The new North American trading week began on Monday, December 3rd with investors generally optimistic that the recent G20 economic meetings would set the stage for better markets to come. To which – technical analysts David Tippin & Ron Meisels commented – “Investors need to remain patient. The market will tell us when the correction is finally over and a new bullish up leg is underway.” (For a complete copy of this report – please contact ‘firstname.lastname@example.org’.)
Similarly – a new Bank of America survey found that 57% of small business owners surveyed expected an increase in revenue in the next year and were less worried about financial concerns.
Qatar – the 4th smallest crude oil producer of the 15-nation Organization of the Petroleum Exporting Countries cartel – announced it was leaving OPEC in January to focus on its larger liquified natural gas operations.
Aphria Inc. ‘APHA-T’ shares’ sank by almost 28% to $7.60 after a report by Quintessential Capital Management and Hindenburg Research shed a negative light on the marijuana company.
Tuesday, December 4th saw the price of Teck Resources ‘TECK.B-T’ stock rise by over 2% to $28.78 after Canada’s largest miner announced it sold a 30% interest in its Quebranda Blanca Phase 2 copper project in Chile to Sumitomo Metal Mining and Sumitomo Corporation in an all-cash deal of some US$1.2-billion.
Alkaline Water ‘WTER-T’ shares’ bubbled up by over 11% to $5.45 on word the bottled water company had been approved for a listing on the giant U.S NASDAQ Exchange.
The markets sold off late in the trading day on doubts that the 90-day window for a new U.S. – China trade deal – agreed to at the recent G20 summit – may not be workable.
Wednesday, December 5th had the Bank of Canada does as expected and leaves its key overnight interest rate target unchanged at 1.75%.
This move caused an immediate half-cent drop in the Canadian dollar to a 1½-year low of US$0.7487.
Roots Corp. ‘ROOT-T’ shares’ plunged by over 33% to $3.52 after the Canadian casual clothier disappointed with both its 3rd-quarter financials and fiscal 2019 targets.
The price of Canadian Natural Resources ‘CNQ-T’ stock gained over 4% to $37.33 after the giant petroleum producer sighted low oil prices in cutting its operating budget by about $1-billion to $3.7-billion.
The markets gyrated wildly on Thursday, December 6th on word that Canadian authorities had succumbed to an American request and arrested of Huawei Electronics CFO Wanzhou Meng at the Vancouver, BC airport.
The U.S. Energy Information Administration announced that – for the first time since 1949 – America is now a net exporter of crude oil.
Dollarama Inc. ‘DOL-T’ shares’ fell by almost 12% to $33.33 after Canada’s largest discount merchandiser failed to impress the street with its 3rd-quarter financials.
Friday, December 7th had Statistics Canada report that the country created a record 94,100 new jobs in November and that the nation’s unemployment rate fell by 0.2% to a 40-year low of 5.6%.
South of the border – the U.S. Labor Department reported their economy created a less than expected 155,000 new jobs in November, keeping their unemployment rate at a near 50-year low of 3.7%.
Petroleum industry analyst Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs fell by 1-rig last week to 1,075 active drilling rigs, while the number of active Canadian drilling rigs dropped by 13-rigs to 186 active drilling rigs.
The price of Cronos Group ‘CRON-T’ stock surged up by % to $ on word that American tobacco giant Altria Group was taking a 45% interest in the cannabis company in an all-cash deal of some $1.8-bullion.
Lululemon Athletica ‘LULU-Q’ shares’ fell by over 13% to US$113.87 after the yoga wear retailer lowered its growth forecast outlook for 2019.
During the Week – the TSX Venture fell to a new 2¾-year closing low of 563 and the Canadian dollar dropped to a new 1½-year low of US$0.7453.
Algonquin Power & Utilities ‘AQN-T’ at $14.46, Gildan Activewear ‘GIL-T’ at $45.07 and Rogers Communications ‘RCI.B-t’ at $71.58 rose to new TSX 52-week trading highs while Advantage Oil & Gas ‘AAV-T’ at $2.31, Guardian Capital Group ‘GCG.A’ at $22.78 and Power Corporation ‘POW-T’ at $26.05 all fell to new 52-week trading lows.
For the Week – the Dow Industrials fell by 4.50% to 24,389, with the S&P 500 off by 4.60% to 2,633 and the NASDAQ down by 4.94% to 6,969. Up north – the TSX Composite lost 2.65% to 14,795 and the TSX Venture closed 3.05% lower at 572.
With Commodities – gold bullion gained 2.20% to US$1,253, while copper fell by 1.08% to US$2.76, as crude oil rose by 3.30% to US$52.61 and natural gas dropped by 2.60% to US$4.49. overall – the CRB Spot Commodity Index gained 0.48% to end the week at 418.
The Canadian dollar fell by 0.17% against the American dollar to finish the week at US$0.7506.
And the closely watched CBOE volatility Index or VIX climbed by 5.16-points to end the week at a much more nervous level of 23.23.
And Finally – The U.S. Federal Reserve reported that – helped by a rising stock market and home values – American household net worth rose by US$2-trillion from the 2nd to 3rd-quarter to a record US$109-trillion.
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