from $2.21 billion a year earlier.

Provisions for credit losses totalled $87 million in the fourth quarter compared with a recovery of $41 million a year ago.

National Bank says it earned $2.08 per diluted share on an adjusted basis in its latest quarter, down from an adjusted profit of $2.19 per diluted share in the same quarter last year.

Analysts on average had expected a profit of $2.24 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 30, 2022.

TD Bank Group Reports $6.67B Q4 Profit, Up From $3.78B A Year Ago

TORONTO — TD Bank Group reported a fourth-quarter profit of $6.67 billion, up from $3.78 billion in the same quarter last year, boosted by a one-time gain related to its deal to buy U.S.-based First Horizon Bank and the sale of Schwab shares.

The bank says the profit amounted to $3.62 per diluted share for the quarter ended Oct. 31, up from $2.04 per diluted share a year earlier.

Revenue totalled $15.56 billion, up from $10.94 billion a year ago.

TD says provisions for credit losses totalled $617 million in its latest quarter compared with a $123-million recovery of credit losses in the same quarter last year.

On an adjusted basis, TD says it earned $2.18 per diluted share in its fourth quarter compared with an adjusted profit of $2.09 per diluted share in its fourth quarter last year.

Analysts on average had expected a profit of $2.06 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Dec. 1, 2022.

Royal Bank Of Canada Reports $3.88B Q4 Profit, Raises Quarterly Dividend

TORONTO — Royal Bank of Canada raised its dividend as it reported a fourth-quarter profit of $3.88 billion compared with $3.89 billion in the same quarter last year.

The bank says it will now pay a quarterly dividend of $1.32 per share, an increase of four cents.

The higher payment to shareholders came as RBC’s profit amounted to $2.74 per diluted share for the quarter ended Oct. 31, up from $2.68 per diluted share in its fourth quarter last year when it had more shares outstanding. Revenue totalled $12.57 billion, up from $12.38 billion a year earlier.

Provisions for credit losses amounted to $381 million in RBC’s latest quarter compared with a recovery of $227 million in its fourth quarter last year.

On an adjusted basis, RBC says it earned $2.78 per diluted share in its latest quarter compared with an adjusted profit of $2.71 per diluted share a year earlier.

Analysts on average had expected a profit of $2.68 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 30, 2022.

BMO Financial Group Reports $4.48B Q4 Profit, Raises Dividend

TORONTO — BMO Financial Group raised its dividend as it reported fourth-quarter net income of $4.48 billion, up from $2.16 billion in the same quarter last year, boosted by a one-time gain related to its purchase of Bank of the West.

The bank says it increased its quarterly dividend by four cents to $1.43 per share.

The change came as BMO said its profit amounted to $6.51 per diluted share for the quarter ended Oct. 31, up from $3.23 per diluted share a year ago. Revenue totalled $10.57 billion for the quarter, up from $6.57 billion in the same quarter last year.

Provisions for credit losses were $226 million compared with a $126-million recovery of credit losses a year ago.

On an adjusted basis, BMO says it earned $3.04 per diluted share, down from an adjusted profit of $3.33 per diluted share a year earlier.

Analysts on average had expected a profit of $3.07 per share for the quarter, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Dec. 1, 2022.