Black Friday Spending Hit Records This Week

Author

Faro Capital
November 26, 2023

Good Afternoon,

U.S. stocks ended the trading week with mixed results. The Nasdaq dropped a tad lower and the S&P 500 ended relatively flat. 

The TSX closed relatively flat for the week. Retail sales in Canada grew in the past two months. BoC Macklem signaled that rate hikes might’ve come to an end. First Quantum temporarily suspend its Panama operations due to protests this week.

Markets:

Top News Stories

Canada

  • Runoff spill at Fort Hills oilsands site (VS)

  • Survey shows 75% of B.C.’s jobs will need post-secondary education in the next decade (VS)

  • Rogers Sugar has asked for mediation to end an 8-week strike at its Vancouver plant (VS)

  • Vancouver’s draft budget for ’24 of C$ 2B, proposes a tax hike of 7.6% (VS)

  • Trade Panel says dairy quotas don’t limit U.S. products (MG)

  • Microsoft to invest C$ 685M in 4 four data centers in Quebec City (MG)

  • Airline tickets dropped over the year as per a Statistics Canada study (MG)

  • Mastermind toys to get creditor protection (BNN)

  • NextStar Energy expects to need 900 workers to build its battery plant in Windsor (BNN)

  •  CIBC downgrades TD (BNN) 

  • Wealthsimple launches private equity for retail investors (BNN) 

  • BoC Governor Macklem seems positive on interest rates (BNN)

U.S.

  • Shoppers spent a record $9.8B in online sales, 7.5% from last year (CNBC) 

  • American Eagle dropped on Tuesday due to poor holiday forecast (CNBC)

  • Home sales drop to a 13-year low in October (CNBC)

  • Lowes cuts sales outlook (CNBC) 

  • Dick’s Sporting Goods raises full year guidance (CNBC)

  • McDonalds raises its stake in China (CNBC) 

  • U.S Crude Oil reserves rose by 8.7M barrels in a week (WSJ) 

  • WSJ coverage of OpenAI drama (WSJ)

Argentina

  • Banks are going to short-term notes issued by the central bank (BAT)

  • Milei & IMF talk about fiscal adjustment plan (RT) 

  • Luis Caputo is leading Milei’s economic transition team (BAT)

  • Milei pats Horacio Marín to run state energy company YPF (BAT)

  • Judge agrees to delay enforcement of $16.1B against YPF (BAT)

Brazil

  • Petrobras 5-yr plan to create 1.4M jobs (RIO) 

  • Brazil exported $13.4B worth of agricultural goods in October (RIO)

  • Brazil’s steel production dropped 8.1% from Jan-Oct ’23, totaling 26.6M tons (RIO)

  • Brazil exports to an additional 57 markets, totaling to 75 markets for its Ag sector (RIO) 

  • Brazil deficit predictions rose to $36B for the year (RIO)

  • Petrobras looks to Colombia for a partnership (PORT)

Chile

  • LATAM airlines takes lead in US – Brazil traffic (RT)

Colombia

  • Boiron laboratories enters Latin America by open up operations in Colombia (PORT)

  • Bukz starts expansion in Bogotá and Medellin (PORT)

  • Glencore filed a new lawsuit against Colombia before the ICSID, being the fourth lawsuit against the country (PORT)

Dominican Republic

  • As of Oct. 31 public sector debt is $54.99B, 45.8% of GDP (ELD)

  • $775M of the ’24 government budget will be to extend lease contracts of air terminals to Aerodom (ELD)

  • Exports to Haiti dropped 13.68% between Jan – Sept, exports totaled $713M between that time (ELD)

  • DR imported $118.2M (30.2K tons) of fish between Jan – Jun, DR imports 24x more fish then it exports (ELD)

Ecuador

  • President Noboa will inherit more than $10B in debt due to IESS (ELU) 

  • Business owners look at new government for more transparency regarding tariffs (ELU)

  • Kobe Sushi & Rolls continues expansion with fifth restaurant in Guayaquil (ELU)

  • Vita Alimentos invests $4M to expand operations in Tulcán (ELU)

Mexico

  • Central Bankers look at cutting rates as inflation drops (WSJ)

  • Slow Acapulco recovery brings worries (RT) 

  • Mining earnings for the week (MB) 

  • Peñasquito strike drops world production of silver in 2023 (MB)

  • PEMEX ammonia production increases (MB)

  • Carlos Slim is in talks to buy Argentina’s ARSAT (MB)

Uruguay

  • Uruguay & China to work on bilateral trade pact (RT)

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