Powell Signals Rate Hikes Might've Stopped

Author

Faro Capital
December 03, 2023

Good Afternoon,

U.S. stocks finished higher last week as, investors digested new economic numbers & Fed chairman Powell’s comments. Powell stated monetary policy is “sufficiently” restrictive, inferring that rate hikes would stop. Pfizer dropped after reporting it’ll stop phase-3 trials of its weight loss drug.

 The TSX hit a 10-week high on Friday, numbers not seen since September. Stocks in the commodity, tech, and lending sectors led the rally. BoC rate decision is this week.

 Brazil’s Ibovespa closed higher on Friday. Braskem is suffering due to a mine collapse Maceio, pushing investors to sell its stock. Brazil is looking to join OPEC as an OPEC+ member.

Markets:

Top News Stories

Canada

  • Quebec wine growers will now pay 40% tax to SAQ for wine sold to grocery stores (MG)

  • Canada unemployment rate hit 5.8% in November (MG)

  • Canadian government awards Boeing an C$8B deal for surveillance aircrafts (MG)

  • Small businesses lose out on C$38B in sales due to labor shortages (MG)

  • Head of Investissment Quebec hints that Quebec’s battery industry can hit C$30B in a few years (MG)

  • BRP saw Q3 earnings drop vs last year (VS)

  • Calgary sees an 8.8% m/m increase in home sales as prices increase (BNN)

  • Cineplex looks to sale digital advertising business (BNN)

  • NBC reported Q4 earnings higher and raised its dividend (BNN)

  • TD Bank announced job cuts (BNN)

  • Alimentation Couch0tard reports net earnings of $819.2M (BNN)

  • Lion electric to cut 150 jobs (BNN)

  • Calgary voted most open to trade between provinces and territories (CH)

U.S.

  • Charlie Munger has passed away (CNBC)

  • Amazon buys three SpaceX rocket launches for Project Kuiper internet satellites (CNBC)

  • Paramount & Apple discuss streaming bundle (CNBC)

  • Panera Bread to go public (CNBC)

  • Ulta Beauty sales increase, stock pops (CNBC)

  • AbbVie to buy ImmunoGen (CNBC)

  • Spirit Airlines to offer buyouts to employees (CNBC)

  • Foot Locker beats earning reports (CNBC)

  • Mark Cuban to sell majority stake in the Dallas Mavericks to Adelson family (CNBC)

  • Shien files for IPO (CNBC)

  • Uber to get included in the S&P 500 (CNBC)

  • Talos Energy terminates COO Robert Abendschein (WSJ)

  • Mallinckrodt avoids $40M SEC fine on Medicaid Overcharge case (WSJ)

Argentina

  • EU-Merocur agreement to be delayed as Milei’s approval is needed (BAT)

  • Ualá launches no fee credit card in Argentina (BAT)

  • The public is now seeing Milei’s government taking shape (BAT)

Brazil

  • Brazil & Saudi leaders met to discuss increasing bilateral trade to $20B by 2030 (RIO)

  • Brail sees inflation increasing by 0.33% in November (RIO)

  • Brazil sees historic trade surplus of $8.8B, a 41.5% increase vs last year (RIO)

  • The industrial sector grew slightly by 0.1% in November (RIO)

  • Household consumption grew 2.89% in October (RIO)

  • Mercosur & Singapore free trade agreement has finalized (RIO)

  • Brazil is closing in on 1.8M new jobs in 2023 (RIO)

Colombia

  • Manufacturing productivity dropped 1% (PORT)

  • New appoints are now on the Corficolombia board of directors (PORT)

  • Carlos Zenteno leaves post as president of Claro Colombia (PORT)

  • Directors of the Banco de la Republica state their inflation target is 3% (PORT)

  • The Superintendencia Financiera certifies current bank interest rates of 25.02% (PORT)

  • Business contribute $2B pesos to public tax projects (PORT)

  • Car sales rose 27% in the last six months of 2023 (PORT)

  • Grupo Sura buys shares of Sura Asset Management (PORT)

Dominican Republic

  • Avocado exports hit $48M in Q1 2023 (ELD)

  • Korean cars are the brand most sold in the Dominican Republic (ELD)

  • Central bank to cut rates by 25bps to 7% (ELD)

Ecuador

  • Petroecuador reports its starting to collect outstanding debts of more than $240M from various entities (ELU)

  • Cost of living in Guayaquil, Quito, and Cuenca (ELU)

Mexico

  • Hydrocarbon industry attracts investments of $65B in September (MB)

  • Crude exports drop 6.1% in October (MB)

  • Mining sector attracts $2.9B in FDI during Q3 2023 (MB)

  • Retail sales stories for the week (MB)

Panama

  • First Quantum asks for an arbitration proceeding for its closed copper mine (BNN)

  • Panama GDP grew 8.8% between January to June 2023 (LAE)

  • Q Group to be the sole distributor for Chevrolet & Cadillac in Panama (LAE)

  • Panamanian bonds drop due the First Quantum mine fallout (LAE)

 Uruguay

  • Uruguay to drop the price of by to two pesos per liter (LAE)

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