Category: Uncategorized

Monday December 1

China PMI

Japan capital spending and manufacturing PMI

Euro zone manufacturing PMI

(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for November.

(9:45 a.m. ET) U.S. S&P Global Manufacturing PMI for November.

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

Also: Canadian and U.S. auto sales for November.

Earnings include: MongoDB

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Tuesday December 2

Japan consumer confidence

Euro zone jobless rate and CPI

Earnings include: Bank of Nova Scotia; CrowdStrike Holdings Inc.; Marvell Technologies Inc.; Pure Storage Inc.

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Wednesday December 3

Japan and Euro zone services and composite PMI

(8:15 a.m. ET) U.S. ADP National Employment Report for November.

(8:30 a.m. ET) Canada’s labour productivity for Q3.

(8:30 a.m. ET) U.S. import prices for September. The Street expects a rise of 0.1 per cent for August and up 0.4 per cent year-over-year.

(9:15 a.m. ET) U.S. industrial production for September. Consensus is a rise of 0.1 per cent from August with capacity utilization remaining at 75.8 per cent.

(9:30 a.m. ET) Canada’s S&P Global Services PMI for November.

(9:45 a.m. ET) U.S. S&P Global Services and Composite PMI for November.

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

Earnings include: Descartes Systems Group Inc.; Dollar Tree Inc.; EQB Inc.; GameStop Corp.; Ivanhoe Electric Inc.; National Bank of Canada; North West Company Inc.; Royal Bank of Canada; Salesforce Inc.; Snowflake Inc.

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Thursday December 4

Euro zone retail sales

(8:30 a.m. ET) U.S. initial jobless claims for week of Nov. 29. Estimate is 223,000, up 7,000 from the previous week.

(10 a.m. ET) Canada’s Ivey PMI for November.

(10 a.m. ET) U.S. Global Supply Chain Pressure Index for November.

Earnings include: Bank of Montreal; BRP Inc.; Canadian Imperial Bank of Commerce; Dollar General Corp.; Hewlett Packard Enterprise Co.; Kroger Co.; Lululemon Athletica Inc.; Toronto-Dominion Bank

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Friday December 5

Japan household spending

Euro zone real GDP

Germany factory orders

(8:30 a.m. ET) Canadian employment for November. The Street expects an unchanged reading month-over-month with the unemployment rate rising 0.1 per cent to 7.0 per cent and average hourly wages up 3.4 per cent year-over-year.

(10 a.m. ET) U.S. personal spending and income for September. Consensus is month-over-month increases of 0.3 per cent for both.

(10 a.m. ET) U.S. core PCE price index for September. The Street is projecting a rise of 0.2 per cent from August and up 2.9 per cent from the same period a year ago.

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

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

Earnings include: Laurentian Bank of Canada

All amounts expressed in U.S. dollars

TORONTO, Nov. 26, 2025 (GLOBE NEWSWIRE) — Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) announced today that it has completed the divestiture of the Hemlo Gold Mine (“Hemlo”) in Canada to Carcetti Capital Corp., to be renamed to Hemlo Mining Corp. (“HMC”), for a total consideration of up to $1.09 billion, inclusive of $875 million in cash received on closing, $50 million in HMC shares received on closing, and a production and tiered gold price-linked cash payment structure of up to $165 million starting in January 2027 for a five-year term¹.

The Company would like to thank the Biigtigong Nishnaabeg and the Netmizaaggamig Nishnaabeg First Nations for their cooperation and support related to the operation of Hemlo.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry—including six of the world’s Tier One gold mines—Barrick’s operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

Nat-Gas Prices Soar as Forecasts for Below Normal US Temperatures

Barchart – Fri Nov 28, 2:07PM CST

January Nymex natural gas (NGF26) on Friday closed up by +0.292 (+6.41%).

Jan nat-gas prices rallied sharply on Friday, surging to an 8.5-month nearest-futures high on expectations of colder US weather, potentially boosting heating demand for nat-gas.   The Commodity Weather Group on Friday said weather models shifted cooler in the US, with intense cold seen in the Northeast and Great Lakes region for December 3-7.  Also, forecasts indicate below-normal temperatures in the coming weeks for the Northeast and the Great Lakes.

Higher US nat-gas production is a bearish factor for prices.  On November 12, the EIA raised its forecast for 2025 US nat-gas production by +1.0% to 107.67 bcf/day from September’s estimate of 106.60 bcf/day.  US nat-gas production is currently near a record high, with active US nat-gas rigs recently posting a 2-year high.

US (lower-48) dry gas production on Friday was a record 113.4 bcf/day (+8.3% y/y), according to BNEF.  Lower-48 state gas demand on Friday was 98.6 bcf/day (+9.2% y/y), according to BNEF.  Estimated LNG net flows to US LNG export terminals on Friday were 18.5 bcf/day (+4.4% w/w), according to BNEF.

As a supportive factor for gas prices, the Edison Electric Institute reported last Wednesday that US (lower-48) electricity output in the week ended November 15 rose +5.33% y/y to 75,586 GWh (gigawatt hours), and US electricity output in the 52-week period ending November 15 rose +2.9% y/y to 4,286,124 GWh.

Wednesday’s weekly EIA report was bullish for nat-gas prices, as nat-gas inventories for the week ended November 21 fell by -11 bcf, a larger draw than the market consensus of -9 bcf but less than the 5-year weekly average of a -25 bcf draw.  As of November 21, nat-gas inventories were down -0.8% y/y and were +4.2% above their 5-year seasonal average, signaling adequate nat-gas supplies.  As of November 26, gas storage in Europe was 77% full, compared to the 5-year seasonal average of 88% full for this time of year.

Baker Hughes reported Wednesday that the number of active US nat-gas drilling rigs in the week ending November 28 rose by +3 to 130 rigs, a 2.25-year high.  In the past year, the number of gas rigs has risen from the 4.5-year low of 94 rigs reported in September 2024.

Shopify Inc. says it has laid off some of its staff to help streamline the e-commerce software giant. Spokesperson Ben McConaghy would not provide a number of workers losing their jobs but says in an email to The Canadian Press that the cuts impact a “fraction of a per cent” of Shopify’s team. Financial markets firm LSEG Data & Analytics counted 8,100 Shopify employees as of December 2024. One per cent of that figure amounts to about 81 staff. McConaghy says the layoff is meant to remove from the organization layers of complexity that don’t add merchant value.  He says the cut will keep Shopify fast, sharp and focused on long-term merchant success. Earlier in the year, the company made artificial intelligence use an expectation for all workers and embedded the technology into performance reviews and product development. This report by The Canadian Press was first published Nov. 26, 2025. Companies in this story: (TSX:SHOP)

The CEO of Alimentation Couche-Tard Inc. says the convenience store giant is on track to meet its expansion goals despite cost-of-living concerns among customers. In a conference call Tuesday, Alex Miller said the Laval, Que.-based company still plans to reach its goal of 500 new stores by 2028 — a target it first laid out two years ago. The chief executive says Couche-Tard will open 100 new locations in North America this year, with another 73 stores under construction. It counts 17,270 stores across the globe currently. Miller says sales increased in Canada, the U.S. and Europe despite a “challenging consumer environment,” with food products a particular point of growth. On Monday evening, Couche-Tard reported that profits rose 4.5 per cent year-over-year to US$740.6 million in its second quarter. The company, which keeps its books in U.S. dollars, said revenue increased 2.6 per cent to US$17.9 billion during the period ended Oct. 12.

The ticker CTC.TO refers to Canadian Tire Corporation, Limited (Class A Non-Voting Shares) on the Toronto Stock Exchange (TSX). As of November 29, 2025 (a non-trading day, Saturday), the most recent trading data covers November 20–28, 2025 (7 trading days, excluding weekends and holidays). Prices are in CAD.

Here’s a summary table of the daily closing prices and key metrics:

Date	Open	High	Low	Close	Volume (K)	Change %
Nov 20	168.82	168.82	165.65	165.85	162.02	-1.31%
Nov 21	166.03	167.11	165.39	166.65	217.61	+0.48%
Nov 24	166.14	166.61	164.48	164.83	533.75	-1.09%
Nov 25	165.45	170.00	165.00	169.71	426.13	+2.96%
Nov 26	169.46	171.61	169.24	169.80	232.90	+0.05%
Nov 27	170.50	170.71	169.56	169.70	39.63	-0.06%
Nov 28	169.92	170.42	168.77	170.02	284.35	+0.19%

Key Observations:

• The stock showed mild volatility, dipping to a low close of 164.83 on Nov 24 before rebounding over 3% the next day.
• Overall, it gained ~2.6% from Nov 20 open to Nov 28 close, trading in a tight range of 164–171.
• Volume spiked on Nov 24–25 (over 400K shares), coinciding with the price dip and recovery, suggesting increased trader interest.

Price Chart: Closing Prices (Nov 20–28, 2025)

https://artifacts.grokusercontent.com/chartjs

Grok can make mistakes. Always check original sources.

Explanation of Price Movements and Reasons

Canadian Tire’s stock has been relatively stable in late November 2025, with minor fluctuations amid broader market trends in the retail sector. The company operates in automotive, sporting goods, and general merchandise, making it sensitive to consumer spending, interest rates, and seasonal holiday demand. Here’s a breakdown of key drivers based on recent developments:

1. Post-Q3 Earnings Momentum (Early-Mid November Impact): The stock’s mild uptrend from Nov 24 onward can be traced to positive spillover from Q3 2025 results announced on Nov 6. Canadian Tire reported solid revenue growth, beat earnings expectations, and announced a 16th consecutive annual dividend increase to $7.10 per share (yield ~4.2%). They also initiated a $200M share repurchase program, signaling confidence in undervaluation. This boosted investor sentiment, contributing to the ~3% rebound on Nov 25.
2. Technical Dip and Recovery (Nov 24–25): The brief -1.09% drop on Nov 24 aligned with the stock crossing below its 50-day moving average (~171 CAD), a bearish technical signal that often prompts selling. However, high volume (533K shares) suggests bargain-hunting, leading to a quick recovery. Analysts view this as a “buy the dip” opportunity in a strong 2025 performer, with shares up ~20% YTD amid cooling inflation and lower rates spurring discretionary spending.
3. Strategic Initiatives and Broader Outlook: Recent discussions on the “True North Initiative” (a multi-year transformation for efficiency and digital growth) have supported stability. With holiday season underway, expectations for robust retail sales (e.g., automotive and home goods) are lifting the stock, though low volume on Nov 27 indicates cautious trading ahead of U.S. Thanksgiving impacts. Analysts have raised price targets to ~$180–$190, citing margin improvements and buybacks. No major negative catalysts emerged in the period.

Overall, the stock’s resilience reflects positive fundamentals outweighing short-term technical noise. For real-time updates, check Yahoo Finance or the company’s investor site.

Aritzia’s stock surged approximately 11.27% over the specified period, building on a broader 37.21% gain since its October 9, 2025, pivot bottom and a 139.5% rise over the last 12 months. This momentum reflects sustained investor confidence in the company’s operational turnaround, fueled by strong fiscal Q2 results (ended August 31, 2025) and positive retail sector dynamics. Below, I outline the key drivers, supported by recent financials, analyst actions, and market sentiment.

1. Lingering Momentum from Strong Fiscal Q2 Earnings (Reported October 9, 2025)

• Aritzia’s Q2 results exceeded expectations, with revenue of CAD 728.7 million (up 31% YoY, beating estimates of CAD 698 million) and adjusted EBITDA of CAD 136 million (15% above consensus). Comparable sales grew 14.2%, driven by 23% U.S. expansion, while gross margins improved to 40.5% due to better inventory management post-2023 challenges.
• EPS of CAD 0.71 beat forecasts of CAD 0.62, signaling efficient cost controls and pricing power in the “Everyday Luxury” segment. This performance validated the company’s strategic shift toward premium women’s apparel and accessories, with brands like Wilfred and Babaton gaining traction.
• The earnings triggered an 8-day winning streak ending November 25 (gains of ~0.84% that day alone), as investors priced in the high end of Q4 guidance (31% sales growth, adjusted for an extra week). The stock’s technical buy signal from October has held, with support levels at CAD 103.68 providing a floor for further upside.

2. Analyst Upgrades and Raised Price Targets

• Post-earnings, analysts turned more bullish. Jefferies raised its target to CAD 92 from CAD 87 (Buy rating), citing “robust comparable sales growth, particularly in the U.S.” CIBC followed with a hike to CAD 94 from CAD 87, emphasizing marketing and digital initiatives.
• The consensus 12-month target now stands at CAD 109.23 (implying ~0.92% upside from CAD 112.20 close), with 6 of 13 analysts recommending Buy. William Blair maintained a bullish stance, highlighting U.S. market penetration. This coverage, combined with a positive earnings call sentiment (strong revenue growth despite tariff headwinds), amplified buying pressure.
• Broader retail optimism—e.g., strong Q3 reports from peers like Ross Stores (ROST) and Gap (GAP) showing sales acceleration—reinforced Aritzia’s narrative, debunking “weak consumer” fears and boosting sector multiples.

3. U.S. Expansion and Operational Improvements

• Key to the surge: Three upsized flagship store reopenings (two in New York, one in Chicago) and 11 new boutiques in Q2/Q3, driving 23% U.S. comparable sales growth. This expansion counters prior inventory overhangs, with management guiding for continued high-single-digit U.S. comps in Q3.
• Strategic investments in digital (e.g., enhanced e-commerce personalization) and supply chain (e.g., Nedap partnership for item-level inventory visibility announced November 28) are powering unified commerce, reducing stockouts and improving margins. These moves position Aritzia for holiday strength, with early Black Friday buzz (e.g., Super Puff promotions) signaling resilient affluent spending.
• Broader context: A “K-shaped” recovery in retail favors premium players like Aritzia (up ~100% YTD), as high-income consumers prioritize quality amid economic uncertainty.

4. Market Sentiment and Technical Factors

• Social and investor chatter highlights the stock’s breakout, with users noting it’s “nearing a double on the year” and up 350% from 2023 lows. This reflects retail investor enthusiasm (44% ownership), aligning with institutional buying.
• Technically, the stock hit a 52-week high of ~CAD 112.50 on November 27, with moderate bullish buying pressure (50-60th percentile historical score). No major resistance until CAD 120, per pivot analysis.
• External tailwinds: Easing liquidity concerns (per ARK Invest commentary) and holiday season ramp-up (e.g., 67% revenue lift on November 25 vs. normal days) support discretionary spending.

Potential Risks and Outlook

While the uptrend is robust, challenges include tariff impacts (~170 bps margin drag in FY2026) and competition in U.S. retail. Management’s focus on flat-to-positive Q4 comps and CAD 850 million sales guidance suggests sustained gains, but a pullback to CAD 103 support could occur if holiday data disappoints.

In summary, the increase stems from validated growth execution, analyst endorsement, and favorable retail momentum—positioning Aritzia as a standout in a selective consumer recovery. For real-time updates, monitor TSX filings or Yahoo Finance. If you’d like a deeper dive into financials or peers, let me know!

Despite a sluggish spell early on in the session, European stocks closed higher on Friday, gaining some strength gradually past noon. Investors assessed the most recent regional and U.S. economic data, and continued to bet on an interest rate cut by the Federal Reserve in December.

The pan European Stoxx 600 climbed 0.25%. The U.K.’s FTSE 100 gained 0.27%, while Germany’s DAX and France’s CAC 40, both ended higher by 0.29%. Switzerland’s SMI edged up 0.02%.

DAX gained about 3.2% in the week, while the FTSE climbed nearly 2%, and the CAC 40 added 1.15%.

Among other markets in Europe, Czech Republic, Denmark, Iceland, Ireland, Netherlands, Poland and Russia closed on firm note.

Austria, Belgium, Norway and Spain edged up marginally.

Finland, Greece, Portugal, Turkiye closed weak, while Sweden ended flat.

In the UK market, Easyjet climbed 3%. Antofagasta moved up 2.53%. Fresnillo, British American Tobacco, BP, IMI, WPP, Informa, Rio Tinto, Entain, Glencore, Bunzl and Shell gained 1 to 2%.

Whitbread tanked 11.5%. Burberry Group ended nearly 3% down. Sainsbury (J), Mondi, 3i Group, Tesco, Babcock International and Hikma Pharmaceuticals lost 1 to 2.2%.

In the German market, Deutsche Boerse gained about 2.5%. The German stock exchange operator said it is in exclusive talks to acquire European fund distribution platform Allfunds Group Plc in a €5.3 billion ($6.1 billion) cash and stock deal.

Infineon, Volkswagen, Symrise, Deutsche Telekom, Siemens Energy, SAP and Scout24 gained 0.7 to 1.7%.

Delivery Hero soared 10%. The food delivery company is facing pressure from several major shareholders to consider selling the company or divesting parts of its business.

Rheinmetall and Daimler Truck Holding ended sharply lower.

In the French market, Stellantis climbed more than 2%. ArcelorMittal, LVMH, Bouygues, Bureau Veritas, BP and STMicroElectronics aslo closed notably higher.

Accor, Renault, Essilor, Kering and Edenred ended on a weak note.

In economic news, data from Destatis showed German retail sales dropped unexpectedly in October, decreasing by 0.3% month-on-month, offsetting the 0.3% increase in September. Economists had forecast a monthly increase of 0.1%.

However, on a yearly basis, retail sales grew 0.9% in October, slightly faster than the 0.8% increase in September.

In nominal terms, retail sales dropped 0.1% from September but increased 2.4% from a year ago.

Germany’s import prices slid 1.4% in October from a year ago, after falling 1% in September, a separate data from Destatis showed. Prices have been falling since April.

The annual fall was largely driven by the 15.1% decline in energy prices. Moreover, prices of capital goods and consumer goods were down 0.5% and 1%, respectively.

Month-on-month, import and export prices moved up 0.2% each in October.

Data from statistical office INSEE showed France’s economy expanded by 0.5% quarter-on-quarter in Q3 2025, accelerating from 0.3% in the previous quarter and confirming preliminary estimates. This marks the sharpest quarterly expansion since the second quarter of 2023. On an annual basis, GDP expanded 0.9%, up from 0.7% in Q2, marking the strongest growth in a year.

France’s annual inflation rate held steady at 0.9% in November, unchanged from October and below the 1% forecast, according to preliminary estimates. On a monthly basis, the CPI fell by 0.1%, after a 0.1% rise in October.

Meanwhile, the EU-harmonised CPI rose 0.87% year-on-year, matching October’s rate and remaining below the 1% forecast. It decreased by 0.2% from the previous month, following a 0.1% increase in October.

Data from the Society of Motor Manufacturers and Traders Limited showed UK car production fell 23.8% year-on-year in October to 59,010 units, the lowest October output since 1952. The sharp drop was due to the cyberattack in late August on Jaguar Land Rover, the largest carmaker.

OPEC+ is likely to leave oil output levels unchanged at its meetings on Sunday and to agree on a mechanism to assess members’ maximum production capacity, two delegates from the group and a source familiar with OPEC+ talks told Reuters.

The eight OPEC+ countries which have been gradually raising output in 2025 are expected to keep their policy to pause hikes in the first quarter of 2026 unchanged, the two delegates said.

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps about half the world’s oil and has been discussing for years production capacity figures against which members’ output targets are set.

The full OPEC+ group is expected to agree on the capacity mechanism in a separate meeting on Sunday, said the sources, who all spoke on condition of anonymity.

OPEC said in May this capacity assessment would be used as reference for 2027 output baselines.

OPEC, Saudi and Russian authorities did not immediately reply to a Reuters request for comment.

Ministers are scheduled to hold four online meetings on Sunday starting with OPEC ministers only at 13:00 GMT, the two delegates said. This will be followed by meetings of the Joint Ministerial Monitoring Committee (JMMC), of all OPEC+ ministers and ending with a meeting of the eight members.

OPEC+ discussed the capacity issue in September at a technical level. Previous baseline discussions have often been fraught as they determine the size of the production cuts each member will contribute. Angola quit the group in 2024 over a disagreement on its production target.

OPEC+ had been curtailing supplies for years until April when the eight members began to raise production to recover market share. The cuts had peaked in March, amounting to 5.85 million barrels per day, almost 6 per cent of world output, in total.

The eight – Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman – have raised output targets by around 2.9 million bpd from April to December, and agreed the first-quarter pause at their last meeting.

OPEC+ ministers are also expected to not make any changes to group-wide production targets for 2026, which include a 2 million bpd cut shared by most members in place until the end of next year, the sources added.