MORNING NEWS CALL REUTERS Canada Edition Thursday, November 30, 2017

Home , National Bank of Canada, Thomson Reuters

TOP NEWS • OPEC, allies set to agree oil cut extension to end of 2018 OPEC and non-OPEC oil producers look poised to agree to extend output cuts until the end of 2018 to finish clearing a global glut of crude while signalling they could exit the deal earlier if the market overheats. • TD Bank posts quarterly earnings below market forecasts Toronto-Dominion Bank reported fourth-quarter results which were below market expectations, affected by a decline in revenues at its investment banking business. • U.S. Senate tax drama enters complicated end-game gambit The Republican drive to push sweeping tax legislation through the U.S. Senate was hurtling on Thursday toward a dramatic conclu- sion, as Republican leaders pursued behind-the-scenes deals intended to secure enough votes for passage. • Sears comp sales continue to fall, loss in line with forecast Sears Holdings continued its streak of declining sales in the third quarter, reporting a double-digit drop in comparable sales at its Sears and Kmart chains. • Credit Suisse targets more cost cuts, sets 2019 and 2020 yield goals Credit Suisse on Thursday announced ambitions to pare costs beyond 2018, as Chief Executive Tidjane Thiam builds on a revamp of the Swiss lender the bank says will be completed that year.

BEFORE THE BELL Stock futures pointed to a slightly higher opening for Canada's main stock index as oil prices surged after members at the OPEC- led meeting suggested extension of the crude output cut to end of 2018. Major U.S. stock indexes were set to recover from previous session’s losses as focus shifted towards the Senate’s final vote on the tax legislation. European markets made modest gains, while Britain's FTSE 100 slipped on a higher pound. The U.S. dollar steadied as investors added bets the Fed will continue to unwind its record policy stimulus plan next year as growth prospects brighten, while gold edged lower.

STOCKS TO WATCH

Results • Toronto-Dominion Bank (TD). and Canadian Imperial Bank of Commerce (CM). TD Bank reported fourth-quarter results which were below market expectations, affected by a decline in revenues at its investment banking business. Earnings per share, excluding one-off items, rose to C$1.36 from C$1.22, a year ago. Analysts had on average expected earnings of C$1.39. Net income, excluding one-off items, rose to C$2.6 billion from C$2.3 billion, a year ago. Revenue from its wholesale banking division fell by 6 percent to C$694 million, reflecting weaker capital markets activity. Smaller rival Canadian Bank of Commerce reported fourth-quarter results which beat market expectations, helped by strong growth in its Canadian commercial banking and wealth management businesses.

In Other News • Teck Resources Ltd (TECkb). A union at the company's Quebrada Blanca copper mine on Wednesday rejected a contract offer from the Canadian miner, increasing the likelihood of a strike, the union told Reuters. Either the company or the 106-member union, which comprises 24 percent of the mine's workforce, may still opt for a period of government-facilitated mediation before a strike be- gins. The mine's remaining unions earlier this year opted to extend their contract for 15 months, leaving negotiations until 2018.

INSIGHT Does Europe have what it takes to create the next Google? Europe is making major strides to eliminate barriers that have held back the region from developing tech firms that can compete on the scale of global giants Alphabet Inc’s Google, Amazon.com Inc or Tencent Holdings Inc, a report published on Thursday shows. MORNING NEWS CALL - CANADIAN EDITION November 30, 2017

ANALYSTS' RECOMMENDATION • Dollarama Inc (DOL). National Bank of Canada raises target price to C$160 from C$145 believing the company is capable of continued solid results. • Royal Bank Of Canada (RY). Desjardins raises price target to C$109 from C$108 based on the company's positive fourth quarter earnings, with cash EPS being above expectations.

ECONOMIC EVENTS 0830 Current Account for Q3: Expected -C$19.50 bln; Prior - C$16.32 bln

COMPANIES REPORTING RESULTS Nov 30: Canadian Imperial Bank of Commerce (CM). Expected Q4 earnings of C$2.59 per share Toronto-Dominion Bank (TD). Expected Q4 earnings of C$1.39 per share

Dec 1: BRP Inc (DOO). Expected Q3 earnings of 94 Canadian cents per share National Bank of Canada (NA). Expected Q4 earnings of C$1.38 per share

CORPORATE EVENTS 08:00 Canadian Imperial Bank of Commerce (CM). Q4 earnings conference call 10:00 Exco Technologies Ltd (XTC). Q4 earnings conference call 13:30 Toronto-Dominion Bank (TD). Q4 earnings conference call 16:00 Symbility Solutions Inc (SY). Q3 earnings conference call 16:00 Viq Solutions Inc (VQS). Q3 earnings conference call 17:00 Assure Holdings Corp (MRXh). Q3 earnings conference call

EXDIVIDENDS Agnico Eagle Mines Ltd (AEM). Amount $0.11 Canaccord Genuity Group Inc (CF). Amount C$0.01 Great-West Lifeco Inc (GWO). Amount C$0.37 High Liner Foods Inc (HLF). Amount C$0.15 Imperial Oil Ltd (IMO). Amount C$0.16 Lucara Diamond Corp (LUC). Amount C$0.03 Norbord Inc (OSB). Amount C$0.60 Open Text Corp (OTEX.O). Amount $0.13 Secure Energy Services Inc (SES). Amount C$0.02 Suncor Energy Inc (SU). Amount C$0.32 TransAlta Corp (TA). Amount C$0.04 TransAlta Renewables Inc (RNW). Amount C$0.08 Western Forest Products Inc (WEF). Amount C$0.02

(All analysts' estimates are according to Thomson Reuters I/B/E/S)

2 MORNING NEWS CALL - CANADIAN EDITION November 30, 2017

PICTURE OF THE DAY

A man dressed as Santa Claus buys a ticket at the Christmas market in Innsbruck, Austria, November 29. REUTERS/ Leonhard Foeger

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