TOP NEWS
• Biden may cancel Keystone XL pipeline permit as soon as his first day in office - source
U.S. President-elect Joe Biden is planning to cancel the permit for the
$9 billion Keystone XL pipeline project as one of his first acts in
office, and perhaps as soon as his first day, according to a source
familiar with his thinking.
• Carrefour shares slump as proposed Couche-Tard deal unravels
French supermarket group Carrefour's shares slid after a possible
takeover by Canadian rival Alimentation Couche-Tard unravelled over the
weekend.
• China's economy picks up speed in Q4, ends 2020 in solid shape after COVID-19 shock
China's economy picked up speed in the fourth quarter, with growth
beating expectations as it ended a rough coronavirus-striken 2020 in
remarkably good shape and remained poised to expand further this year
even as the global pandemic rages unabated.
• Trump admin slams China's Huawei, halting shipments from Intel, others - sources
The Trump administration notified Huawei suppliers, including chipmaker
Intel, that it is revoking certain licenses to sell to the Chinese
company and intends to reject dozens of other applications to supply the
telecommunications firm, people familiar with
the matter told Reuters.
• 'Brexit carnage": shellfish trucks protest in London over export chaos
More than 20 shellfish trucks parked on roads near British parliament
and Prime Minister Boris Johnson's Downing Street residence to protest
against post-Brexit bureaucracy that they say has stopped them exporting
to the European Union.
BEFORE THE BELL
Futures for Canada's main stock index rose,
as positive economic data from China pushed up base metal prices and
looked set to benefit major miners, although a U.S. holiday seemed
likely to
keep trading volumes subdued. European stocks slipped
as French retailer Carrefour tumbled after ending merger talks with
Alimentation Couche-Tard, with worries about a slow economic recovery
keeping investors on edge. Japan's Nikkei slid as investors took profits from recent gainers. Gold prices rose on the
prospect of extended U.S. fiscal stimulus and accommodative monetary policies and the U.S. dollar strengthened as an undercurrent of risk aversion swept through currency markets. Oil prices
fell on demand worries. Canada's housing starts numbers for December are expected on the economic calendar.
STOCKS TO WATCH
• Alimentation Couche-Tard.
French supermarket group Carrefour's shares slid after a possible
takeover by Canadian rival Alimentation Couche-Tard unravelled over the
weekend. Couche-Tard dropped
its $19.6 billion bid for Carrefour after the French government opposed
the deal, citing food security concerns, though the two companies said
they would continue to work on partnership opportunities. Analysts at
investment bank Citi said there was still a
chance that Carrefour and Couche-Tard could revive talks at a later
date while the possibility remains for Carrefour and domestic rival
Casino to examine a merger deal.
• Lithium Americas Corp.
The U.S. Bureau of Land Management gave final approval on Friday to the
company’s Thacker Pass lithium mine in northern Nevada, part of a push
by policymakers to boost
domestic output of the white metal for electric vehicle batteries. The
Vancouver-based company now plans to seek financing for the project,
which could be producing lithium by October 2022. The approval comes in
the waning says of U.S. President Donald Trump's
administration, during which a raft of mining projects have been
approved.
• TC Energy Corp.
U.S. President-elect Joe Biden is planning to cancel the permit for the
$9 billion Keystone XL pipeline project as one of his first acts in
office, and perhaps as soon as
his first day, according to a source familiar with his thinking. The
words "Rescind Keystone XL pipeline permit" appear on a list of
executive actions likely scheduled for the first day of Biden's
presidency, according to an earlier report by the Canadian
Broadcasting Corp. Alberta Premier Jason Kenney said on Twitter that
cancellation would eliminate jobs, weaken U.S.-Canada relations and
undermine American national security by making the United States more
dependent on OPEC oil imports. TC Energy, which operates
the pipeline, said it would achieve net zero emissions by 2023 when it
enters service. The company also pledged to use only renewable energy
sources by 2030 in a bid to win Biden's support.
INSIGHT
Big
Oil’s flagship plastic waste project sinks on the Ganges
A wheelbarrow and a handful of metal grids for capturing litter,
emblazoned with the words “Renew Oceans,” sit rusting outside an empty,
padlocked office in the Indian city of Varanasi, a short walk from the
Ganges.
ANALYSTS' RECOMMENDATION
• Sun Life Financial Inc:
National Bank of Canada raises rating to outperform from sector
perform, citing a strong balance sheet and an attractive business mix.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0815 House starts, annualized for Dec: Expected 225,000; Prior 246,000
0830 Securities Cdns for Nov: Prior C$7.96 bln
0830 Securities Foreign for Nov: Prior C$6.92 bln
COMPANIES REPORTING RESULTS
January 18 & 19:
No major companies are scheduled to report.
CORPORATE EVENTS
No major events are scheduled for the day.
EX-DIVIDENDS
GFL Environmental Inc: Amount $0.01
(All analysts' estimates are according to I/B/E/S Refinitiv data)
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