Monday morning briefing: Manufacturing soars

Canadian cannabis companies got some positive news last week, which helped lift share prices. The news may open up more of the U.S. market for these Canadian companies. New York State Governor Andrew Cuomo expressed his desire to legalize recreational cannabis in 2021. Furthermore, optimism rose that five more states may remove restrictions to marijuana sales (Arizona, Mississippi, Montana, New Jersey and South Dakota). Meanwhile, Aphria Inc. announced plans to acquire U.S. brewer Sweetwater Brewing Co. Inc, which distributes beer to 27 states. This should give Aphria exposure to the U.S. consumer market, and perhaps expand its other cannabis offerings into the U.S. one day.

Economic/industry news

The Fed held the target range for its federal funds rate steady at 0.00% to 0.25%: Fed holds interest rates steady near zero, says economy is still well below pre-pandemic levels

The U.S. unemployment rate dropped to 6.9% in October: America added 638,000 jobs last month but is still down 10 million since the pandemic started

Canada’s unemployment rate largely unchanged in October: Canadian jobs recovery fizzles in October on renewed closures

Bank of England keeps Bank Rate unchanged at 0.10%: Bank of England boosts bond buying as new coronavirus lockdown begins

Uncertainty sparking concerns for client portfolios: Advisors feeling uncertain about the future, PGIM says

Reasons for hope

Hoping for good results: Vaccine chief in Britain hopes for positive data on 2 coronavirus candidates in early December

Starting trials for an oral vaccine: Canadian company’s COVID-19 vaccine candidate begins clinical trial in Australia

How to spread holiday cheer through the screen: Five jolly holiday engagement tips for remote employees

Adapting your business

Forming relationships during the pandemic: Forming relationships in the new normal (panel discussion)

Bringing charities to the front of the line: How this serial entrepreneur is transforming the way corporations support charities

A good time to review the basics of finance: Use the pandemic to teach finance basics

Overcoming retirement savings’ blind spots: Retirement saving is hard even for those who can afford it

Chart of the week – Manufacturing soars

Manufacturing activity in the U.S. has been surging, contributing to the U.S. economic recovery. According to the ISM Manufacturing Purchasing Manager’s Index, manufacturing activity expanded in October at its sharpest pace since 2018. The gains in manufacturing come as demand picks up across the world. Meanwhile, production and inventories are both on the rise. Employment also rose in October, rebounding from a drop in September. Purchasing managers were optimistic about the future, and believe they can increase output amid factory changes.
Used with permission of Bloomberg Finance L.P.

News and notes (U.S.)

Expect private equity assets to continue to grow: Private equity assets could surge past $9 trillion by 2025

Shifting to the fast-growing tech sector: Mega-deals underscore PE’s growing embrace of VC deals in tech

Looking to litigation for high returns: Litigation finance finds its feet targeting returns up to 20%

Some stats about retirement that you need to know: 11 scariest retirement statistics: 2020

News and notes (Canada)

Scotia launches new ETFs: New index-tracker ETF suite from Scotia GAM

CI Financial with another U.S. RIA acquisition: CI Financial marks 10th U.S. RIA acquisition with Stavis & Cohen deal

Canadians bullish on the real estate market: Canadian home price optimism reaches post-pandemic high

CIBC launches new online tool: New planning tool from CIBC

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