81.27 0.00 (0.00%)
After hours: 4:17PM EST
|Bid||81.28 x 1400|
|Ask||81.29 x 1400|
|Day's Range||81.22 - 81.90|
|52 Week Range||73.19 - 82.58|
|Beta (5Y Monthly)||1.03|
|PE Ratio (TTM)||12.93|
|Earnings Date||Nov 29, 2016 - Dec 04, 2016|
|Forward Dividend & Yield||3.16 (3.87%)|
|Ex-Dividend Date||Jan 23, 2020|
|1y Target Est||88.84|
Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. At this time the amendments, in and of themselves, will not result in any rating impact on the respective program's ABCP. Moody's does not believe they will have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted.
TORONTO , Jan. 20, 2020 /CNW/ - Today, RBC opened applications for the RBC Future Launch Scholarship – a reimagined, skills-focused scholarship program designed for Canadian youth to gain new skills or build on existing ones. RBC will award 450 scholarships of $1,500 to youth (aged 15 to 29) who are part-time or non-students through three application windows in 2020. Unlike traditional scholarships, applicants will not be required to submit grades or transcripts.
Moody's Investors Service has assigned ratings of Aaa(sf)/VMIG 1(sf) to the Colorado Housing and Finance Authority's ("CHFA" or the "Authority") $37.7 million Single Family Mortgage Bonds, Class I Adjustable Rate Bonds, 2020 Series C-2 (Federally Taxable) (sf). The Aaa(sf) rating on the Class I bonds reflects the bond program's strong portfolio composition, solid loan performance, significantly strong and growing asset to liability overcollateralization as evidenced by a program asset-to-debt ratio (PADR) of 1.25x on Class I Bonds, as well as skilled program management. The VMIG 1(sf) rating is based on the standby bond purchase agreement ("SBPA") provided by Royal Bank of Canada ("RBC" or the "Bank").
TORONTO , Jan. 15, 2020 /CNW/ - Canadian investors are increasingly looking to build responsible investment portfolios, but they are not sure how to start and are relying on their financial advisors for guidance, according to a recent survey of Canadian retail investors by RBC Global Asset Management Inc. (RBC GAM Inc.).
(Bloomberg) -- Pinterest Inc. shares rose as much as 13% on Tuesday after a report showed it beat out Snap Inc.’s Snapchat to become the third-biggest social media platform in the U.S.Pinterest had an estimated 82.4 million U.S. users in 2019, a 7.4% gain from the previous year, while Snapchat had 80.2 million users, data tracker eMarketer estimated. Pinterest’s U.S. users are projected to rise 4.4% to 86 million in 2020, the firm said. Facebook and Instagram, both owned by Facebook Inc., hold the top two positions.“While Snapchat has a young core audience that it caters to, Pinterest has a more universal appeal, and it’s made significant gains in a wide range of age groups,” analyst Nazmul Islam said in the report.Pinterest makes the bulk of its revenue from U.S. users and is in the early stages of efforts to boost international ad sales. The stock still hasn’t recovered from losses after a third-quarter revenue miss led to a 17% plunge in November.While some analysts say the company’s third-quarter earnings results hint at saturation in its U.S. market, bulls say the stock remains attractive as it continues to develop its advertisement offerings.Wall Street’s expectations for Pinterest’s fourth-quarter financial results “are reasonable” and user survey results revealed positive trends, RBC Capital Markets analyst Mark Mahaney said in a research note late Monday. The results are due in mid-February.To contact the reporter on this story: Andres Guerra Luz in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Jeran WittensteinFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
TORONTO , Jan. 14, 2020 /CNW/ - While Canadian Olympians prepare to take the world's biggest sporting stage at the Olympic Games in Tokyo , RBC Training Ground will once again be searching the country for the next generation of Olympic talent. Entering its fifth year, RBC Training Ground is a nation-wide talent identification and athlete-funding program dedicated to finding and supporting the next generation of Canadian Olympians. Since its inception in 2016, the program has tested 8,000 athletes at more than 100 free local events across Canada.
(Bloomberg) -- Gold dropped for a second day as the U.S. and Iran stepped back from a deeper military conflict, blunting the appeal of haven assets.The metal, which briefly surpassed $1,600 an ounce on Wednesday, is heading back toward levels it was trading at before the U.S. killed top Iranian general Qassem Soleimani last week. President Donald Trump’s latest remarks suggested tensions were easing and stocks rose across the globe.“Job done,” Rhona O’Connell, head of market analysis for EMEA and Asia at INTL FCStone, said in a note. “The price is now back to where we started.”Gold futures for February delivery fell as much as 1.2% to $1,541 an ounce, about $13 from the last closing price before the U.S. strike. The metal settled 0.4% lower to $1,554.30 at 1:32 p.m. on the Comex in New York, notching the largest two-day decline since early November.Bullion-backed exchange-traded funds also saw a sell-off on Wednesday, with holdings dropping the most since November, according to preliminary data from ETFs tracked by Bloomberg.“Pullback today in gold was expected sooner or later,” George Gero, a managing director at RBC Wealth Management, said Thursday in a note. “Gold had climbed stairs up and took the elevator up and down based on Iran conflict headlines and we are back to basics now which can support gold.”As tensions ease, investors will be weighing the outlook for the U.S. economy and whether any change is likely in monetary policy from the Federal Reserve, which cut rates three times in 2019 before pausing. On Friday, traders will get the latest monthly nonfarm jobs report. Filings for U.S. unemployment benefits fell to a five-week low, according to the latest data released Thursday. And on Wednesday, ADP Research Institute data showed companies added the most jobs in eight months in December.Meanwhile China confirmed that Vice Premier Liu He will travel to Washington to sign the first phase of the trade deal with the U.S. next week, at least temporarily calming fears of an escalating trade war between the world’s two largest economies.Prices may retreat to $1,500 an ounce or possibly even below that over the next couple of months if real yields recover and concerns over global growth ease further, said Macquarie Group Ltd. strategist Marcus Garvey.In other precious metals, silver futures declined on the Comex while platinum rose on the New York Mercantile Exchange. Palladium futures touched a fresh record of $2,114 an ounce earlier Thursday before erasing gains as China reported a second straight annual slump in car sales. The metal is still up about 8% this year.“An ongoing deficit should justify further gains in palladium prices this year,” Metals Focus said in a note Wednesday. “That said, calling the market’s top is tricky given the speed of the rally and the fact that the palladium market is comparatively small and hence relatively inelastic.”\--With assistance from Ranjeetha Pakiam.To contact the reporters on this story: Elena Mazneva in London at firstname.lastname@example.org;Justina Vasquez in New York at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Steven Frank, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Toronto-Dominion (TD) and Canadian Imperial Bank of Commerce (CM) will likely incur restructuring charges in fiscal 2020 to drive earnings growth, while other Canadian banks might not.
(Bloomberg) -- Oil fell for the first time this year as traders waited to see whether the clash between Iran and the U.S. would lead to a disruption in Middle East crude supplies.Brent futures fell 0.9% after surging to a three-month high in response to a U.S. airstrike that killed a top Iranian general. While Iran’s semi-official Fars news agency said the Islamic Republic is assessing 13 retaliation “scenarios” against America and the White House ordered additional forces to the Middle East, oil flows out of the region continue unimpeded for now.“It’s difficult for traders to keep buying on the promise of more geopolitical risk” after the Iranian incident, said Michael Loewen, director of commodity strategy at Scotiabank in Toronto.Prices were little changed after the industry-funded American Petroleum Institute said U.S. crude stocks fell nearly 6 million barrels last week, according to people familiar with the matter. If confirmed by government data Wednesday, that would mark the fourth weekly decline. The group also reported that gasoline and distillate stocks expanded by more than 13 million barrels.The oil market has had a turbulent start to 2020 as the U..S. attack -- coming after months of tension between Washington and Tehran, and the strike in September on Saudi Arabia’s Abqaiq processing facility -- reignites fears of conflict in the world’s most important oil producing region. Crude remains about 3% higher since the attack, but it’ll take a major disruption to output to keep prices elevated, according to Goldman Sachs Group Inc. “While there have been no additional barrels taken offline as a result of the rising conflict between the U.S. and Iran, the situation remains ever fluid,” said Michael Tran, commodity strategist at RBC Capital Markets LLC.Brent crude traded 48 cents lower at $68.48 a barrel on the ICE Futures Europe exchange at 4:50 p.m. in New York. The global benchmark ended Monday 0.5% higher after surpassing $70 in intraday trading. West Texas Intermediate futures fell 52 cents to $62.77 on the New York Mercantile Exchange.Crude markets have a comfortable supply cushion should there be a disruption. OPEC is sitting on huge amounts of spare capacity after reducing supplies for most of the past three years, while the U.S. recently reported its first months as a net exporter of petroleum in about seven decades.But oil buyers are wary that Iraq’s entanglement in the dispute could disrupt shipments from OPEC’s second-biggest producer. While there’s been no material threat to output, U.S. President Donald Trump has threatened heavy sanctions against the country if it follows through on a vote by parliament to expel foreign forces. The U.S. defense secretary has since insisted America hasn’t made a decision to leave Iraq.The country, together with Saudi Arabia and Iran, pumped more than 16 million barrels of oil a day last month. Most of their exports leave the Persian Gulf through the Strait of Hormuz, a narrow waterway that Iran has repeatedly threatened to shut down if there’s a war.“The year is starting with what could amount to a big bang of bullish factors and sentiment for oil as geopolitical risk is finally pricing into the market,” analysts Ed Morse and Francesco Martoccia at Citigroup Inc. said in a report. The bank boosted its forecasts for oil prices this year.\--With assistance from Sharon Cho.To contact the reporters on this story: Sheela Tobben in New York at email@example.com;Grant Smith in London at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, Catherine Traywick, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Royal Bank of Canada has no plan to take any restructuring charges, Chief Executive Officer Dave McKay said on Tuesday, following a C$357 million ($274.7 million) charge that Bank of Montreal took in the fourth quarter. "If we were to take a restructuring charge, we would have taken it in Q4," McKay said at the RBC Canadian Bank CEO conference.
RBC Global Asset Management Inc. announces December sales results for RBC Funds, PH&N Funds and BlueBay Funds
(Bloomberg) -- If automakers learned anything from 2019, it’s that the have and have-nots of the U.S. electric-vehicle market are Tesla Inc.’s Model 3 -- and everything else.The Model 3 sold in serious volume, with website InsideEVs.com estimating almost 160,000 sales for the year. Other automakers investing billions to roll out electric models have serious catching up to do.After the Model 3, one has to scroll far down the sales rankings to find Tesla’s Model S and X and offerings from General Motors Co. and Nissan Motor Co. And 2019 was a year to forget for the Chevrolet Bolt and Nissan Leaf, with deliveries dropping 8.9% and 16%, respectively.And what of those pricey European models that are supposed to challenge Elon Musk? Porsche is just starting to sell the much-hyped Taycan and handed over the first 130 units in December. Audi sold 746 of its all-electric e-tron crossovers and tallied just 5,369 units for the year. Jaguar was even further behind, delivering 2,594 I-Pace SUVs.To give Musk a more-serious run for his money, automakers are probably going to need models with longer range before plugging in and charging. Even then, the controversial chief executive officer may still have a leg up by building an allure around the company.“Perhaps Tesla’s best asset is its brand,” Joe Spak, an analyst at RBC Capital Markets, wrote in a report Friday. “Many consumers are evangelical about their vehicles.”(Updates with Porsche, Audi and Jaguar EV sales in the fourth paragraph)\--With assistance from Gabrielle Coppola.To contact the reporter on this story: David Welch in Southfield at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, Melinda GrenierFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg) -- Gold neared a six-year high after a U.S. airstrike killed one of Iran’s most powerful generals, ratcheting up tensions in the Middle East and driving demand for havens.Bullion rallied as much as 1.6% to $1,553.52 an ounce in the spot market, reaching the highest since September. Platinum futures briefly topped $1,000 an ounce to touch the highest since early 2018 in New York, while silver and other haven assets rose.The strike in Baghdad ordered by President Donald Trump killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force. Iran’s supreme leader vowed “severe retaliation.” The U.S. now plans to add 2,800 troops to the 700 already dispatched to Kuwait.The news helped gold to build on the biggest annual gain in almost a decade, a rally that was driven by a weaker dollar, lower real rates and geopolitical concerns.“Market players are now afraid that this marks another level of escalation in a region that is characterized by tension,” Daniel Briesemann, an analyst at Commerzbank AG, said by phone Friday. “The U.S. airstrike in Iraq, that’s the one and only driver of gold prices today.”Gold for immediate delivery was up 1.2% at $1,546.91 at 2:46 p.m. in New York, taking this week’s gain to 2.5%, the most since August. The metal jumped 18% last year. Futures settled 1.6% higher.Last year’s advance marked a positive shift in investor attitude toward gold, according to RBC Capital Markets, which predicted further gains this year and next. Goldman Sachs Group Inc., Citigroup Inc. and UBS Group AG have said they’re looking for $1,600 an ounce.“Today’s event has probably only brought forward the inevitable test of the September high,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “Rising inflation concerns through higher input prices -- oil and food -- combined with geopolitical uncertainty is a potent cocktail which supports a market already on the move.”January is historically gold’s best month, according to Bloomberg Intelligence commodity strategist Mike McGlone, with an average advance of 2.7% over the past 20 years. The metal will approach $1,600 by February if it matches the 5.2% average increase of the past five years, he said.Still, geopolitics typically doesn’t have a lasting impact on gold unless broader consequences for the economy or financial markets arise, said Carsten Menke, an analyst at Julius Baer.Gold extended gains after the latest U.S. ISM manufacturing data showed the weakest monthly performance since the end of the recession, according to a report Friday. That strengthens the case for owning bullion as a hedge against dimming growth outlook.The purchasing managers’ index fell to 47.2 in December from 48.1, missing estimates for a rise in a Bloomberg survey of economists.Prices held their advance after minutes from Federal Reserve officials’ December meeting showed their monetary policy was likely to remain appropriate “for a time” even amid what they saw as persistent downside risks.Other precious metalsPlatinum futures for April delivery climbed as much as 1.7% to $1,001.40 an ounce on the New York Mercantile Exchange, the highest for a most-active contract since February 2018The price settled 0.5% higherPalladium futures also advanced on the Nymex, while silver futures rose on the Comex(An earlier version corrected a platinum superlative in the second paragraph.)\--With assistance from Justina Vasquez.To contact the reporters on this story: Ranjeetha Pakiam in Singapore at firstname.lastname@example.org;Elena Mazneva in London at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, ;Luzi Ann Javier at email@example.com, Nicholas Larkin, Steven FrankFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg Opinion) -- Few outside of Iran will weep at the violent demise of Qassem Soleimani. The oil market, never sentimental, joined those cheering the sudden end of the leader of the Quds Force of the Islamic Revolutionary Guard Corps, albeit for different reasons. Will its peculiar brand of excitement last?One possible clue is the market’s reaction to another major escalation: September’s attack on Saudi Arabia’s Abqaiq oil-processing facility. Brent spiked 15% the next trading day, only to fall below its pre-attack level within about two weeks. Friday’s reaction to Soleimani’s assassination was more muted, and Brent is now below where it closed last week. Having absorbed one game-changing attack that didn’t change the game a few months ago, the oil market appears to think this latest one fits that mold, too.It makes more sense to view them on a continuum rather than as discrete events, though. Like the attack on Abqaiq, Soleimani’s death represents a major escalation in a pattern of them. Geopolitical risk is building by accretion, and at a pace that would have sent oil prices into triple digits not so long ago.That it isn’t now relates largely to the impact of U.S. tight-oil production on inventories and, more importantly, expectations. Supply is seen as abundant enough to absorb whatever comes its way. Shale is just one fundamental change to have ripped through global energy in the past decade. Another is the changing U.S. role in the Middle East as it steps back from supporting the global trade and security order in general (in part because of shale-inspired dreams of “energy dominance”; everything’s connected).This upending of preconceptions about energy and geopolitics is a risk factor in itself.Start with Washington. There is enormous dissonance between President Donald Trump’s long-held position of avoiding more wars and suddenly taking out a figure of Soleimani’s importance. While the attack on Abqaiq amounted to a declaration of war, its effects were largely confined to how quickly a piece of infrastructure could be repaired. The implications of Thursday’s strike are far more open-ended.Some within the U.S. administration may see this as a way to shock Iran into backing off; others might wish to goad Tehran into all-out war to settle scores stretching back through the Iraq War all the way to the hostage crisis. Indeed, the recent attack on the U.S. embassy in Baghdad seems the real trigger for retaliation.Iran’s leadership may also have 1979 in mind. Having just brutally squashed protests at home, Supreme Leader Ali Khamenei will not want to appear weak and risk encouraging the sort of dissent that felled the Shah. With the economy reeling from sanctions — it shrank by more than 9% last year — “the Iranians have almost nothing to lose at this point,” says Helima Croft, head of global commodity strategy and research for the region at RBC Capital Markets. Retaliation, even if it invites further retribution, seems inevitable.What form that takes is also unclear and likely multi-pronged. One battlefield will be the country where Soleimani was killed: Iraq. Any disruption to oil operations there should register immediately with the market. Iraq was by far the least compliant of any OPEC member in terms of supply cuts last year. If it were to tip into OPEC’s select club of involuntary cutters alongside Venezuela and Libya, then it would boost the group’s effort to support prices. Besides the potential for violence, an Iraqi government caught between Washington, Tehran and its own domestic unrest may push to remove the last of the U.S. military presence from the country. It’s far from clear Washington would resist much, given Trump’s broader desire to disengage.We also shouldn’t forget the rest of the neighborhood. Saudi Arabia and the Gulf states all host U.S. troops Iran might target (along with shipping in the Strait of Hormuz). Any such action would likely spark retaliation in kind. Saudi Arabia, in particular, has the Abqaiq attack fresh in its memory, and the U.S. decision to kill a seemingly untouchable Iranian military leader might embolden Iran’s regional rival to step up its own response.The final piece of the puzzle is thousands of miles from Baghdad. Geopolitical premiums in oil are essentially free money for U.S. exploration and production companies. The sector has been crushed by the late realization that the past decade’s stupendous gains in production came at the expense of investors (see this).A big question arising from the latest trouble in the Middle East is whether higher oil prices blunt the impulse to be more disciplined on drilling. Nymex crude oil swaps for 2020 have leapt back above $60 a barrel, higher than they got in the wake of the Abqaiq attack and back to levels seen in May, before the big summer sell-off. The potential for hedging, along with the fact that the most leveraged E&P stocks topped the sector leaderboard on Friday morning, suggests the temptation to backslide is there, at least.Since the Abqaiq attack, sentiment in oil markets has been bolstered by the OPEC+ meeting and signs of a thaw in the U.S. trade war with China. The latter is especially important, as it would underpin demand; whereas controlled cuts from OPEC+, while cosmetically appealing, are also manifestations of a fundamentally loose market. Uncontrolled cuts, taking oil supply off the market altogether, are a different matter. Continued escalation in the Middle East could push oil out of its prevailing range toward $80. Much depends on the newfound discipline of U.S. producers.Beyond this, consider the bigger picture. Having shrugged off numerous provocations, including Abqaiq, Washington decided to retaliate now and with unexpected ferocity. A broad policy of stepping back, pre-dating Trump, invited Iranian adventurism; and yet the U.S. has demonstrated that, even with a much-reduced presence, it can deploy enough force to upend things if it chooses. Besides climate change, the single biggest risk to the oil market is its reliance on a fractious region where U.S. security relationships were one of the relative constants. Now, Washington is more of a spoiler, and a capable one at that. Soleimani’s explosive end is the opposite of business as usual.To contact the author of this story: Liam Denning at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Gongloff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2020 Bloomberg L.P.
(Bloomberg) -- Advanced Micro Devices Inc. shares rallied on Thursday, with the stock hitting an intraday record -- the chipmaker’s first such milestone in nearly two decades.The stock gained as much as 5.8% to hit $48.53, surpassing what had been its intraday record of $48.50, touched on June 5, 2000, according to data compiled by Bloomberg. Shares were also on track for an all-time closing high, also their first since 2000.The return to record levels is just the latest move higher for AMD, which spiked almost 150% over the course of 2019, making it the biggest percentage gainer among S&P 500 components. Shares have gained more than 70% since a recent low in October.Thursday’s advance came after Nomura Instinet raised its price target on the stock to $58 from $40, touting the company’s prospects in the new year. Analyst David Wong expects AMD will “continue strengthening its competitive position in 2020,” seeing tailwinds from new products, higher market share and increases in average selling prices.Nomura is the latest example of growing analyst optimism. Earlier this week, Rosenblatt Securities boosted its own target to a Street-high view of $65 and named AMD its top semiconductor pick for 2020. This year “will continue the early momentum in CPU share gains,” wrote Hans Mosesmann, seeing “limited competitive threats slowing the momentum train.” RBC Capital Markets and Wedbush have also recently touted the company’s prospects.The average price target stands at nearly $37, up from about $22 in January 2019. Currently, 15 analysts recommend buying the stock, compared with the 23 firms tracked by Bloomberg that have a hold-equivalent rating. Four firms recommend selling the name, the fewest number in more than a year.AMD’s 2019 rally was due in large part to optimism surrounding new products. It unveiled the latest generation of its Ryzen desktop processor in May, news that was followed by the August announcement of a new server processor. Both were seen as heightening AMD’s competitive edge over Intel Corp. AMD also announced that it would be the main chip vendor for an upcoming Microsoft Corp. video-game console.A test for AMD shares will come later this month, when it is expected to report its fourth-quarter results. Wall Street is expecting adjusted earnings to nearly quadruple from the year-ago period, while revenue spikes almost 50%, according to Bloomberg data.To contact the reporter on this story: Ryan Vlastelica in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Steven FrommFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
RBC Global Asset Management Inc. announces final annual reinvested capital gains distributions for RBC ETFs
(Bloomberg) -- Gold registered its biggest weekly advance in more than four months, with a decline in the dollar boosting demand for the metal as an alternative asset.The greenback slipped versus all of its Group-of-10 peers, on track to erase its 2019 gains. The metal, which has gained 18% this year, is getting help from easier monetary policy across the world’s leading economies and sustained buying from exchange-traded funds and central banks.Gold topped $1,500 an ounce this week on the way to its best year since 2010, helped by bets that simmering trade and geopolitical tensions will spur further gains for the metal in 2020. With the Federal Reserve expected to keep interest rates steady next year following three reductions in 2019, most traders and analysts in a weekly Bloomberg survey were bullish.“Gold continues in its new trading range of $1,480-$1,530, supported by investors looking into next year’s upcoming political, economic and trade and tariff headlines,” George Gero, a managing director at RBC Wealth Management, said in an emailed note.Gold futures for February delivery rose 0.2% to settle at $1,518.10 an ounce at 1:30 p.m. on the Comex in New York, after touching $1,519.90, the highest since Oct. 25. Prices are up 2.5% this week, the biggest weekly gain since Aug. 9.Spot gold also headed for the biggest weekly gain since August.Read More: Gold’s Santa Rally Is Recurring Year-End Gift That Keeps GivingStill, trading volumes are low, “warning that the magnitude of these moves might owe more to illiquidity than conviction,” DailyFX strategist Ilya Spivak said. “It will be interesting to see what happens as overall market participation rebuilds in January.”In other precious metals, Comex silver slipped, while on the New York Mercantile Exchange platinum futures fell and palladium rose. All three posted weekly gains.\--With assistance from Elena Mazneva.To contact the reporters on this story: Yvonne Yue Li in New York at firstname.lastname@example.org;Ranjeetha Pakiam in Singapore at email@example.comTo contact the editors responsible for this story: Phoebe Sedgman at firstname.lastname@example.org, ;Lynn Thomasson at email@example.com, Joe Richter, Millie MunshiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Oil advanced in light trading, with prices set for the biggest monthly gain in almost a year on speculation that supplies are shrinking.Futures rose 0.9% in New York, gaining for a third straight session as trading resumed after the Christmas break. Prices are up almost 12% this month, and have reached the highest level since mid-September. The American Petroleum Institute reported that U.S. stockpiles dropped 7.9 million barrels last week.The inventory decrease would be the largest since August if confirmed by government data on Friday. A median forecast of nine analysts in a Bloomberg survey predicts a smaller drop of 1.5 million barrels. Meanwhile, Russia reduced production by 240,000 barrels a day in the first 24 days of December, Interfax reported, citing Energy Minister Alexander Novak.Oil has surged about 36% so far this year, with prices recently supported by a breakthrough in the trade impasse between the the world’s top two economies. Futures have also been boosted by output cuts made by the Organization of Petroleum Exporting Countries and its allies.Hedge funds boosted bets on rising U.S. crude prices to the highest level in more than seven months during the week ended Dec. 17, data released Friday show.“Like the stock market, a lot of economic optimism is getting priced in,” said Phil Flynn, senior markets analyst at Price Futures Group. “With a lot of things happening come the 1st of January, you really don’t want to be short.”West Texas Intermediate for February delivery climbed 57 cents to settle at $61.68 a barrel on the New York Mercantile Exchange. Markets were shut Wednesday for Christmas.Brent for February settlement rose 72 cents to close at $67.92 a barrel. Prices are up 8.8% so far this month. The spread between the global benchmark crude and WTI was at $6.24, the widest since June.Chinese data on Wednesday showed imports of U.S. soybeans surged to the highest in about two years, while American President Donald Trump said a trade pact between the two nations is “done.” He added the two sides are working on translation and paperwork, suggesting a deal would be signed before a meeting with his Chinese counterpart Xi Jinping.\--With assistance from Sharon Cho and Dina Khrennikova.To contact the reporter on this story: Kriti Gupta in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Catherine Traywick, Simon CaseyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moody's has reviewed the following ABCP programs in conjunction with the proposed additions and amendments. At this time the additions and amendments, in and of themselves, will not result in any rating impact on the respective program's ABCP. Moody's does not believe they will have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted.
TORONTO , Dec. 20, 2019 /CNW/ - Dave McKay, President and Chief Executive Officer of Royal Bank of Canada (RY on TSX and NYSE), is scheduled to speak at the RBC Capital Markets Canadian Bank CEO Conference on January 7, 2020 , from 8:35 a.m. to 9:10 a.m. (EST) in Toronto . A link to the live audio webcast will be available on RBC's website at http://www.rbc.com/investorrelations/events-presentations.html on January 7, 2020 . Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance.