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7:30 a.m.
HBC sells $340 million in North American actual property
The corporate that owns Hudson’s Bay says it accomplished actual property transactions in Canada and the US leading to a acquire of round US$340 million.
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HBC LP, which additionally owns Saks Fifth Avenue and Saks Off fifth, says in an announcement that it’s the proprietor and developer of a North American real-estate portfolio totalling roughly US$7 billion.
The historic retailer introduced layoffs twice this yr because it stated the retail sector is navigating vital pressures.
In 2018, when the corporate was nonetheless publicly traded, buyers challenged it to promote a few of its substantial actual property holdings.
In recent times, the corporate has launched a number of initiatives reminiscent of a revamped loyalty program, partnerships with Eternally 21 and Mountain Tools Co. (MEC), and the revival of low cost chain Zellers.
Earlier this yr, the corporate shut two of its Alberta shops, saying the choice mirrored modifications available in the market in addition to its imaginative and prescient for the long run.
The Canadian Press
Earlier than the opening bell
Shares in Europe struggled for traction on Thursday and bonds fell as exercise surveys confirmed a recession within the euro space is trying more and more probably.
S&P International’s buying managers’ index was in contraction once more in November, hitting 47.1, information confirmed. Whereas that’s a much bigger uptick than anticipated by economists, it marks the sixth consecutive month under the 50 stage that signifies growth.
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Dutch companies had been among the many greatest decliners within the Stoxx Europe 600 index after far-right lawmaker Geert Wilders received a shock victory within the nation’s elections.
United States fairness futures had been little modified. There is no such thing as a Treasury money buying and selling on Thursday as a result of Thanksgiving vacation, whereas Japanese markets are additionally closed.
In Canada, the S&P/TSX composite index closed up 3.99 factors at 20,113,96 on Wednesday.
Bloomberg
What to observe right now
United States inventory markets are closed right now for the Thanksgiving Day vacation.
Prime Minister Justin Trudeau hosts European Union leaders for the nineteenth Canada-EU Leaders’ Summit in St. John’s, Newfoundland.
The inaugural Indigenomics on Bay Road Convention continues in Toronto.
Want a refresher on yesterday’s high headlines? Get caught up here.
Further reporting by The Canadian Press, Related Press and Bloomberg
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