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7:49 a.m.
Canadian grocers’ revenue and gross sales rise
Canadian grocers, Loblaw Cos. Ltd. and Metro Inc. reported increased gross sales and income at the moment.
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Loblaw revenue for its third quarter was $621 million or $1.95 per diluted share, up from $556 million or $1.69 per diluted share in the identical quarter the yr earlier than. Income was $18.27 billion, up from $17.39 billion final yr.
The father or mother firm of Loblaws and Consumers Drug Mart mentioned meals retail same-stores gross sales rose 4.5 per cent and drug retail same-store gross sales gained 4.6 per cent.
Metro mentioned its fourth-quarter revenue rose from $168.7 million final yr to $222.2 million as gross sales rose 14 per cent.
A five-week strike at 27 stores within the Higher Toronto Space throughout the quarter price Metro about $27 million after taxes or 12 cents per share, nevertheless it gained that very same quantity from the additional week within the quarter.
Metro gross sales totalled $5.07 billion, up from $4.43 billion a yr earlier. The rise got here as meals same-store gross sales rose 6.8 per cent and pharmacy same-store gross sales gained 5.5 per cent.
7:30 a.m.
Elon Musk among CEOs hoping to woo China’s Xi
Executives from some of America’s biggest companies are converging on San Francisco this week for an audience with Chinese President Xi Jinping and other Asian leaders as long-frosty U.S.-China relations present solely tentative indicators of warming.
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U.S. President Joe Biden and Xi meet at the moment for a fastidiously choreographed, much-anticipated sitdown on the sidelines of the Asia-Pacific Financial Cooperation summit.
However a number of the greatest names in American enterprise are additionally scheduled to attend the summit, amongst them Citigroup’s Jane Fraser, Exxon’s Darren Woods, Microsoft’s Satya Nadella and Tesla Inc. and SpaceX’s Elon Musk.
The most popular ticket is the Xi dinner, and executives have been scrambling for seats or to be placed on a ready record, in line with folks aware of the scenario. The Chinese language president is beneath strain to guarantee executives that his nation may be very a lot open for enterprise and making progress in its efforts to revive the financial system. His visitors can be eager to inform him that they nonetheless see China as a vitally vital market regardless of Washington’s efforts to erect boundaries round delicate applied sciences.
Bloomberg
Earlier than the opening bell
Shares are persevering with the rally sparked Tuesday by a cooler-than-expected inflation studying in the US that raises the chances the Federal Reserve will finish fee hikes.
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Markets can be watching U.S. retail gross sales and producer costs out at the moment for additional affirmation that an financial slowdown will enable the Fed to cease tightening financial coverage.
Canada’s TSX gained 1.6 per cent Tuesday in a broad-based rally led by financials, base metals and utilities. See the top three performers here.
In New York, S&P 500 index closed up 1.9 per cent.
Nationwide Submit wire companies
What to look at at the moment
All eyes are on the large grocers at the moment as Loblaw Cos. Ltd. and Metro Inc. launch earnings.
We’ll additionally get up to date information on the well being of the housing market this morning with current dwelling gross sales and the MLS dwelling worth index for October. Different information releases embrace Canadian manufacturing gross sales and orders, wholesale commerce and new motorized vehicle gross sales, together with U.S. retail gross sales and the U.S. producer worth index for October.
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Extra reporting by The Canadian Press, Related Press and Bloomberg
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