Gold Set for Worst Week in 3 Years

Prices for gold were little changed on Friday, but was set for its worst week in more than three years, hurt by a stronger U.S. dollar amid expectations of fewer Federal Reserve rate cuts.

Spot gold rose 0.1% to $2,569.69 per ounce after a five-session slide. It was down more than 4% for the week so far.

Bullion hit a two-month low in the previous session and has declined more than $220 from the record peak hit last month.

U.S. gold futures were up 0.1% at $2,574.50.

According to the CME Fedwatch tool, markets see a 59% chance of a 25-basis-point rate cut in December, down from 83% a day ago.

With a quiet U.S. calendar next week, experts say, gold could rebound, potentially retesting $2,600 level.

Spot silver rose 0.2% to $30.52 U.S. per ounce, platinum edged up 0.1% to $940.68 and palladium added 0.5% to $946.00. All three metals were headed for weekly falls.

Alibaba Skids on Latest Quarterly Figures

Chinese e-commerce behemoth Alibaba (NYSE:BABA) on Friday beat profit expectations in its September quarter, but sales fell short as sluggishness in the world’s second-largest economy hit consumer spending.

Alibaba said net income rose 58% year-on-year to 43.9 billion Chinese yuan ($6.07 billion) in the company’s quarter ending Sept. 30, on the back of the performance of its equity investments. This compares to an LSEG forecast of 25.83 billion yuan.

“The year-over-year increases were primarily attributable to the mark-to-market changes from our equity investments, decrease in impairment of our investments and increase in income from operations,” the company said of the annual profit jump in its earnings statement.

Revenue, meanwhile, came in at 236.5 billion yuan, 5% higher year-on-year but below an analyst forecast of 238.9 billion yuan, according to LSEG data.

The company’s New York-listed shares have gained ground this year to date, up almost 17%. The stock was 3% higher in premarket trading at 12:24 p.m. London time, after the release of the quarterly earnings. They opened in New York down $1.74, or 1.9%, to $88.80.

Investors are closely watching the performance of Alibaba’s main business units, Taobao and Tmall Group, which reported a 1% annual uptick in revenue to 98.99 billion yuan in the September quarter.

About 55,000 postal workers across Canada are on strike, disrupting mail and parcel deliveries leading into the busy year-end holidays.

The Canadian Union of Postal Workers (CUPW) launched the strike at midnight on Nov. 15 after failing to reach a new collective agreement with their employer, Canada Post.

The strike comes ahead of Black Friday and the start of the holiday shopping season, when Canadians rely on the postal system to send and receive gifts, packages, and Christmas cards.

Canada Post said in a written statement that its operations have been shutdown, impacting millions of Canadian homes and businesses.

The Crown corporation said no mail or parcels will be processed or delivered during the strike, and some post offices will be closed.

Once operations resume, the corporation said that mail and parcels will be delivered on a first-come, first-serve basis.

Workers gave Canada Post a 72-hour strike notice on Nov. 12. In October, workers voted 95% in favour of a strike.

Canada Post's latest contract offer included wage increases that totaled 11.5% over four years. It also offered protection of the traditional defined benefit pension for current employees.

However, CUPW has said management’s latest offer wasn't enough and that the two parties remain far apart on several important issues.

Canada Post, which is a Crown Corporation, has lost a total of $3 billion since 2018 as fewer people and businesses use the postal system.

Asia Directionless After Powell Speech

Asia markets were mixed Friday as Wall Street fell after U.S. Federal Reserve Chair Jerome Powell indicated the central bank was in no rush to cut rates, with investors also assessing China and Japan economic data.

In Japan, the Nikkei 225 index regained 107.21 points, or 0.3%, to 38,642.91.

Separately, Japan on Friday reported its third-quarter GDP expanded 0.3% year on year, snapping two straight quarters of year-on-year declines. On a quarter-on-quarter basis, GDP rose 0.2%, in line with Reuters poll estimates.

In Hong Kong, the Hang Seng Index ditched 9.47 points, or 0.1%, to 19,426.34.

Speaking in Dallas, Powell pointed out that strong U.S. economic growth will allow policymakers to take their time in deciding how far and how fast they should lower interest rates.

CHINA

In Shanghai, the CSI 300 dumped 70.79 points, or 1.8%, to 3,968.83.

In Asia, investors assessed key economic data from China on Friday, which included October numbers for retail sales, industrial production and urban unemployment.

China’s retail sales rose more than expected in October, while industrial production and investment data missed forecasts.

The unemployment rate in cities fell to 5% in October, down from 5.1% in September.

In other markets

In Taiwan, the Taiex changed direction and gained 27.39 points, or 0.1%, to 22,742.77.

In Korea, the Kospi index fell two points, or 0.1%, to 2,416.86.

In Singapore, the Straits Times Index inched up 6.54 points, or 0.2%, at 3,744.70.

In New Zealand, the NZX 50 dropped 8.06 points, or 0.1%, to 12,684.88.

In Australia, the ASX 200 gathered 61.2 points, or 0.7%, to 8,285.15.

16:49 PM EST
Profit-Taking Marks Friday

Tilray, Advantage Featured

Canada's main stock index posted broad-based declines on Friday as the prospect of a slower pace of Federal Reserve interest rate cuts spurred investors to take some profits on gains made since the U.S. presidential election.

The TSX was in the minus column 158.99 points to close Friday at 24,890.68. On the week, though, the index gained 131 points, or 0.5%.

The Canadian dollar dipped 0.14 cents to 70.98 cents U.S.

In corporate news, space company MDA Space reported its third-quarter results and forecast annual revenue above estimates. MDA shares shed 88 cents, or 3.4%, to $24.97.

Health-care stocks took a pounding, as Tilray lost seven cents, or 3.6%, to $1.90, while Bausch Health Companies staggered 35 cents, or 2.8%, to $11.98.

Energy stocks fell as well, as Advantage Oil slipped 44 cents, or 4.9%, to $8.61, while Canadian Natural Resources gave up $1.24, or 2.6%, to $46.61.

One bright spot was a modest gain for the shares of BCE… seven cents to $37.81, BCE pays a dividend in excess of 10%, but the shares have been in a downward spiral since the company's announcement of a U.S. acquisition earlier this month.

In matters economic, Statistics Canada said manufacturing sales declined 0.5% in September, mainly on lower sales of petroleum and coal products as well as lower production of aerospace products and parts. Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) rose 0.8% to $82.3 billion in September.

New motor vehicle sales totaled 168,500 in September, slightly better than August's 166,000.

The Canadian Real Estate Association said MLS listings increased 7.7% on a month-over-month basis in October, reaching its highest level since April 2022.

ON BAYSTREET

The TSX Venture Exchange picked up 0.71 points on the day to 591.22, for a loss on the week of 12.7 points, or 2.1%.

All but two 12 subgroups lost ground, weighed most by health-care, down 1.3%, energy, off 1.1%, and industrials, sliding 0.9%

Only utilities, picking up 0.1%, and consumer discretionary stocks, ahead 0.1%, resisted the negative tide.

ON WALLSTREET

Stocks tumbled on Friday as the post-election rally fizzled and investors fretted over the path of interest rates.

The Dow Jones Industrials fell 305.87 points to 43,444.99.

The S&P 500 dived 78.55 points, or 1.3%, to 5,870.62.

The NASDAQ Composite staggered 427.53 points, or 2.2%, to 18,680.13.

The S&P 500 posted a weekly loss of 2.1%, while the NASDAQ Composite slid about 3.2%. The 30-stock Dow fell 1.2% in the period.

Declines in pharmaceutical stocks weighed on the Dow and the S&P 500, with Amgen down about 4.2% and Moderna off by 7.3%.

President-elect Donald Trump said on Thursday that he planned to nominate vaccine skeptic Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services.

October retail sales data on Friday showed a 0.4% increase, slightly better than the 0.3% forecast from economists polled by Dow Jones. That finding follows an October consumer inflation report that was in line with economists’ projections.

Prices for the 10-year Treasury regained strength, lowering yields to 4.44% from Thursday’s 4.45%. Treasury prices and yields move in opposite directions.

Oil prices sagged $1.66 to $67.04 U.S. a barrel.

Prices for gold eased $5.90 an ounce to $2,567,99 U.S.

10:21 AM EST - Enterprise Group, Inc. : Announced its upcoming investor presentation via webcast. Scheduled for Thursday, November 21st, 2024, at 2:00 p.m. ET/11:00 a.m. PT, the presentation will feature Enterprise Group's Chairman and CEO, Leonard Jaroszuk, President and Director Desmond O'Kell, and CFO Warren Cabral. They will review key aspects of the company's operations and provide insights into the recently disclosed third-quarter results. Enterprise Group, Inc. (T.E) shares were down $0.01 at 1.75.

Armlogi Falls on Q1 Numbers

Armlogi Holding Corp. (NASDAQ: BTOC) shares went downhill Friday, a U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions related to warehouse management and order fulfillment, reported financial results for the first quarter ended September 30, 2024.

Total revenue increased by $1.2 million, or 3.0%, to $42.5 million during the three months ended September 30, 2024, compared to $41.2 million for the same period in 2023.

The company's transportation services segment reported revenue of $28.5 million, a decrease of 4.2% from $29.7 million for the same period in 2023. The decrease was driven by decreases in customer order volume.

Its warehousing services segment generated $14.0 million, a 23.8% increase from $11.3 million for the same period in 2023. This growth was driven by the additional warehouses acquired in the last fiscal quarter.

This segment comprises inventory management and storage offerings.

Revenue from other services decreased by $0.2 million, or 92%. This segment is primarily comprised of customs brokerage services.

Costs of sales were $46.1 million during the three months ended September 30, 2024, an increase of $10.1 million or 28.0%, compared with $36.0 million for the same period in 2023.

BTOC shares fell 25 cents, or 4.6%, to $5.14.