Category: Uncategorized

Monday February 10

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

Japan bank lending

(10:30 a.m. ET) Bank of Canada’s Market Participants Survey for Q4.

Earnings include: CT REIT; Lowes Corp.; McDonald’s Corp.; PrairieSky Royalty Ltd.

Tuesday February 11

Japanese markets closed

(6 a.m. ET) U.S. NFIB Small Business Economic Trends Survey for January.

(8:30 a.m. ET) Canada’s building permits for December. Estimate is a month-over-month rise of 2.0 per cent.

(10 a.m. ET) U.S. Fed chair Jerome Powell testifies before Senate Committee on Banking, Housing and Urban Affairs.

Earnings include: Coca-Cola Co.; First Capital Realty Inc.; First Quantum Minerals Ltd.; Gilead Sciences Inc.; Intact Financial Corp.; International Petroleum Corp.; Marriott International Inc.; Shopify Inc.; S&P Global Inc.; Toromont Industries Ltd.

Wednesday February 12

Japan machine tool orders

(8:30 a.m. ET) U.S. CPI (and revisions) for January. The Street is projecting a rise of 0.3 per cent from December and up 2.9 per cent year-over-year.

(10 a.m. ET) U.S. Fed chair Jerome Powell testifies to the House Financial Services Committee.

(1:30 p.m. ET) Bank of Canada’s summary of deliberations for the Jan. 29 decision.

(2 p.m. ET) U.S. budget balance for January.

Earnings include: Alibaba ADR; Barrick Gold Corp.; Cenovus Energy Inc.; Choice Properties REIT; Cisco Systems Inc.; H&R REIT; IA Financial Corp. Inc.; Kinross Gold Corp.; Restaurant Brands International Inc.; Robinhood Markets Inc.; Russel Metals Inc.; SmartCentres REIT; Sun Life Financial Inc.; Waste Connections Inc.; West Fraser Timber Co. Ltd.

Thursday February 13

ECB economic bulletin is released

Euro zone industrial production

Germany CPI

U.K. GDP, industrial production and trade deficit

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

(8:30 a.m. ET) U.S. initial jobless claims for week of Feb. 8. Estimate is 216,000, down 3,000 from the previous week.

(8:30 a.m. ET) U.S. PPI final demand (and revisions) for January. The Street is projecting a rise of 0.2 per cent from December and 3.0 per cent year-over-year.

Earnings include: Agnico Eagle Mines Ltd.; Airbnb Inc.; Applied Materials Inc.; Brookfield Corp.; CAP REIT; Canadian Tire Corp. Ltd.; Coinbase Global Inc.; Deere & Co.; Definity Financial Corp.; Dundee Precious Metals Inc.; Fairfax Financial Holdings Ltd.; Goeasy Ltd.; Keyera Corp.; Telus Corp.

Friday February 14

Euro zone real GDP

(8:30 a.m. ET) Canada’s manufacturing sales and new orders for December. The Street is projecting month-over-month increases of 1.0 per cent and 1.1 per cent, respectively.

(8:30 a.m. ET) Canadian wholesale trade for December. Estimate is a month-over-month rise of 0.5 per cent.

(8:30 a.m. ET) Canadian new motor vehicle sales for December. Estimate is a year-over-year increase of 6.5 per cent.

(8:30 a.m. ET) U.S. retail sales for January. The Street expects a flat reading month-over-month.

(8:30 a.m. ET) U.S. import prices for January. Consensus is a rise of 0.4 per cent from December an up 1.9 per cent year-over-year.

(9:15 a.m. ET) U.S. industrial production and capacity utilization for January.

(10 a.m. ET) U.S. business inventories for December. Consensus is a month-over-month gain of 0.1 per cent.

(10:30 a.m. ET) Bank of Canaa Senior Loan Officer Survey for Q4.

Earnings include: Air Canada; Enbridge Inc.; Fortis Inc.; Magna International Inc.; TC Energy Corp.

Oil prices rose on Friday after new sanctions were imposed on Iran’s crude exports but were on track for a third straight week of decline, hurt by U.S. President Donald Trump’s renewed trade war on China and threats of tariffs on other countries.

Brent crude futures were up 66 cents, or 0.89%, at $74.95 a barrel, but were poised to fall more than 2% this week. U.S. West Texas Intermediate crude rose 72 cents, or 1.02%, to $71.33 a barrel, down more than 1% on a weekly basis.

The U.S. Treasury said on Thursday it was imposing new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China, in an incremental move to increase pressure on Tehran.

“Trump has talked about maximum pressure (on Iran). The market takes that quite seriously,” said Michael Haigh, global head of commodities research at Societe Generale. The French bank projects that Iranian oil exports are set to halve.

“The imposition of tariffs and the pauses should be bullish for the oil market because it adds uncertainty. But you haven’t seen this response because of demand concerns. Tariffs and tit for tat responses from nations, it hurts global GDP … and oil demand,” Haigh added.

Trump had announced a 10% tariff on Chinese imports as part of a broad plan to improve the U.S. trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.

“Downside pressure has stemmed from the news flow around tariffs, with concerns over a potential trade war fueling fears of weakening oil demand,” analysts at BMI said in a note on Friday.

Oil prices settled lower on Thursday after Trump repeated a pledge to raise U.S. oil production, unnerving traders a day after the country reported a much bigger-than-anticipated jump in crude stockpiles.

The benchmarks were also under pressure from swelling U.S. crude inventories, which rose sharply last week as demand softened on ongoing refinery maintenance.

Health care was a bright spot once again for the U.S. economy in January, even as overall job growth showed signs of slowing.

Data on job growth in different areas of the economy from the Bureau of Labor Statistics showed health care and social assistance as the leading category, adding 66,000 jobs. Retail trade and government were also strong, adding more than 30,000 jobs apiece.

The gains in health care were broadly in line with the growth rates from 2024. The jump in retail jobs was more surprising, as that sector showed “little net change” last year, according to the bureau.

There were some pockets of weakness, with professional and business services losing 11,000 jobs. Employment in leisure and hospitality, one of the biggest areas of job growth after the Covid pandemic, also shrank slightly.

Overall, the net job growth of 143,000 was well below the upwardly revised growth of 307,000 in December. However, the unemployment rate fell and wage growth was strong, pointing to a solid and steady job market despite the lower headline number.

Looking at January, “what we see is a labor market that’s basically operating at full employment. And so I think the real question going forward is: Can we sustain full employment?” University of Michigan professor and former Department of Labor chief economist Betsey Stevenson said Friday 

The United States’ threatened tariffs on Canada and Mexico are already weighing on both countries’ economies, and prolonged uncertainty could exacerbate the effects, Bank of Canada Governor Tiff Macklem said Thursday.

“President Donald Trump’s threats of new tariffs are already affecting business and household confidence, particularly in Canada and Mexico,” Mr. Macklem said in prepared remarks delivered virtually to a Bank for International Settlements conference in Mexico City. “The longer this uncertainty persists, the more it will weigh on economic activity in our countries.”

These were Mr. Macklem’s first public comments since the U.S., on Monday, granted a 30-day delay to sweeping tariffs on imports from Canada and Mexico.

“If significant broad-based tariffs are indeed imposed, they will test the resilience of our economies in the short run and reduce long-run prosperity,” he added.

“Tariffs mean economies work less efficiently. There will be less investment and lower productivity. That means our countries will produce less and earn less. Monetary policy can’t change that.”

Mr. Macklem’s comments echoed those of last week, when the Bank of Canada cut its policy interest rate by a quarter-point to 3 per cent. At the time, the Governor said the threat of tariffs had “weighed on” the bank’s decision to cut rates for a sixth consecutive time.

Alongside its rate decision, the Bank of Canada updated its economic forecasts, but did not incorporate tariffs into its calculations, given the uncertainty of U.S. policies.

However, the central bank did publish several scenarios that show how a trade war could transmit through the economy.

In the “benchmark” scenario, if the U.S. imposed 25-per-cent tariffs on all imports, and its trading partners retaliated in kind, Canada’s GDP growth would be roughly 2.5 percentage points lower than otherwise in the first year, and 1.5 percentage points lower in the second year.

Consumer prices would be higher than forecast, because retaliatory tariffs would get passed on to consumers, while a weaker loonie would drive up import costs.

This would put the Bank of Canada in a tough position. Weak growth and faster inflation typically necessitate different responses from the central bank.

“With a single instrument – our policy interest rate – central banks can’t lean against weaker output and higher inflation at the same time,” Mr. Macklem explained in Thursday’s speech. “So we will need to carefully assess the downward pressure on inflation from weaker economic activity, and weigh that against the upward pressures from higher input prices and supply chain disruptions.”

Mr. Macklem said Thursday that rising protectionism would add to other vulnerabilities facing the global economy, including higher long-term interest rates, elevated government debt and lacklustre productivity.

Investors in interest rate swaps are expecting the Bank of Canada to cut rates two or three more times this year.

But in a trade-war scenario, many analysts on Bay Street see the bank cutting to a greater degree.

Mr. Macklem said Thursday that central banks will be faced with “harder choices” in a world with “more negative supply shocks,” potentially leading to public disappointment.

“We will face criticism about our decisions – and about how well monetary policy is seen to have worked when confronted with forces that are mostly out of our hands,” he said. “We will be called ineffective or criticized for not doing enough.”

Mr. Macklem’s speech struck “a cautious tone regarding how much easing the Bank of Canada is willing to deliver if significant broad-based tariffs are applied,” said Royce Mendes, head of macro strategy at Desjardins Securities, in a note to clients.

“While no one should expect monetary policymakers to cut rates as much as they would in a typical recession because of the countervailing pressures on inflation, his mention of public disappointment and frustration might raise some eyebrows,” Mr. Mendes added.

President Donald Trump on Monday held off on his tariff threats against Canada and Mexico for 30 days after the two U.S. neighbors agreed to boost border security efforts.

Canada’s unemployment rate unexpectedly fell and the economy posted another solid month of job gains, data showed on Friday, in signs that joblessness was started to ease.
 
In January, the unemployment rate was 6.6 per cent, a notch below the 6.7 per cent seen in the prior month and the economy added a net of 76,000 jobs, slightly down from a revised 91,000 job additions in December, but still a robust gain.
 
Analysts polled by Reuters had forecast net additions of 25,000 jobs in January and the unemployment rate at 6.8 per cent.
 
This was the second month in a row that the unemployment rate, or the number of jobless people as a percentage of the total labor force, declined. Although the total number of unemployed people stayed at a high of 1.5 million.
 
“This indicates that many unemployed people are facing continued difficulties finding employment, despite recent employment growth,” Statscan said.

BCE Inc. (BCE) on Thursday reported fourth-quarter net income of $360.2 million.

The Verdun, Quebec-based company said it had profit of 36 cents per share. Earnings, adjusted for one-time gains and costs, came to 56 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The Canada’s largest telecommunications company posted revenue of $4.59 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $4.47 billion.

For the year, the company reported profit of $251.1 million, or 13 cents per share. Revenue was reported as $17.82 billion.

BCE shares have risen slightly more than 7% since the beginning of the year. The stock has dropped 36% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BCE at https://www.zacks.com/ap/BCE

Thomson Reuters Corp. (TRI) on Thursday reported fourth-quarter net income of $587 million.

The Toronto-based company said it had net income of $1.30 per share. Earnings, adjusted for non-recurring gains, were $1.01 per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.

The news and financial information company posted revenue of $1.91 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $1.9 billion.

For the year, the company reported profit of $2.21 billion, or $4.89 per share. Revenue was reported as $7.26 billion.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TRI at https://www.zacks.com/ap/TRI

Suncor Energy Inc. (SU) on Wednesday reported fourth-quarter net income of $584.7 million.

The Calgary, Alberta-based company said it had profit of 46 cents per share. Earnings, adjusted for non-recurring costs, came to 89 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.

The energy company posted revenue of $8.94 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $8.56 billion.

For the year, the company reported profit of $4.39 billion, or $3.45 per share. Revenue was reported as $37.32 billion.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SU at https://www.zacks.com/ap/SU

 FirstService Corporation (TSX: FSV; NASDAQ: FSV) (“FirstService“) announced today that its Board of Directors has approved a 10% increase in the quarterly cash dividend on the outstanding Common Shares of the Company and declared a quarterly dividend of US$0.275 per Common Share, up from the previous US$0.25 per Common Share. The dividend is payable on April 7, 2025 to holders of Common Shares of record at the close of business on March 31, 2025.

The Company’s dividend will be US$1.10 on an annualized basis, up from US$1.00 during the past year. This distribution represents our tenth consecutive year of at least 10% annual dividend growth, reflecting the long-term track record of strong earnings and free cash flow growth at FirstService. Our business model, conservative balance sheet and financial flexibility allow us to prioritize our growth initiatives while also supporting the approval of the increased dividend to deliver incremental returns to our shareholders.

About FirstService Corporation

FirstService Corporation is a North American leader in the property services sector, serving its customers through two industry-leading service platforms: FirstService Residential – North America’s largest manager of residential communities; and FirstService Brands – one of North America’s largest providers of essential property services delivered through individually branded company-owned operations and franchise systems.

FirstService generates more than US$4.9 billion in annual revenues and has approximately 30,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The Common Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol “FSV”, and are included in the S&P/TSX 60 Index. More information is available at www.firstservice.com