Global Markets
Canadian Markets
Canada’s TSX gained on Friday, although trading volumes remained subdued as market participants evaluated the country’s latest third-quarter GDP report. Statistics Canada reported a 1% annualized economic growth rate for the quarter, with real GDP inching up by 0.1% in September. While these figures met economists’ expectations, they fell short of the Bank of Canada’s quarterly projection of 1.5%. This data further underscores a cooling economy, a development that could influence the central bank’s policy outlook.
American Markets
US stocks moved higher, buoyed by optimism surrounding the holiday shopping season, which kicked off with strong consumer activity. Investors showed heightened interest in retail stocks, reflecting hopes of robust fourth-quarter performance in the sector.
European Markets
European markets closed higher on Friday, even though ongoing concerns about interest rate trajectories and economic stability in the Eurozone persist.
UK stocks ended the month on a positive note, with the markets registering solid gains, driven by resilient corporate earnings and optimism in energy and financials.
Japanese Markets
Japan’s Nikkei index fell as the yen appreciated against the dollar, spurred by expectations of a potential Bank of Japan rate hike. These expectations were bolstered by inflation data exceeding forecasts, fueling speculation about a shift in the central bank’s ultra-loose monetary policy.
Corporate Stock News
- Aviva: The insurance company has contacted investors in bid target Direct Line, potentially paving the way for a hostile takeover.
- Aldebaran Resources Inc: Cormark Securities raised its price target to C$3 from C$2.75 following a resource update that may have increased the company’s mineable resource and boosted its net asset value.
- Alphabet Inc: Canada’s Competition Bureau is suing the tech giant over alleged anti-competitive practices in online advertising, seeking penalties and the sale of two of its ad tech tools. Additionally, India’s competition watchdog is investigating Google’s restrictive policies for real-money games.
- Amazon.com Inc: The company developed new generative AI that can process images and videos, reducing reliance on the startup Anthropic. This AI model, codenamed Olympus, could be announced at the AWS re:Invent conference.
- Applied Therapeutics Inc: The U.S. FDA declined to approve the company’s drug for treating galactosemia, causing shares to fall. The company plans to address deficiencies in the marketing application and request a meeting with the FDA.
- BlackRock Inc: BlackRock is in discussions to acquire private credit group HPS Investment Partners for nearly $12 billion, with a deal announcement expected post-U.S. Thanksgiving.
- Cigna Group, CVS Health Corp & GoodRx Holdings Inc: Two independent pharmacies are pushing to centralize at least four proposed class action lawsuits accusing GoodRx and pharmacy benefit managers of anti-competitive practices in Rhode Island federal court.
- Exxon Mobil Corp: A U.S. National Labor Relations Board judge ruled that Exxon Mobil’s lockout of union workers at a Texas oil refinery was legal, although the union is considering appealing the decision.
- First Solar Inc: U.S. trade officials are expected to impose new tariffs on solar panel imports from four Southeast Asian nations after accusations of unfair trade practices, potentially benefiting U.S. solar manufacturers.
- HSBC Holdings Plc: HSBC is pulling back from its credit card business in China after struggling to expand and make the enterprise profitable, halting new card issuance and winding down the service.
- Intel Corp: Intel’s $7.86 billion in U.S. government subsidies restrict the company’s ability to sell stakes in its chipmaking unit if it becomes an independent entity, with conditions to maintain control over Intel Foundry.
- Meta Platforms Inc: Australia approved a law banning social media use for children under 16, setting a precedent for stricter regulations globally, with fines for non-compliance. Meta criticized the law, calling it a “predetermined process.”
- Microsoft Corp: The U.S. Federal Trade Commission opened an antitrust investigation into Microsoft, focusing on its software licensing, cloud services, cybersecurity, and AI practices.
- Sixth Street Specialty Lending Inc: Achmea and Sixth Street formed a joint venture in the Netherlands, combining their life insurance and pensions portfolios, with Sixth Street paying Achmea €445 million for a 20% stake.
- T-Mobile US Inc: T-Mobile detected attempts by cybercriminals to infiltrate its systems but confirmed that no sensitive customer data was accessed. The company reported the incident to U.S. authorities for investigation.
- NetEase Inc: JPMorgan raised its target price to $120 from $110, citing stronger-than-expected third-quarter game performance and naming it a top pick in China’s digital entertainment sector.
- Netstreit Corp: Jefferies raised its target price to $18 from $17, as the company is on track to exceed its fiscal year 2024 acquisition goal
- .Prologis Inc: RBC lowered its target price to $125 from $127, due to assumptions about lower lease spreads and weaker occupancy trends.
- Wise Plc: European regulators rebuked the British fintech firm for inadequate anti-money laundering controls, requiring the company to enter a formal remediation plan.
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