22206--01-08
[Bnn Bloomberg]: Canada less reliant on U.S.: There is fresh evidence today that Canada is becoming less reliant on the U.S. as a trading partner. The value of Canada’s exports with the U.S. as share of total exports fell to 67.3 per cent in October, the lowest level on record outside the pandemic, in data going back to 1997. Shipments south of the border fell another 3.4 per cent, driven by falling exports of aircraft and gold. Total exports rose 2.1 per cent, driven by gold shipments, specifically to the U.K. However, the merchandise trade balance swung back into deficit as imports of computers and electronics surged.
Telus hires advisers for health unit: Telus has hired TD and Jefferies as advisers to aid in its review of its Telus Health unit. The company says the hiring of these advisers will help develop monetization strategies. The CEO of Telus says the focus for Telus Health is finding a strategic partner.
Defence stocks jump on Trump budget: Shares of defence stocks are rising after U.S. President Trump said he is planning to request an increase in the military budget. U.S. stocks like Lockheed Martin and Northrop Grumman have been given a boost, along with European defence shares. The proposed increase was announced by the President on social media and proposes a US$1.5 trillion defence budget for 2027.
Low oil prices hit Exxon: Exxon Mobil says lower oil prices reduced fourth-quarter results by US$800 million to US$1.2 billion, one of the first signs that Big Oil is facing a tough earnings season. Lower chemical margins and asset write downs were a drag on profit. Exxon is the first of the oil supermajors to report quarterly guidance just weeks before the reporting season is scheduled to kick off. The international crude benchmark last year posted its worst annual performance in half a decade amid a looming global oversupply of crude. The price slump prices come as U.S. President Donald Trump urges Exxon, along with rivals Chevron and ConocoPhillips, to invest billions of dollars to revive the Venezuelan oil industry after the ouster of President Nicolas Maduro this past weekend.
2026-01-07
[Bnn Bloomberg]: Carney heads to China: Prime Minister Mark Carney will make an official visit to China next week as his government tries to rebuild relations with the Asian superpower and reduce Canada’s economic reliance on the United States. Carney is set to meet with Chinese President Xi Jinping during the visit and will have discussions on trade, energy, agriculture and international security. It will be the first trip to China by a Canadian prime minister in nearly a decade.
Deloitte sees Canadian economy slowing: A new report forecasts Canadian growth will slow to 1.5 per cent this year from 1.7 per cent in 2025. Dawn Desjardins, chief economist at Deloitte Canada, says she is cautiously optimistic though that the economy will gain momentum through the second half of the year. She says two key trends to watch this year include trade and investment, with the review of the Canada-U.S.-Mexico free trade agreement scheduled for July, and the federal government’s plans to stimulate billions in investment from the private sector outlined in its latest budget. Desjardins says the Canada-United States-Mexico Agreement (CUSMA) review will be pivotal. We’ll find out more when we speak with Ms. Desjardins live on BNN Bloomberg at 9:20 am ET.
Venezuela oil heads to U.S.: U.S. President Donald Trump says Venezuela will send up to 50 million barrels of oil to the U.S. At the current market price, the value of the oil would be US$2.8 billion. Trump adds the sale will benefit both countries. This comes as a blow to China, previously a top buyer of Venezuelan oil. Venezuela has a backlog of unshipped crude piling up since the U.S. blockade of sanctioned oil tankers came into effect last month.
Toronto home sales sag: Home sales in Canada’s largest real estate market stayed sluggish to close out 2025. Sales in Toronto fell 0.4 per cent in December compared to the month before, capping of a year of lower buyer interest as a result of trade tensions with the U.S. The benchmark price of a home fell 0.7 per cent. Annually, total sales plunged by more than 11 per cent. Buyers failed to return to the market despite lower interest rates and more listings. New listings jumped five and a half per cent month over month in December.
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2026-01-06
[Bnn Bloomberg]: The Daily Chase: Canadian energy stocks looking to rebound. Terry Cain
Canadian energy stocks look to rebound: Canadian energy stocks are looking to rebound today after absorbing significant losses Monday. The sector was hit following military action by the United States in Venezuela. There is speculation that the U.S. will now turn to Venezuela for it supplies of heavy oil. Blue-chip Canadian energy stocks such as Cenovus, Imperial Oil and Canadian Natural Resources traded down by more than four per cent apiece Monday.
Smith renews pipeline call: Alberta Premier Danielle Smith is pushing for a Canadian pipeline after the forced change in leadership in Venezuela. Smith says the recent developments highlight the urgency of such a project. The proposed pipeline would be capable of carrying 1 million barrels a day to British Columbia, where it could be loaded onto tankers for sale in growing Asian nations.
Canadian company looks to recover Venezuela assets: Meanwhile a Canadian company is seeking to regain control of its assets in Venezuela following the regime change in that country. Gold Reserve Ltd. has spent years fighting with Nicolas Maduro’s government over two gold deposits seized by Venezuela. The company operated two gold and copper deposits before they were seized by Venezuela’s government. One of the deposits is worth more than 40 billion U.S. dollars. In an interview with Bloomberg News, Paul Rivett, the company’s vice-chair, says he fielded numerous calls from mining companies over the weekend expressing interest in the deposits. Already, Rivett said he’s exploring deals that could help develop them under a new Venezuelan government.
Suncor beats production targets: Suncor says it has achieved its production targets one year earlier than planned. The Calgary-based energy giant says the achievement was driven by record production in the fourth quarter of last year, as well as its best-ever annual upstream production, refining and utilization. Suncor will give more details on results and outlook when they release their earnings in early February.
Copper rally continues: Copper is extending a powerful rally after topping US$13,000 a ton for the first time. Expectations that the administration of U.S. President Donald Trump may introduce a tariff on refined metal have drawn huge volumes of inventory into the U.S.. This has also potentially left the rest of the world short of the metal, as miners struggle to boost output. Copper’s role in high growth sectors like renewable energy and AI infrastructure has also fueled demand.
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2026-01-05
[bnn Bloomberg]: The Daily Chase: Markets react to U.S. action in Venezuela
Terry Cain
Here are five things you need to know this morning
Rodriguez calls for U.S. cooperation: Venezuela’s acting president Delcy Rodríguez is calling on the United States to cooperate with her government following the capture of Nicolás Maduro. In a statement, Rodríguez invited Washington to work together on a development agenda within international law. U.S. President Donald Trump says Venezuela will need to rebuild and warned Rodríguez of consequences if she fails to cooperate. Maduro is scheduled to appear in a New York court later today.
Oil steady after U.S. action in Venezuela: We’re watching the price of oil, as the market reacts to the U.S. action in Venezuela. West Texas Intermediate crude was trading slightly higher early in today’s session. Venezuela accounts for a small fraction of global supply and the market are already grappling with a swelling glut. While the U.S. says it plans to increase production in Venezuela, experts say any meaningful change would take years to take effect.
U.S. oil stocks jump: U.S. oil stocks traded higher in the premarket in reaction to the news in Venezuela. Chevron, Exxon Mobil and ConocoPhillips all surged on expectations of expanded access to Venezuela’s vast oil reserves. Trump says U.S. companies will invest billions to rebuild the country’s crumbling infrastructure.
Impact on Canadian energy sector: Meanwhile there is speculation about the potential impact of the situation in Venezuela on Canada’s energy sector. Analysts at Bloomberg Intelligence say Canadian Natural Resources, Suncor and other oil sands producers face no immediate threat from the ouster of Venezuelan President Nicolas Maduro, yet over time, the Latin American nation’s 303 billion barrels of reserves could reemerge as a competing source of heavy crude. That would rival Canada’s roughly 5 million barrels a day of output and potentially end its near monopoly on such exports to the U.S.
New Freeland appointment: Former federal minister Chrystia Freeland has been appointed as an economic adviser by Ukrainian president Volodymyr Zelenskyy. Freeland, who has Ukrainian heritage, was named by Prime Minister Mark Carney last year as Canada’s special representative for the reconstruction of Ukraine. Her appointment comes as Carney travels to Paris to meet with other allies of Ukraine in a bid to end Russia’s nearly four-year war on the country.
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