• Exxon smashes Western oil majors' earnings record with $59 billion profit
Exxon Mobil posted $59 billion in adjusted profit for 2022, the company said, taking home more than $6.7 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.
• IMF lifts 2023 growth forecast on China reopening, strength in U.S., Europe
The International Monetary Fund raised its 2023 global growth outlook slightly due to "surprisingly resilient" demand in the United States and Europe, an easing of energy costs and the reopening of China's economy after Beijing abandoned its strict COVID-19 restrictions.
• U.S. EPA to block Pebble Mine copper/gold mine project in Alaska
The U.S. Environmental Protection Agency plans to take steps on Tuesday to block Northern Dynasty Minerals' proposed Pebble copper and gold mining project in Alaska by preventing the company from storing mine waste in the state's vast watershed.
• Pfizer forecasts 2023 sales of COVID products below estimates
Pfizer forecast 2023 sales of its COVID-19 products of $21.5 billion that fell short of Wall Street expectations, hit by lower demand in international markets and slower uptake of booster vaccines.
• Volkswagen considering battery cell factory in Ontario - Handelsblatt
Volkswagen is looking at setting up a battery cell factory in Ontario, the Handelsblatt business daily reported, adding that the Canadian province had offered investments and other incentives.
BEFORE THE BELL
Canada's main stock index futures dipped, weighed down by lower oil prices as ample Russian crude flows outweighed demand recovery expectations from China, while investors awaited vital economic growth data later in the day. Wall Street futures edged lower as key U.S. economic data and a slew of earnings reports jangled investor nerves. European shares dropped on fears of another round of interest rate hikes by major central banks later this week. In Asian equity markets, Japan's Nikkei ended lower as corporate results showed mixed trends, while Chinese stocks closed in the red as investors booked profits after a strong rally that was fueled by record monthly foreign inflows. Gold prices fell to their lowest levels in more than one week as the U.S. dollar firmed.
STOCKS TO WATCH
• Northern Dynasty Minerals Ltd: The U.S. Environmental Protection Agency plans to take steps on Tuesday to block the company's proposed Pebble copper and gold mining project in Alaska by preventing the company from storing mine waste in the state's vast watershed. The move, which had been expected, would be the second in less than a week by President Joe Biden's administration against a proposed domestic source of copper, with officials increasingly calling for the protection of sensitive ecologies even if they contain metals needed for the green energy transition. The proposed Pebble mine, which would tap one of the world's largest copper and gold deposits, would have "unacceptable and adverse effects on certain salmon fishery areas" in Alaska's Bristol Bay, the agency plans to announce on Tuesday in a step known as a final determination under the U.S. Clean Water Act. Vancouver, British Columbia-based Northern Dynasty said it will comment after it has seen the EPA's final determination.
High interest rates to hold back gold's rally
Analysts and traders have significantly raised their predictions for gold prices but expect high interest rates to keep a lid on rallies, a Reuters poll showed.
• Barrick Gold Corp: Bernstein raises target price to C$28 from C$24, on the belief that gold prices will continue to rise, which will pull up the company's margins.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 GDP mm for Nov: Expected 0.1%; Prior 0.1%
COMPANIES REPORTING RESULTS
Canadian Pacific Railway Ltd: Expected Q4 earnings of C$1.07 per share
Imperial Oil Ltd: Expected Q4 earnings of C$2.56 per share
CGI Inc: Expected Q1 earnings of C$1.60 per share
CORPORATE EVENTS (All timings in U.S. Eastern Time)
1100 Imperial Oil Ltd: Q4 earnings conference call
1300 Pan American Silver Corp: Shareholders Meeting
1630 Canadian Pacific Railway Ltd: Q4 earnings conference call
Emera Inc: Amount C$0.69
(All analysts' estimates are according to I/B/E/S Refinitiv data.)