Category: Uncategorized

Monday November 18

Japan core machine orders

Euro zone trade surplus

(8:15 a.m. ET) Canadian housing starts for October. Estimate is an annualized rate rise of 2.8 per cent.

(8:30 a.m. ET) Canada’s international securities transactions for September.

(10 a.m. ET) U.S. NAHB Housing Market Index for November.

Also: G20 leaders’ summit in Rio de Janeiro (through Tuesday).

—

Tuesday November 19

Euro zone CPI

(8:30 a.m. ET) Canadian CPI for October. The Street is forecasting a rise of 0.3 per cent from September and up 1.9 per cent year-over-year.

(8:30 a.m. ET) Canada’s household and mortgage credit for September.

(8:30 a.m. ET) U.S. housing starts for Ocrober. Consensus is an annualized rate decline of 1.4 per cent.

(8:30 a.m. ET) U.S. building permits for October. Consensus is an annualized rate rise of 1.2 per cent.

Earnings include: George Weston Ltd.; Lowe’s Companies Inc.; Medtronic PLC; Walmart Inc.

—

Wednesday November 20

Japan’s trade deficit and machine tool orders

UK CPI

(8:30 a.m. ET) Canada’s construction investment for September.

Earnings include: Metro Inc.; Nvidia Corp.; Palo Alto Networks Inc.; Target Corp.; TJX Companies Inc.

—

Thursday November 21

Euro zone and UK consumer confidence

(8:30 a.m. ET) Canada’s industrial product and raw materials price indexes for October. Estimate are month-over-month increases of 1.5 per cent and 2.5 per cent, respectively.

(8:30 a.m. ET) U.S. initial jobless claims for week of Nov. 16. Estimate is 220,000, up 3,000 from the previous week.

(8:30 a.m. ET) U.S. Philadelphia Fed Index for November.

(10 a.m. ET) U.S. existing home sales for October. Consensus is an annualized rate rise of 2.3 per cent.

(10 a.m. ET) U.S. leading indicator for October. The Street is forecasting a month-over-month decline of 0.3 per cent.

Also: Quebec’s fall fiscal update

Earnings include: Deere & Co.; Intuit Inc.

—

Friday November 22

Japan CPI and PMI

Euro zone PMI

Germany real GDP

(8:30 a.m. ET) Canadian retail sales for September. Estimate is a gain of 0.3 per cent August.

(8:30 a.m. ET) Canada’s new housing price index for October. Estimate is a rise of 0.1 per cent from September and up 0.2 per cent year-over-year.

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

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

Earnings include: G Mining Ventures Corp.

TORONTO, Nov. 5, 2024 /CNW/ – (TSX: IFC)  

Highlights

• Organic operating DPW^1,2 growth of 6%, excluding acquisitions and exits, led by continued momentum in Personal lines
• Combined ratio¹ of 103.9% included 22 points of catastrophe losses, offsetting otherwise strong underlying performances across all geographies
• Net operating income per share¹ was $1.01 (and EPS of $1.06), despite $5.03 of catastrophe losses, with double-digit growth in investment and distribution income
• Operating ROE¹ remained strong at 15.8% over the last 12 months, up 4 points year-over-year, with BVPS¹ of $90.60, up 3% sequentially, despite the unusually challenging operating environment 
• Strong and resilient balance sheet with $2.6 billion of total capital margin¹ and an adjusted debt-to-total capital ratio¹ of 20.3%

Charles Brindamour, Chief Executive Officer, said: 

“The devastating effects from severe weather events in the quarter have impacted the lives of tens of thousands of customers. Our employees were on the ground within the first hours of these events providing immediate assistance to affected communities. We are leveraging our competitive advantages, which include On Side Restoration and Intact Service Centres, to minimize losses for our customers. In this context, our operations have shown great financial resiliency, reflected by our strong capital position and mid-teens operating ROE over the last 12 months. It’s in these challenging moments that we demonstrate our purpose – to help people, businesses and society prosper in good times and be resilient in bad.”

Read more at newswire.ca

MDA Space Ltd. reported $29.5 million in third-quarter net income, up from $9.3 million in the same quarter last year, as its revenue rose by nearly 40 per cent compared with a year ago.

The space technology company says the profit amounted to 24 cents per diluted share for the quarter ended Sept. 30 compared with a profit of eight cents per diluted share a year earlier.

Revenue totalled $282.4 million, up from $204.7 million in the same quarter last year.

The increase came as Satellite systems revenue amounted to $167.6 million, up from $94.4 million a year ago, while robotics and space operations revenue totalled $66.5 million, up from $61.9 million. Geointelligence revenue was $48.3 million compared with $48.4 million in the same quarter last year.

On an adjusted basis, MDA says it earned 28 cents per diluted share in its latest quarter compared with an adjusted profit of 18 cents per diluted share a year ago.

In its outlook, MDA says it now expects its full-year revenue to be between $1.045 billion and $1.065 billion, up from earlier expectations for between $1.02 billion and $1.06 billion.

This report by The Canadian Press was first published Nov. 15, 2024.

U.S. gasoline inventories fell to their lowest levels in two years as fuel supplies drew down unexpectedly last week amid strong demand, while crude oil stockpiles rose by more than expected, the Energy Information Administration (EIA) said on Thursday.

Gasoline stocks fell 4.4 million barrels in the week to Nov. 8 to 206.9 million barrels, their lowest since November 2022, compared with analysts’ expectations in a Reuters poll for a 600,000-barrel build.

East Coast gasoline inventories slipped to their lowest since April 2023, and in the Midwest to their lowest since last November.

Distillate stockpiles, which include diesel and heating oil, fell by 1.4 million barrels in the week to 114.4 million barrels, versus expectations for a 200,000-barrel rise, the EIA data showed.

Total products supplied, a proxy for demand, jumped to 21.6 million barrels per day (bpd) in the week, up from 19.7 million bpd. The four-week average for demand is about 1.7 per cent above last year’s levels.

Gasoline demand, meanwhile, gained 6 per cent in the week to 9.4 million bpd, while distillates demand jumped 17 per cent to 4.1 million bpd.

“Product supplies are very tight. That big draw in gasoline is definitely raising some eyebrows,” said Phil Flynn, an analyst with Price Futures Group.

U.S. gasoline futures spiked after the surprise draw, while U.S. heating oil futures briefly climbed after the data was released.

Brent and U.S. crude futures edged higher after the data showed the surprise fuel stocks draw.

“It’s very bullish on gasoline, and looks bullish for the crack spreads,” Flynn said.

Crude inventories rose by 2.1 million barrels to 429.7 million barrels, more than analysts’ expectations for a 750,000-barrel rise.

Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell by 688,000 barrels.

Net U.S. crude imports fell by 321,000 bpd to 3.1 million barrels, as exports rose by 590,000 bpd to 3.4 million bpd.

Refinery crude runs rose by 175,000 bpd and refinery utilization rates rose by 0.9 percentage point to 91.4 per cent of total capacity.

Ovintiv Inc. OVV-T +3.25%increase is streamlining its operations with a deal to buy assets in Alberta’s Montney region while off-loading its holdings in Utah.

The oil and gas producer said Thursday it was paying about $3.3-billion in cash for 44,110 hectares in the Montney from Paramount Resources Ltd. POU-T +15.73%increase, while it was selling about 51,000 hectares of largely undeveloped land in Utah’s Uinta Basin for $2.8-billion.

“The Montney is the second largest undeveloped oil resource in North America, and with this acquisition, we have solidified our position as the premier operator in the play,” said Ovintiv chief executive Brendan McCracken in a statement.

The new assets will add about 900 total net well locations and 70,000 barrels of oil equivalent per day of production, while the Uinta holdings produce about 29,000 barrels of oil and condensate production per day.

Ovintiv said the new assets are strategically located near its current operations and have access to midstream infrastructure with available capacity.

The deal, which also includes Ovintiv transferring its Horn River assets in B.C. to Paramount and taking possession of Paramount’s Zama assets in Alberta, will consolidate Ovintiv’s focus on the Montney as well as the Permian Basin and Anadarko Bason in the southern United States.

The streamlining will lead to about $175-million in annual cost synergies, the company said.

The sale of the Uinta holdings will go toward covering the cost of the Montney acquisition, while Ovintiv has also suspended its share buyback program until it has paid back the cash borrowed for the deal.

Following the closing of the deal, Ovintiv said it plans to run an average of three rigs in the Montney, five in the Permian and one to two rigs on its Anadarko holdings.

The company expects capital spending of about $3.1-billion next year and production to average of about 205,000 barrels a day of oil and condensate.

ATCO Ltd. (ATCO or the Company) today announced third quarter 2024 adjusted earnings of $91 million ($0.81 per share), $10 million ($0.10 per share) higher compared to $81 million ($0.71 per share) in the third quarter of 2023.

Read more at newswire.ca

 Brookfield Corp. reported its third-quarter distributable earnings totalled US$1.33 billion, up from $1.15 billion in the same quarter a year ago.

The global investment firm, which keeps its books in U.S. dollars, says its distributable earnings amounted to 84 cents US per share for the quarter ended Sept. 30, up from 73 cents US per share a year ago.

Distributable earnings before realizations amounted to 80 cents US per share in the company’s latest quarter, up from 67 cents US per share in the same quarter last year.

Brookfield president Nick Goodman says the company’s financial performance in the third quarter was strong, delivering record cash earnings from its base businesses.

Revenue for the quarter totalled US$20.62 billion, down from US$24.44 billion in the same quarter last year.

Brookfield reported US$64 million or a penny US per share in net income attributable to its shareholders for its third quarter, down from US$230 million or 12 cents US per share in the same quarter last year.

This report by The Canadian Press was first published Nov. 14, 2024.

anadian Utilities Limited (Canadian Utilities or the Company) today announced third quarter 2024 adjusted earnings of $102 million ($0.38 per share), which were $15 million ($0.06 per share) higher compared to $87 million ($0.32 per share) in the third quarter of 2023. 

Read more at newswire.ca

Canada’s largest grocer reported growth in sales and profits in its third quarter, as shoppers weary of high food prices continue to visit its discount stores more often.

Loblaw Cos. Ltd. L-T -1.89%decrease reported on Wednesday that adjusted profits grew by 6.7 per cent, and that customer traffic continues to grow at its hard discount banners No Frills and Maxi, driving up grocery sales.

The Brampton, Ont.-based retailer has been expanding its discount locations, and opened 25 new stores in the quarter. It is also testing three new No Name stores that pare down prices further by lowering operating costs: the stores carry a narrower assortment of products and do not have refrigerators, meaning that shoppers have to go elsewhere for items such as meat and dairy.

However, Loblaw missed analysts’ estimates for third-quarter revenues, as demand has slowed for non-essential products such as household items.

Same-store sales – an important metric that tracks sales growth not tied to new store openings – were up 0.5 per cent at the company’s grocery stores in the quarter, as customers visited stores more often but bought fewer items during each trip. Year-over-year sales growth was affected by the timing of the Thanksgiving holiday shopping surge, which occurred in the third quarter last year but fell within the fourth quarter this year. Excluding that timing issue, the company reported that food same-store sales grew by approximately 1.3 per cent in the quarter ended Oct. 5.

Since reaching double-digit highs early last year, the rate at which food prices are rising has been slowing. But after the cumulative price increases of the past few years, grocery shoppers are still left with much higher grocery bills overall.

In previous quarters, Loblaw has made a point of saying that its internal measures of food inflation show its prices have been either in line with, or lower than, Statistics Canada’s consumer price index for food purchased from stores. In the third quarter, however, Loblaw reported that its internal food inflation was higher than CPI, which was up 2.3 per cent. The company does not specify its internal numbers.

Drug store sales benefited from strong demand for beauty products, however shoppers have been spending less on “convenience items,” according to a press release on Wednesday. The company has also been phasing out some electronics products from its Shoppers Drug Mart stores, further dampening sales in the front of the stores. Drug store same-store sales were up 2.9 per cent, driven by a 6.3-per-cent increase in pharmacy and healthcare services. Sales of products in the front of the stores were down 0.5 per cent.

E-commerce sales were up 18.5 per cent.

The company’s revenue grew 1.5 per cent in the third quarter, to $18.5-billion. That fell below analysts’ expectations of $18.6-billion, according to the consensus estimate from S&P Capital IQ.

Loblaw reported net earnings available to common shareholders of $777-million or $2.53 per share, compared to $621-million or $1.95 per share in the previous year.

A previous charge related to a commodity tax matter at President’s Choice Bank was reversed during the quarter, after Loblaw won a legal appeal. That change positively affected the company’s net earnings by $125-million, offset by the amortization of assets related to Shoppers Drug Mart and the Lifemark chain of clinics.

Including those and other adjustments in the same quarter the previous year, adjusted net earnings available to common shareholders were $767-million or $2.50 per share in the third quarter, compared to $719-million or $2.26 per share in the prior year.