Author: train2invest Admins

• Brent futures were up $1.81 per barrel, or 2.5%, to $74.91 a barrel at 0912 GMT.
• U.S. West Texas Intermediate crude was up $1.86 a barrel, or 2.7%, to $71.35.

Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election and a key meeting in China.

Brent futures were up $1.66 per barrel, or 2.27%, to $74.76 by 11:45 am ET. U.S. West Texas Intermediate crude was up $1.70 a barrel, or 245%, to $71.19.

On Sunday, OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, said it would extend its output cut of 2.2 million barrels per day (bpd) for another month in December, with an increase already delayed from October because of falling prices and weak demand.

The grouping had been due to increase output by 180,000 bpd from December.

“Considering ongoing economic growth concerns, we believe the group wants more clarity on the economic impact of the interest rate cuts in the US and the fiscal and monetary policy easing in China,” said UBS analyst Giovanni Staunovo.

“The group should also have clarity on the next U.S. president and the impact of compensation cuts from countries that produced above their ceiling in the past.”

OPEC+ is set to gradually unwind the 2.2-million-bpd cut over the coming months, while another 3.66 million bpd of production cuts will stay until the end of 2025.

Brent and WTI posted weekly declines last week of about 4% and 3%, respectively, as record U.S. output weighed on prices. But both contracts edged up on Friday on reports that Iran could launch a retaliatory strike on Israel within days.

On Thursday, U.S. news website Axios said Israeli intelligence suggested that Iran was preparing to attack Israel from Iraq within days, citing two unidentified Israeli sources.

Markets also await Tuesday’s U.S. presidential election, with polls showing Democratic Vice President Kamala Harris and Republican former President Donald Trump neck-and-neck.

And on Thursday, economists expect the U.S. Federal Reserve to cut interest rates by 25 basis points.

Oil price volatility will be high this week, analysts said, with market participants awaiting Iran’s response to recent Israeli attacks, the U.S. election outcome and central bank rate decisions.

In China, the Standing Committee of the National People’s Congress meets from Monday to Friday and is expected to approve additional stimulus to boost the slowing economy, though analysts say the bulk may go to help cut local government debt.

Monday November 4

Japan markets closed

Euro zone manufacturing PMI

(10 a.m. ET) U.S. factory orders for September. The Street is projecting a decline of 0.4 per cent from August.

(10:30 a.m. ET) Bank of Canada’s Market Participants Survey for Q3.

Earnings include: Cargojet Inc.; Constellation Energy Corp.; Finning International Inc.; Marriott International Inc.; Palantir Technologies Inc.; Sun Life Financial Inc.; Topaz Energy Corp.; Toromont Industries Ltd.

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Tuesday November 5

China’s Caixin services and composite PMI

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

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

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

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

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

(1:30 p.m. ET) Bank of Canada’s Summary of Deliberations for the Oct. 23 decision.

Also: U.S. election

Earnings include: Boardwalk REIT; Colliers International Group Inc.; CT REIT; Dream Industrial REIT; Fortis Inc.; IA Financial Corp. Inc.; Intact Financial Corp.; Kinross Gold Corp.; MEG Energy Corp.; Nuvei Inc.; Pan American Silver Corp.; Pembina Pipeline Corp.; Restaurant Brands International Inc.; TransAlta Corp.

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Wednesday November 6

China trade surplus

Japan and Euro zone services and composite PMI

Germany factory orders

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

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

(12:25 p.m. ET) Bank of Canada senior deputy governor Carolyn Rogers speaks to the Economic Club of Canada in Toronto.

Also: U.S. Fed meeting begins.

Earnings include: Alamos Gold Inc.; Brookfield Infrastructure Partners LP; B2Gold Corp.; CGI Inc.; Choice Properties REIT; Franco-Nevada Corp.; GFL Environmental Holdings Inc.; Granite REIT; Great-West Lifeco Inc.; Manulife Financial Corp.; Nutrien Ltd.; Stella-Jones Inc.; WSP Global Inc.

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Thursday November 7

China current account surplus

Japan real cash earnings

Euro zone retail sales

Germany industrial production and trade surplus

(8:30 a.m. ET) U.S. initial jobless claims for week of Nov. 2. Estimate is 220,000, up 4,000 from the previous week.

(8:30 a.m. ET) U.S. productivity and unit labour costs for Q3. The Street expects annualized rate rises of 2.3 per cent and 0.8 per cent, respectively.

(9 a.m. ET) Bank of Canada deputy governor Rhys Mendes makes opening remarks at the John Kuszczak Memorial Lecture in Ottawa.

(10 a.m. ET) U.S. wholesale inventories for September.

(2 p.m. ET) U.S. Fed announcement with chair Jerome Powell’s press briefing to follow.

Earnings include: Algonquin Power & Utilities Corp.; Barrick Gold Corp.; BCE Inc.; Bombardier Inc.; Cameco Corp.; Canadian Tire Corp. Ltd.; CAP REIT; Definity Financial Corp.; Endeavour Mining Corp.; Hydro One Ltd.; Iamgod Corp.; IGM Financial Inc.; Lightspeed Commerce Inc.; Lundin Gold Inc.; Ovintiv Inc.; Primo Water Corp.; Quebecor Inc.; Saputo Inc.; Stantec Inc.; TC Energy Corp.; Wheaton Precious Metals Corp.

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Friday November 8

Japan household spending

(6:10 a.m. ET) Bank of Canada deputy governor Toni Gravellle joins an ECB panel in Frankfurt.

(8:30 a.m. ET) Canada’s employment for October. The Street is expecting an increase of 0.1 per cent, or 30,000 jobs, from September with the unemployment rate rising 0.1 per cent to 6.6 per cent.

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

Earnings include: Brookfield Business Partners LP; Brookfield Renewable Partners LP; Constellation Software Inc.; Docebo Inc.; Emera Inc.; Heroux-Devtek Inc.; Onex Corp.

Canadian benchmark stock index ended with a modest gain on Friday, lifted by strong gains in technology and consumer discretionary sectors. Upbeat earnings updates from big name U.S. companies Intel and Amazon contributed significantly to the firm undertone on Bay Street.

Investors also digested the latest batch of Canadian and U.S. economic data, and looked ahead to next week’s U.S. presidential election and the Federal Reserve’s monetary policy announcement.

The benchmark S&P/TSX Composite Index climbed to 24,365.11 by late morning, but pared a substantial portion of its gains as the day progressed and eventually closed up 98.29 points or 0.41% at 24,255.16. The index recorded a weekly loss of 0.85%.

The Consumer Discretionary Capped Index gained almost 2%. The Information Technology Capped Index climbed 1.25% and the Healthcare Capped Index closed up 1.66%.

Aecon Group Inc (ARE.TO) shares soared nearly 19%. Air Canada (AC.TO) zoomed about 14%. Air Canada reported net income of C$2.035 billion or C$5.38 per share for the third quarter, lower than C$1.250 or C$3.08 per share in the same quarter a year ago.

Fairfax Financial Holdings (FFH.TO) jumped more than 9%, Kinaxis Inc (KXS.TO) gained about 7.4% and Dayforce (DAY.TO) gained 7.3%. Docebo Inc (DCBO.TO) and Magna International (MG.TO) both ended higher by about 6.5%. Magna International announced that its board has approved a proposal to buy back up to around 28.5 million shares, or approximately 10% of the public float.

Stella-Jones (SJ.TO), Celestica Inc (CLS.TO), Descartes Systems Group (DSG.TO), Morguard Corporation (MRU.TO), Terravest Industries (TVK.TO) and West Fraser Timber (WFG.TO) climbed 2 to 3.4%.

Constellation Software (CSU.TO), FirstService Corporation (FSV.TO), Thomson Reuters (TRI.TO) and Intact Financial Corporation (IFC.TO) also ended notably higher.

Ensign Energy Services (ESI.TO) gained nearly 4% after reporting net income of C$5.3 million or C$0.03 per common share for the third-quarter of this financial year, compared to a net loss of C$5.2 million or C$0.03 per common share, a year ago.

Eldorado Gold Corporation (ELD.TO) ended down 5.8% despite reporting turnaround results. The company reported net earnings of $101.1 million or $0.49 per share for the third-quarter, compared to last year’s loss of $6.6 million or $0.03 per share.

Imperial Oil (IMO.TO) closed lower by 5.1%. Open Text Corporation (OTEX.TO), Emera Incorporated (EMA.TO), Capital Power Corporation (CPX.TO), goeasy (GSY.TO), Molson Coors Canada Inc (TPX.B.TO), Cogeco Communications (CCA.TO) and Wheaton Precious Metals (WPM.TO) also ended notably lower.

In economic news, a report from S&P Global said that its Canada Manufacturing PMI rose to 51.1 in October from 50.4 in the previous month, marking the second consecutive expansion in the nation’s factory activity after 17 consecutive monthly contractions.

Magna International Inc. cut its guidance for its full year as it reported net income attributable to the company of US$484 million for its third quarter, up from US$394 million a year earlier.

The Ontario-based auto parts company, which keeps its books in U.S. dollars, says the profit amounted to US$1.68 per diluted share for the three months ended Sept. 30, compared with US$1.37 per diluted share a year earlier.

Sales for the quarter totalled US$10.28 billion, down from US$10.69 billion in the same quarter last year.

On an adjusted basis, Magna says it earned US$1.28 per diluted share, down from an adjusted profit of US$1.46 per diluted share a year earlier.

In its outlook, Magna says it now expects total sales for 2024 between US$42.2 billion and US$43.2 billion, compared with earlier expectations for between US$42.5 billion and US$44.1 billion.

The company, which reduced its expectations for light vehicle production around the world, also says it now expects adjusted net income attributable to Magna of US$1.45 billion to US$1.55 billion for 2024, down from earlier guidance for between US$1.5 billion and US$1.7 billion.

This report by The Canadian Press was first published Nov. 1, 2024.

Imperial Oil Ltd. reported a third-quarter profit of $1.24 billion, down from $1.60 billion in the same quarter last year.

The company says the profit amounted to $2.33 per diluted share for the quarter ended Sept. 30, down from $2.76 per diluted share a year earlier.

The result came as Imperial’s total revenue and other income amounted to $13.26 billion for the quarter, down from $13.92 billion in the same quarter last year.

Imperial says upstream production in the quarter averaged 447,000 gross oil-equivalent barrels per day, the highest third-quarter production in over 30 years.

The result was up from 423,000 gross oil-equivalent barrels per day a year earlier.

Downstream throughput in the quarter averaged 389,000 barrels per day, with overall refinery capacity utilization of 90 per cent, compared with 416,000 barrels per day and 96 per cent utilization a year ago.

This report by The Canadian Press was first published Nov. 1, 2024.

Enbridge Inc. reported a third-quarter profit attributable to common shareholders of $1.29 billion, up from $532 million a year earlier.

The company says the profit amounted to 59 cents per share for the quarter ended Sept. 30, up from 26 cents per share in the same quarter last year.

The results in the most recent quarter included a non-cash, net unrealized derivative fair value gain of $112 million, compared with a net unrealized loss of $782 million a year ago when it also took a $124-million provision adjustment related to a litigation matter.

On an adjusted basis, Enbridge says it earned 55 cents per share in its latest quarter, down from an adjusted profit of 62 cents per share a year earlier.

The average analyst estimate had been for a profit of 56 cents per share, according to LSEG Data & Analytics.

Enbridge chief executive Greg Ebel says the company saw strong utilization of its assets which drove another solid quarter of financial results.

This report by The Canadian Press was first published Nov. 1, 2024.

The Company Expects 2024 Normalized EBITDA to be in the Upper End of Guidance Range, Based on Strong Utilities and Midstream Performance

CALGARY, AB, Oct. 31, 2024 /CNW/ – AltaGas Ltd. (“AltaGas” or the “Company”) (TSX:ALA.TO) reported third quarter 2024 financial results and provided an update on its operations and other corporate developments.

Read more at newswire.ca

The Canadian Press – Canadian Press – Thu Oct 31, 7:31AM CDT

CALGARY — Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

AP – Thu Oct 31, 7:26AM CDT Contributor Content

CALGARY ALBERTA CANADA, Alberta (AP) — CALGARY ALBERTA CANADA, Alberta (AP) — Canadian Natural Resources Ltd. (CNQ) on Thursday reported third-quarter profit of $1.66 billion.

The Calgary Alberta Canada, Alberta-based company said it had net income of 77 cents per share. Earnings, adjusted for non-recurring gains, came to 71 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

The oil and natural gas company posted revenue of $7.62 billion in the period. Its adjusted revenue was $6.52 billion, also topping Street forecasts. Three analysts surveyed by Zacks expected $6.4 billion.

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

Spin Master Corp. says it earned US$140.1 million in its third quarter, down 15 per cent from a year earlier.

The toy company known for Paw Patrol and other popular brands says revenue totalled US$885.7 million, up from US$710.2 million during the same quarter last year.

Diluted earnings per share were US$1.32, down from $1.45 during the third quarter of 2023.

President and CEO Max Rangel says though the softer economic environment is still a challenge for Spin Master, the toy segment helped drive growth in the third quarter.

Toy revenue was up almost 35 per cent, while the company saw declines in revenue from entertainment and digital games.

Revenue growth year over year was helped by revenue from Melissa & Doug, a toy brand that Spin Master acquired early in 2024.

This report by The Canadian Press was first published Oct. 30, 2024.