Retail Sales in Canada Unexpectedly Jump in November
Canadian retail sales continued to beat estimates in November before tighter Covid-19 restrictions took hold.
Receipts increased 1.3% in November from the previous month, Statistics Canada reported Friday in Ottawa, led by food, beverage and online sales. Economists were expecting sales to be unchanged.
Retail sales rebounded quickly after collapsing in April, and have held up better than expected since then, given the massive government income support measures. It’s unclear how long the strength will last, given the recent surge in virus cases and renewed restrictions in many provinces. A preliminary estimate for December shows sales dropped 2.6%.
But even with the decline in December, retail sales would still be 2.9% above February levels. Monthly average retail sales in 2020 were only 1.3% below 2019 levels.
Receipts rose in 7 of 11 sub sectors.
Excluding vehicles, retail sales in November climbed 2.1%, versus a forecast for a 0.3% increase.
Vehicle sales dropped 0.9%.
In volume terms, total sales were up 1.2%.
— With assistance by Erik Hertzberg
Oil Prices Rise On Hopes Of More US Stimulus
Oil prices rose on Tuesday amid the prospect of increased fiscal stimulus in the United States.
Brent crude for March settlement climbed 1.1 percent to $56.27, after having declined 0.6 percent on Monday.
West Texas Intermediate crude futures for February delivery were up as much as 1.5 percent at $53.05, after rising 1 percent in the previous session.
U.S. President-elect Joe Biden has called for a $2000 “stimulus checks” to his fellow Americans as he prepares to assume the presidency on January 20.
“$600 is simply not enough when you have to choose between paying rent or putting food on the table,” Biden said on Sunday.
Meanwhile, the International Energy Agency said a “big chunk” of U.S. shale is profitable at current prices.
Many producers will be able to boost output and U.S. shale will be needed to fill the gap in the oil balance in the short term, IEA Director Fatih Birol said during a Bloomberg television interview.
Goldman expects Brent oil prices to reach $65/bbl in summer 2021, helped by Saudi Arabia’s decision to cut its oil output and the implications of a shift in power to the Democrats in the United States.
European Economics Preview: Germany GDP Data Due
GDP data from Germany and the account of the monetary policy meeting from the European Central Bank are due on Thursday, headlining a light day for the European economic news.
At 1.00 am ET, December consumer price data is due from Statistics Finland. Prices had increased 0.2 percent on year in November.
At 4.00 am ET, Destatis is slated to publish Germany’s GDP data for the whole year of 2020. The economy is forecast to shrink 5.1 percent in 2020 after rising 0.6 percent in 2019.
At 5.00 am ET, consumer price figures are due from Greece.
At 6.00 am ET, the Central Statistics Office is scheduled to issue Ireland’s consumer price data for December.
At 7.30 am ET, the ECB is slated to release the account of the monetary policy meeting of the Governing Council held on December 9 and 10.
AT&T Phases Out AT&T TV Now
AT&T as expected is phasing out its AT&T TV Now skinny bundle, announcing Tuesday that the service has merged with AT&T TV as it continues to streamline its video offerings.
The company’s site touted AT&T TV as “the best live and on demand experience” with no annual contract, simple pricing and now hidden fees, reminding users to ask about getting a free year of HBO Max and 2021 NBA league pass premium with select packages.
AT&T TV Now launched in 2016 under DirecTV Now. In 2019, AT&T rebranded DirecTV Now as AT&T TV Now and revamped it. Last spring, it launched AT&T TV along with a set-top box — at which point the writing was on the wall for AT&T TV Now.
“AT&T TV Now has merged with AT&T TV to bring you the best live and on-demand experience,” the company’s website said.
Read More About:
Trump tells U.S. depts to pare procurement from China
Bid to thwart attempts to infiltrate U.S. IT networks.
In another action against China days before he leaves office, U.S. President Donald Trump directed government departments to look at ways to minimise procurement of Chinese goods and services to reduce the risks from espionage, his national security adviser said.
In a statement on Friday, Robert O’Brien accused China of targeting the information systems of the U.S. government for personnel records, military plans, and other data through cyber and other means.
“For this reason, the United States must take corresponding actions to protect American interests. We must adjust our regulations and policies and take other necessary actions to reduce the risk of PRC technical and human espionage activities directed at the Federal Government,” he said, referring to the People’s Republic of China.
He said Mr. Trump had directed government bodies to conduct reviews “to minimise the procurement of People’s Republic of China (PRC) goods and services by the Federal Government.”
Mr. O’Brien did not give examples of the procurement he referred to, but a senior administration official said a key aim was to push back against Chinese attempts to infiltrate U.S. IT networks.
Beximco Pharma To Acquire Majority Stake In Sanofi Bangladesh – Quick Facts
Beximco Pharmaceuticals Limited (BXP.L) has entered into a binding commitment with Sanofi group (SNYNF,SNY) regarding the acquisition of a majority stake in Sanofi Bangladesh for a base-price consideration of approximately 35.5 million pounds. Beximco Pharma expects the proposed acquisition to be earnings accretive on completion.
Sanofi Bangladesh has over 800 employees and produces approximately 100 branded generic products mainly for the local market. The proposed deal is for approximately 54.6% of Sanofi Bangladesh’s total share capital. The remaining shares in Sanofi Bangladesh is owned by the Government of Bangladesh.