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Top News Before the Bell Stocks to Watch Column TOP NEWS • U.S. expected to grant Huawei 90-day license extension Monday: sources The Trump administration is set to issue a 90-day extension of a license allowing U.S. companies to continue doing business with China's Huawei Technologies, two sources familiar with the deliberations said. • China cuts short-term funding rate for first time since 2015 China's central bank unexpectedly trimmed a closely watched lending rate, the first such cut in more than four years and a signal to markets that policymakers are ready to act to prop up slowing growth. • Saudi Aramco in race for IPO record with $1.7 trillion top value Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil giant on Sunday, below the $2 trillion sought by Saudi's crown prince but putting it in the running to become the world's biggest IPO. • Saracen Mineral to buy Barrick's Super Pit gold mine stake for $750 million Australia's Saracen Mineral said it would buy Canadian-listed Barrick Gold's 50% stake in the Super Pit gold mine in Western Australia for $750 million. • Union sets Nov. 19 strike date on Canadian National Railway if talks fail Canada's Teamsters labor union has given Canadian National Railway notice that it intends to strike starting Nov. 19, the two parties said on Saturday, following a stalemate in contract negotiations. BEFORE THE BELL Futures for Canada's main stock index inched up, tracking global markets, driven by optimism that Washington and Beijing could sign off on a deal to end the trade dispute. Continuing last week’s momentum, U.S stock index futures traded higher supported by surprise rate cut from Chinese central bank. European shares traded higher and Chinese and Japanese stocks ended in the green. The dollar index was down and gold prices slipped amid risk-on trade. Oil prices edged down but held on to last week's gains on expectations that OPEC would extend production cuts. STOCKS TO WATCH Deals Of The Day • Barrick Gold Corp (ABX). Australia's Saracen Mineral Holdings said it would buy Barrick's 50% stake in the Super Pit gold mine in Western Australia for $750 million. The Super Pit is one of Australia's largest gold mines with an average production of 660,000 ounces per annum at an all-in sustaining cost of about A$1,100 per ounce, according to Saracen. Saracen will buy Barrick's half of Kalgoorlie Consolidated Gold Mines Joint Venture, which owns and operates the Super Pit gold mine. U.S.-listed Newmont Goldcorp, the world's largest gold miner, retains the other 50% of the joint venture. The Australian gold miner will fund the acquisition partially through a $545.66 million capital raising and the balance through a loan of A$450 million. The divestment is part of Barrick's, the world's second largest gold producer, drive to dispose of non-core assets. In Other News • Canadian National Railway Co (CNR). Canada's Teamsters labor union has given the company notice that it intends to strike starting Nov. 19, the two parties said on Saturday, following a stalemate in contract negotiations. The company, the largest Canadian railroad operator, offered the Teamsters Canadian Rail Conference a binding arbitration, which the union declined, CN's Chief Operating Officer Rob Reilly said in a statement. "If a settlement cannot be reached this weekend, we will once again encourage the union leadership to accept binding arbitration as an alternative to disrupting the Canadian economy," Reilly said. "We remain committed to constructive talks to reach an agreement without a work stoppage," he added. "In the event that parties are unable to reach a negotiated settlement, over 3,000 conductors, trainpersons and yard workers will exercise their legal right to strike on Tuesday, November 19 at 0:01 a.m. ET", Teamsters Canada said. COLUMN Saudi Aramco's behaviour after IPO matters more than lofty $1.7 trillion valuation: Russell The market focus on the valuation of Saudi Aramco's initial public offering is similar to Bugatti Chiron owners focusing on their vehicles' top speeds - interesting, but of little relevance. ANALYSTS' RECOMMENDATION • Newmont Goldcorp Corp (NGT). National Bank of Canada cuts target price to C$61 from C$64, reflecting the company’s reduced production and lower gold price estimates. • Sienna Senior Living Inc (SIA). RBC cuts target price to C$19.50 from C$20, reflecting on the pressure in the company’s retirement home segment and a lower organic growth guidance. • Supreme Cannabis Company Inc (FIRE). Canaccord Genuity cuts target price to C$1.30 from C$1.60, citing the company’s lower- than-expected first-quarter net revenue and continued pricing pressure. ECONOMIC EVENTS No economic indicators are scheduled for release. COMPANIES REPORTING RESULTS November 18: Trulieve Cannabis Corp (TRUL). Expected Q3 earnings of 13 cents per share November 19: Curaleaf Holdings Inc (CURA). Expected Q3 loss of 2 cents per share George Weston Ltd (WN). Expected Q3 earnings of C$2.22 per share CORPORATE EVENTS No major events are scheduled. EXDIVIDENDS Fortis Inc (FTS). Amount C$0.47 Manulife Financial Corp (MFC). Amount C$0.25 (All analysts' estimates are according to I/B/E/S Refinitiv data.) 2 PICTURE OF THE DAY A child dances in front of a 'Lucid Motion' exhibition at Artechouse in Washington, U.S., November 17. REUTERS/Yara Nardi 3 .
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