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-- 215.620 Everything You Need to Know on Tuesday: Scotiabank Anticipates Potential 50 Basis Point Rate Cut from Bank of Canada
Good morning mooers! Here are things you need to know about today's market:
● S&P/TSX 60 Index Standard Futures are trading at 1,534.90, down 0.12% from previous close
● Scotiabank anticipates potential 50 basis point rate cut from Bank of Canada
● Keyera announces 2024-2027 growth targets and 2025 guidance
● North West Co reports slight decline in Q3 adjusted net income amid revenue growth
Currency Snapshot
Today, the Canadian dollar is trading at 70.6 US cents, an increase from the previous close.
Macro
Scotiabank Anticipates Potential 50 Basis Point Rate Cut from Bank of Canada
Scotiabank expects the Bank of Canada (BoC) to potentially cut its overnight rate by 50 basis points on Wednesday, though a 25 basis point reduction may also be appropriate.
Key considerations influencing the rate decision include:
Market Expectations: Aligning with market anticipation of a half-point cut to avoid mixed signals, such as a rise in short-term rates or an appreciating Canadian dollar.
Risk Management: Balancing the risks of inflation falling below the 2% target against the costs of excessive stimulus.
Policy Flexibility: A 50 basis point cut would lower the rate to 3.25%, maintaining policy flexibility for 2025.
Inflation Concerns: While speculative scenarios like tariffs aren't typically acted upon, the BoC may consider measures against potential disinflation.
Macklem's Dovish Approach: Scotiabank views Governor Macklem as dovish, noting his delayed response to inflation and quick action on disinflation signs.
Stocks to watch
Keyera Announces 2024-2027 Growth Targets and 2025 Guidance
2024 Performance: $Keyera Corp (KEY.CA)$ remains on track for a record year in adjusted EBITDA, expecting to reach the upper end of its 6-7% CAGR target from 2022 to 2025, with Marketing held constant.
New Growth Target: The company has shifted to a fee-based adjusted EBITDA calculation, excluding the Marketing segment, targeting a 7-8% CAGR from 2024 to 2027.
Margin Growth: Growth is driven by increased capacity utilization in segments such as Gathering and Processing, KAPS, condensate storage, and the Fort Saskatchewan Condensate System.
2025 Guidance:The guidance will be announced with Q1 2025 results in May. The long-term base Marketing realized margin guidance range remains unchanged at $310 million to $350 million.
North West Co Reports Slight Decline in Q3 Adjusted Net Income Amid Revenue Growth
$The North West Co Inc (NWC.CA)$ has announced a slight decrease in its third-quarter adjusted net income, despite experiencing a modest rise in revenue. The company, which operates supermarkets across Canada, the South Pacific, and the Caribbean, reported a 3.1% drop in adjusted profit, totaling $40.1 million. Per-share figures were not disclosed.
Revenue Growth: Consolidated sales rose by 3.3% to reach $637.5 million, driven by gains in same-store sales and the addition of new stores. When excluding foreign exchange impacts, the sales increase was 3.4%, with food sales up by 3.3%.
Dividend Announcement: The company declared a quarterly dividend of $0.40, payable on January 15.
Source: BNN Bloomberg, MT Newswires
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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