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Top News Before the Bell Stocks to Watch Insight TOP NEWS • China says holding 'in-depth' talks with U.S. on interim trade deal China and the United States are holding "in-depth" discussions on a first phase trade agreement, and cancelling tariffs is an important condition to reaching a deal, the Chinese commerce ministry said. • OPEC sees smaller 2020 oil surplus ahead of policy meeting OPEC pointed to a smaller surplus in the oil market next year although it still expects demand for its crude to drop as rivals pump more, building a case to maintain supply curbs at a meeting next month. • 'Suffering' German economy narrowly escapes recession in third quarter The German economy narrowly avoided an expected slip into recession in the third quarter as consumers, state spending and construction drove a 0.1% quarterly expansion in Europe's largest economy. • Pot company Canopy Growth reports bigger loss on charges Canopy Growth reported a bigger quarterly loss, as the Canadian pot producer was hit by restructuring charges. • Alibaba to pioneer paperless listing in break with Hong Kong norm Alibaba's planned $13.4 billion share sale will be Hong Kong's first paperless stock market listing, a source with knowledge of the matter said, breaking with a long-held tradition of investors placing stock orders in bank branches. BEFORE THE BELL Canada's main stock index futures were little changed as higher oil prices offset fears over global economic growth following weak economic data from China and Germany. Wall Street futures slipped, as did European and Japanese shares. Trade concerns boosted safe-haven assets like the Japanese yen, Swiss franc and gold, while the dollar index was little changed. STOCKS TO WATCH • Canopy Growth Corp (WEED). The pot producer reported a bigger quarterly loss, hit by restructuring charges. The company said it took a restructuring charge of C$32.7 million in the reported quarter for returns, return provisions, and pricing allowances primarily related to its softgel and oil portfolio. The biggest Canadian marijuana producer by market capitalization said it sold 998 kilograms of dried medical cannabis in the second quarter, down 41% from the year-ago quarter. It reported a wider net loss of C$374.6 million, in the second quarter ended Sept. 30, from C$330.6 million, a year earlier. INSIGHT • In swaps we trust? Disappearing dollars drive currency trading dependence As dollars dry up, global finance is growing increasingly dependent on opaque currency trading to keep cash flowing. Banks and other short-term dollar borrowers are becoming ever more reliant on the $3.2 trillion-a-day foreign exchange swap market, data shows, leaving them dangerously exposed should U.S. lenders stop feeding the system, even if only temporarily. ANALYSTS' RECOMMENDATION • CAE Inc (CAE). National Bank of Canada raises target price to C$37 from C$36 after the company reported strong second-quarter results and raised its guidance for 2020, with solid gains in its Civil division. • Canada Goose Holdings Inc (GOOS). RBC cuts target price to C$62 from C$75, saying that external factors such as political protests in Hong Kong could adversely impact the company’s sales. • Docebo Inc (DCBO). Canaccord Genuity raises target price to C$20 from C$19 as the company’s solid third-quarter results, including better than expected revenue, raised confidence in its long-term growth prospects. ECONOMIC EVENTS (All timings in U.S. Eastern Time) 0830 New housing price index for Sep: Expected 0.1%; Prior 0.1% COMPANIES REPORTING RESULTS November 14: Aurora Cannabis Inc (ACB). Expected Q1 loss of 4 Canadian cents per share Brookfield Asset Management Inc (BAMa). Expected Q3 earnings of 44 cents per share Canopy Growth Corp (WEED). Expected Q2 loss of 40 Canadian cents per share Cineplex Inc (CGX). Expected Q3 earnings of 14 Canadian cents per share Wheaton Precious Metals Corp (WPM). Expected Q3 earnings of 16 cents per share November 15: No major companies are scheduled to report for the day. CORPORATE EVENTS (All timings in U.S. Eastern Time) 0830 Sienna Senior Living Inc (SIA). Q3 earnings conference call 0830 Canopy Growth Corp (WEED). Q2 earnings conference call 0900 Stelco Holdings Inc (STLC). Q3 earnings conference call 1000 Cineplex Inc (CGX). Q3 earnings conference call 1000 Chorus Aviation Inc (CHR). Q3 earnings conference call 1030 Superior Plus Corp (SPB). Q3 earnings conference call 1100 Brookfield Asset Management Inc (BAMa). Q3 earnings conference call 1800 Aurora Cannabis Inc (ACB). Q1 earnings conference call EXDIVIDENDS Enbridge Inc (ENB). Amount C$0.73 Enghouse Systems Ltd (ENGH). Amount C$0.11 Shaw Communications Inc (SJRb). Amount C$0.09 TransAlta Renewables Inc (RNW). Amount C$0.07 (All analysts' estimates are according to I/B/E/S Refinitiv data.) 2 PICTURE OF THE DAY Demonstrators gather during a protest against Chile's government in Santiago, Chile November 13. REUTERS/Jorge Silva 3 .
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