Everything You Need to Know on Friday: Canada's GDP Growth Slows to 1% in Q3
Good morning mooers! Here are things you need to know about today's market:
● S&P/TSX 60 Index Standard Futures are trading at 1,537.30, up 0.16% from previous close
● Canada's GDP growth slows to 1% in Q3
● Competition Bureau sues Google, seeks sale of advertising services
● ABC Technologies to acquire TI Fluid Systems for $1.3 billion
Currency Snapshot
Today, the Canadian dollar is trading at 71.4 US cents, a increase from the previous close.
Macro
Canada's GDP Growth Slows to 1% in Q3
In the third quarter, Canada's economy experienced a slowdown, with GDP growing at an annualized rate of 1.0%, reaching 2.42 trillion Canadian dollars ($1.726 trillion USD), according to Statistics Canada. This growth aligns with market expectations but falls short of the Bank of Canada's 1.5% projection.
Stocks to watch
Competition Bureau Sues Google, Seeks Sale of Advertising Services
The Competition Bureau is suing $Alphabet-C (GOOG.US)$ over alleged anticompetitive practices in its online advertising business. The bureau demands Google divest two services, DoubleClick for Publishers and AdX, and pay a penalty for maintaining market dominance unlawfully. The investigation found Google's ad tech tools suppress competition, hinder innovation, inflate ad costs, and reduce publisher revenues.
Google is accused of monopolizing the ad tech stack, controlling crucial services like DoubleClick for Publishers, AdX, Display & Video 360, and Google Ads. The bureau estimates Google's market share at 90% in publisher ad servers, 70% in advertiser networks, 60% in demand-side platforms, and 50% in ad exchanges.
Dan Taylor, Google's VP of global ads, refutes the accusations, claiming the sector is highly competitive and that the bureau overlooks the choices available to ad buyers and sellers.
The case will proceed to the Competition Tribunal, where the bureau seeks to dismantle Google's dominant position in the ad tech ecosystem. The bureau alleges Google restricted its ad network to its ad exchange and manipulated auction dynamics to disadvantage rivals, based on a multi-year investigation.
News Media Canada supports the bureau's action, emphasizing the need to curb Google's market power to protect publishers and advertisers from coercive practices.
ABC Technologies to Acquire TI Fluid Systems for $1.3 Billion
$ABC Technologies Holdings Inc (ABCT.CA)$, a Canadian auto parts manufacturer backed by Apollo Global Management, has agreed to purchase Britain's TI Fluid Systems Plc for approximately £1 billion ($1.3 billion). After multiple rejected offers, ABC will pay 200 pence per share in cash, marking a 37% premium over TI's closing price on September 13. The transaction values the deal at about £1.8 billion.
This acquisition is part of a recent surge in UK mergers and acquisitions, alleviating worries about a slowdown under the Labour government. TI Fluid's stock rose to 193.8 pence in early London trading, boosting its annual gains to over 25%.
Source: BNN Bloomberg, MT Newswires
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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