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The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

Investors in Canadian energy stocks may find there's little to be thankful about this U.S. Thanksgiving Day holiday, as crude oil prices are tumbling hard this morning amid more signals that OPEC will refrain from cutting supplies when it concludes its meeting in Vienna later today.

New York crude oil futures are down about 2 per cent this morning, with the January contract slipping as low as $71.89 (U.S.) per barrel - a fresh four-year low. Several analysts have suggested crude would hit the $70 (U.S.) a barrel mark if OPEC doesn't take action to reduce its official quota of 30 million barrels a day. The market is starting to price in that scenario.

The plummet in oil prices has made this OPEC meeting one of the most closely followed in decades, and a decision is expected around 10 a.m. (ET). Indications are growing by the hour that there will be no action. A Gulf OPEC delegate has told Reuters that OPEC Gulf oil producers have reached a consensus not to cut oil output. Separately, Saudi Arabian Oil Minister Ali al-Naimi said the Gulf states had reached a unified decision - though he did not say what that consensus is. Earlier this week, he suggested the oil market "will stabilize itself eventually," which many interpreted as a sign there would be no output cut today.

Other than the energy sector, it should be a quiet day for the TSX, with U.S. markets closed for the holiday. They will open only for a shortened session on Friday - a day many Americans take off after the big turkey feast.

European markets are modestly higher this morning, and sectors other than energy on the TSX could see some mildly positive trading action. Earlier today, Spain released a larger-than-expected fall in its consumer price index, keeping deflation fears alive. On the positive side, Germany's unemployment rate touched a record low in November. Not surprisingly, Germany's Dax index is leading gains in Europe this morning.

Now, here's a closer look at what's happening this morning and what is still to come.

MARKETS:

Futures:

S&P 500 -0.09 per cent; Dow -0.02 per cent; Nasdaq +0.03 per cent; S&P/TSX 0.00 per cent

Equities:

Hong Kong's Hang Seng -0.45 per cent

Shanghai composite index +0.99 per cent

Japan's Nikkei -0.77 per cent

London's FTSE 100 +0.03 per cent

Germany's DAX +0.48 per cent

France's CAC 40 +0.15 per cent

Stoxx 600 +0.21 per cent

Commodities:

WTI crude oil (Nymex Jan) -2.02 per cent at $72.20 (U.S.) a barrel

Natural gas (Nymex Jan) -1.49 per cent at $4.29 (U.S.)

Gold (Comex Feb) -0.09 per cent at $1,196.40 (U.S.) an ounce

Copper (Comex Mar) -0.07 per cent at $2.95 (U.S.) a pound

Currencies:

Canadian dollar at 88.83 (U.S.), down 0.0005

U.S. dollar index up 0.17 at 87.78

Bonds:

U.S. 10-year Treasury yield 2.25 per cent, down 0.0010

ECONOMIC INDICATORS:

Canada current account deficit for the third quarter came in at $8.4-billion, narrower than the expected $11.2-billion shortfall.

STOCKS TO WATCH:

Earnings include: Valener.

ANALYST ACTIONS:

RBC Dominion Securities upgraded InnVest REIT to "outperform" from "sector perform" and raised its price target to $6.50 (Canadian) from $6.

Scotiabank downgraded Parallel Energy to "underperform" in the wake of the company announcing a cut in its dividend payout Wednesday night.

AltaCorp Capital Research upgraded IC Potash to "outperform" from "sector perform" with a price target of 40 cents (Canadian).

THIS MORNING'S TOP INVESTING READS ON THE WEB:

Oil prices won't stay low forever.

The S&P 500 is seeing the longest streak of days above its 5-day moving average in the history of the U.S. stock market.

Seven simple things most investors don't do.

The evidence of extreme bullish sentiment is increasing by the day.

Why this is a good time to be rotating back into European equities.

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Have feedback on our daily Before the Bell report and suggestions on how to make it more useful in your investing day? Please contact Inside the Market Editor Darcy Keith at dakeith@globeandmail.com.

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