Economic news to watch for this week

This week, we’ll see a slew of economic data from around the world, says Prab Sagoo, associate director at Nasdaq Advisory Services, in his weekly commentary.

On the domestic front, we’ll get GDP on Wednedsay and labour market data on Thursday, supplemented with industrial production data. Major banks in Canada will also report Q4 earnings.

Read: Scotiabank Q4 profit up 9% to $2.01 billion

Meanwhile, the U.S. has already released Q3 GDP data, and nonfarm payrolls come out on Friday.

Investors will also keep a close eye on the OPEC meeting in Vienna, which ooccurs on November 30th, for further hints on the feasibility of a joint production cut.

Read: Does an OPEC agreement matter?

Additional highlights

• Last week, the TSX managed to break and close above the 15,000 level for the first time since June 4th 2015. It inched closed to technically overbought territory.
• Volumes were light due to shorter trading week in U.S. markets.
• Broad-based gains drove the TSX higher with all of the heavyweights (Energy, Financials & Materials) contributing; materials were the weakest of the three due to a continued rotation out of gold.
• Industrials outperformed (+24% year to date), with Consumer Discretionary names also gaining +2%. Health Care underperformed again at -5.5%. Utilities bucked their recent weakness and gained on regulatory changes.
• Copper continues to outperform other metals.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.