Global Markets
Canadian Markets
Canada’s main TSX closed traded sharply lower as investors paused to reassess market conditions following the strong rally seen throughout November, as market risks became more evident. After weeks of broad gains fueled by optimism around slower inflation and potential interest rate cuts next year, traders shifted into a more cautious mode. Investors are bracing for the release of the quarterly earnings from Canada’s major banks, which are expected later in the week and will offer current insight into the health of the financial sector, loan-loss trends, and consumer credit conditions.
American Markets
American stocks also dropped across the board, with investors moving to the sidelines in a risk off mode as the sell off in Bitcoin and other cryptocurrencies has contributed to a broader risk-off environment, pressuring high-beta and tech-related stocks. The crypto selloff, sparked by declining risk appetite, higher bond yields, and concerns about market stability is also dragging down crypto-linked equities and reinforcing cautious sentiment across the market. Also the broader macroeconomic outlook, including interest-rate uncertainty and weak economic signals, are increasing the pullback in stocks.
Investors are also awaiting several key U.S. data releases, including employment, inflation, and manufacturing indicators that could shape expectations for the trajectory of interest rates, which are slated for release this week.
European Markets
European markets were also lower as the risk-averse sentiment spread globally. Defense stocks and Airbus were among the biggest drags, reflecting a combination of profit-taking and sector-specific concerns, including supply-chain pressures and geopolitical uncertainties. A PMI data release showed that the German manufacturing sector faced a huge drop in new orders in November, while French manufacturing also showed a further contracting in November.
UK stocks fell on the back of weakness in the industrial, aerospace, defense, and financial sectors, as the pound dropped on the budget and associated economic concerns. Optimism in Britain’s services sector fell at its fastest pace in three years during the three months to November, as persistent cost pressures continued to squeeze profits.
Corporate Stock News
Alphabet Inc (GOOGL) & Amazon.com Inc (AMZN)
Alphabet and Amazon launched a jointly developed multicloud networking service enabling rapid private, high-speed interconnections between AWS and Google Cloud, following concerns raised by the October AWS outage that triggered hundreds of millions in losses.
AG Growth International Inc (AFN:CA)
National Bank cut its target price to C$37 from C$49, citing a weak agricultural backdrop and commercial uncertainty expected to slow growth.
Apple Inc (AAPL)
Apple challenged India’s antitrust penalty framework—based on global turnover, arguing it risks disproportionate fines, including a potential $38 billion penalty tied to an in-app fee dispute.
BankUnited (BKU)
Jefferies upgraded BankUnited to Buy from Hold and raised its target to $55 from $42, anticipating potential takeover interest or stronger loan growth.
Barrick Mining Corp (GOLD) (ABX:CA)
Barrick reached an agreement with the Malian government resolving disputes over the country’s new mining code and securing the release of four employees detained since November 2024.
Chevron Corp (CVX)
Chevron said crude loadings continue at Novorossiysk despite heavy drone-attack damage to Caspian Pipeline Consortium infrastructure, which handles over 1% of global oil supply.
Chevron Corp (CVX) & TotalEnergies SE (TTE)
TotalEnergies agreed to sell a 40% stake in two offshore Nigerian exploration licenses to Chevron, aiming to streamline its African portfolio while maintaining operatorship.
Coupang Inc (CPNG)
South Korean authorities are investigating Coupang’s major data breach affecting over 33 million customers, linked to exploited authentication vulnerabilities.
Goosehead Insurance Inc (GSHD)
Jefferies initiated coverage with a Buy rating and a $93 target price, expecting robust growth amid improving conditions in the insurance market.
HSBC Holdings Plc (HSBC)
HSBC signed a multi-year deal with Mistral AI to integrate generative-AI models across operations, aimed at boosting automation, productivity, and client services.
Micron Technology Inc (MU)
Micron will invest $9.6 billion to build a new high-bandwidth memory chip plant in Hiroshima, backed by up to ¥500 billion in Japanese government support to expand AI-driven chip capacity.
Microsoft Corp (MSFT)
Norway’s $2 trillion sovereign wealth fund will vote for a proposal requiring Microsoft to assess risks tied to operating in countries with human-rights concerns, despite management opposition.
Tesla Inc (TSLA)
Tesla’s registrations fell sharply in France, Denmark, Spain and Sweden but hit record highs in Norway in November, highlighting divergent regional demand amid political backlash and shifting consumer sentiment.
Ulta Beauty Inc (ULTA)
JPMorgan raised its target price to $606 from $600, citing expectations of stronger second-half 2025 same-store sales.
Walt Disney Co (DIS)
Disney’s Zootopia 2 generated an estimated $556 million globally over the Thanksgiving weekend, becoming Hollywood’s highest-grossing animated film in China and delivering a strong start to the holiday movie season.
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