2023-11-15 19:06:37
(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• Loblaw records increased revenue this quarter. Canadian food and drug retailer Loblaw reported a 5% increase in third-quarter revenue, driven by strong demand for discounted medications and groceries in its stores.
• Target forecasts strong profit for the holiday quarter. The company reported well-beating-than-expected profit for the holiday quarter as the big-box retailer benefits from lower supply chain costs and its efforts to control inventory begin to take effect. bear fruit, which caused its shares to rise in pre-market trading.
• GM grabs key Tesla gigacasting supplier. For years, a little-known company has helped Tesla push the boundaries of “gigacasting,” the process of casting large body parts for cars in one piece to save time and money. That’s until 2023, when General Motors struck a deal to buy the company as part of its strategy to catch up with Tesla, according to four people familiar with the deal.
• Biden and Xi Jinping meet as military and economic tensions between the United States and China escalate. US President Joe Biden is meeting Chinese leader Xi Jinping for the first time in a year, for talks that might ease friction between the superpowers over military conflicts, drug trafficking and artificial intelligence.
• Chevron is exploring options for East Texas assets. Chevron said it is evaluating options for regarding 70,000 net acres of land in the Haynesville shale formation in East Texas following halting development earlier this year. According to sources, a full sale is being considered.
TRENDS BEFORE OPENING
Futures for Canada’s main stock index are climbing, tracking Wall Street futures, as an encouraging inflation report fueled hopes that U.S. interest rates have peaked, while Investors are watching producer prices and retail sales data due out later today. The European STOXX 600 index reached its highest level in more than a month thanks to falling inflation in major economies. Japan’s Nikkei closed higher, surpassing the psychological 33,000 level for the first time in almost two months, thanks to strong corporate results and pessimistic bets from the Fed. The price of gold has reached its highest level in more than a week. At the same time, the US dollar increased slightly following recording its biggest fall in a year the day before. Oil prices are falling on signs that the United States has reached peak production, which has offset positive crude demand signals from top consumer China.
(Re)read all the market news
HEADLINES TO FOLLOW
• Loblaw Companies: The Canadian food and pharmaceutical retailer reported a 5% increase in third-quarter revenue, driven by strong demand for discounted medicines and food products in its stores. The company maintained its annual target of double-digit growth in adjusted net income per share and expects profit in its retail sector to grow faster than sales. Loblaw reported 4.5% growth in its grocery same-store sales, while its pharmacy same-store sales increased 7.4%. % during the quarter, driven by continued demand for over-the-counter drugs and private label food brands. Net income attributable to Loblaw increased 11.7% to C$621 million in the quarter ended October 7. On an adjusted basis, Loblaw earned C$2.26 per share, narrowly beating analysts’ average estimate of C$2.22, according to LSEG data. Revenues amounted to 18.27 billion Canadian dollars, compared to 13.73 billion Canadian dollars a year earlier.
Click next to see the recommendations:
1700078538
#Market #news #November
