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Top News Before the Bell Stocks to Watch

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Top News Before the Bell Stocks to Watch TOP NEWS • China warns U.S. over Uighur bill, raising doubts over early trade deal China warned that the U.S. House of Representatives bill calling for a tougher U.S. response to Beijing's treatment of its Uighur Muslim minority will impact bilateral cooperation, clouding prospects for a near-term deal to end a trade war. • OPEC gearing up for deeper oil cuts, Russia yet to agree OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year. • Royal Bank of Canada profit misses estimates on weak equity trading Royal Bank of Canada missed estimates for quarterly profit, as equity trading weakened and also set aside more funds to cover bad loans. • National Bank of Canada quarterly profit beats on growth across units National Bank of Canada's fourth-quarter profit beat analysts' expectations, helped by growth across segments. • Elon Musk due back on witness stand in defamation trial stemming from tweets Tesla Chief Executive Elon Musk was due to resume testifying in his own defense at the trial for a defamation lawsuit filed by a British diver whom the Silicon Valley billionaire called "pedo guy" on Twitter. BEFORE THE BELL Futures for Canada's main stock index rose on higher oil prices, ahead of meetings this week where OPEC and its allies are expected to extend output cuts to support the market. Wall Street futures and European stocks rose as a report that Beijing and Washington were moving closer to a phase-one trade deal offset fears about a possible delay in resolving their prolonged dispute. Asian shares ended in the red. The U.S. dollar was little changed and gold prices slipped. Investors will watch out for Bank of Canada’s rate decision, due later in the day. STOCKS TO WATCH Results • National Bank of Canada (NA). The company’s fourth-quarter profit beat analysts' expectations, helped by growth across segments. Net income rose 5% to C$270 million in its personal and commercial banking unit and 10% to C$130 million in its wealth management business. Canada's sixth-largest lender's loans grew 5% to C$153.25 billion in the quarter, with mortgage loans climbing nearly 6% to C$80.21 billion, despite stringent lending rules introduced by Canada's financial regulators in January 2018. Total loan-loss provisions, or the money a bank sets aside to cover unpaid loans, increased nearly 22% in the fourth quarter ended Oct 31. Net income rose to C$604 million, or C$1.67 per share, from C$566 million, or C$1.52 per share, a year earlier. • Royal Bank of Canada (RY). The company missed estimates for quarterly profit, as equity trading weakened and also set aside more funds to cover bad loans. The lender reported a net income fall of 12.3% to C$584 million in its capital markets business, which includes trading, investment banking and advisory. Total loan loss provisions, or the money a bank sets aside to cover unpaid loans, rose 41.4% to C$499 million. Net income at RBC's personal and commercial banking division rose 5% to C$1.62 billion from a year earlier, helped by interest rate hikes in the U.S. and Canada last year, regions where the bank has substantial operations. In Other News • Canadian Natural Resources Ltd (CNQ). The company said it expects to spend C$4.05 billion in 2020, C$250 million more than in 2019, after the Canadian province of Alberta lifted some curtailments on new oil wells last month. Canadian Natural Resources, which operates in Western Canada as well as in the UK North Sea and offshore Africa, said it would add about 60 drilling locations across Alberta and put 3 additional drilling rigs to work next year, citing the relaxation in policy and a cut in income tax rates. The oil and gas producer also said it expects production of 1.14 million barrels of oil equivalent per day (boepd) to 1.21 million boepd next year, higher than the 1.09 million boepd to 1.15 million boepd it estimates for 2019. COLUMN Hedge funds pile into petroleum on rosier economic outlook: Kemp Hedge funds resumed heavy buying of crude oil and petroleum products last week, with the previous week's bout of profit-taking halted by increasing optimism over the global economy and hopes for more output cuts by Saudi Arabia. ANALYSTS' RECOMMENDATION • Bank of Montreal (BMO). RBC cuts target price to C$109 from C$111, reflecting on lower wealth and capital markets earnings forecasts, after results for these segments came in a bit below expectations this quarter. • Gibson Energy Inc (GEI). RBC raises rating to outperform from sector perform, citing continued growth in the company's core infrastructure segment. ECONOMIC EVENTS (All timings in U.S. Eastern Time) 0815 (approx.) Reserve assets total for Nov: Prior $85,515 mln 0830 Labor productivity rate for Q3: Prior 0.2% 1000 BoC rate decision: Expected 1.75%; Prior 1.75% COMPANIES REPORTING RESULTS December 4: Descartes Systems Group Inc (DSG). Expected Q3 earnings of 11 cents per share Dollarama Inc (DOL). Expected Q3 earnings of 45 Canadian cents per share Laurentian Bank of Canada (LB). Expected Q4 earnings of C$1.16 per share National Bank of Canada (NA). Expected Q4 earnings of C$1.62 per share Royal Bank of Canada (RY). Expected Q4 earnings of C$2.28 per share December 5: Canadian Imperial Bank of Commerce (CM). Expected Q4 earnings of C$3.06 per share Canadian Western Bank (CWB). Expected Q4 earnings of 81 Canadian cents per share Toronto-Dominion Bank (TD). Expected Q4 earnings of C$1.74 per share CORPORATE EVENTS (All timings in U.S. Eastern Time) 0800 Royal Bank of Canada (RY). Q4 earnings conference call 1000 Laurentian Bank of Canada (LB). Q4 earnings conference call 1000 Empire Industries Ltd (EIL). Q3 earnings conference call 1030 Dollarama Inc (DOL). Q3 earnings conference call 1300 National Bank of Canada (NA). Q4 earnings conference call 1700 Descartes Systems Group Inc (DSG). Q3 earnings conference call EXDIVIDENDS Alimentation Couche-Tard Inc (ATDb). Amount C$0.06 Altius Minerals Corp (ALS). Amount C$0.05 Atco Ltd (ACOx). Amount C$0.40 Computer Modelling Group Ltd (CMG). Amount C$0.10 Franco-Nevada Corp (FNV). Amount $0.25 (All analysts' estimates are according to I/B/E/S Refinitiv data.) 2 PICTURE OF THE DAY Cast member Jack Black attends the premiere of the movie "Jumanji: The Next Level" at the Grand Rex in Paris, France, December 3. REUTERS/Benoit Tessier 3 .
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