Here are five things you need to know this morning
Historic rally for precious metals: Gold rose to an all-time high above US$4,500 an ounce. Escalating tensions in Venezuela, where the U.S. has blockaded oil tankers, and expectations for more rate cuts from the U.S. Federal Reserve have added to the metal’s appeal. Gold has gained nearly 70 per cent this year and is on track for its best annual performance since 1979. Silver and platinum have also climbed to fresh records and copper is headed for an annual gain of about 40 per cent, the biggest since 2009.
Canada factory sales fall in November: Factory activity in Canada continued to retreat last month, with an early estimate of trade pointing to a third drop in sales in the last four months. Data from Statistics Canada shows manufacturing shipments declined roughly 1.1 per cent in November compared to the month before, driven by large decreases in transportation equipment and food. The decline would build on the 1.0 per cent drop in sales in October, which included weakness in chemicals. October also saw a sharp pull back in shipments of wood products, as hefty duties on lumber imposed by the U.S. continue to weigh on the sector.
BP selling majority stake in Castrol: BP has agreed to sell a majority stake in its Castrol lubricants division to U.S. investment firm Stonepeak Partners. The U.K. energy giant will raise about US$6 billion from the sale of a 65 per cent interest, as it seeks to reduce debt and reset its business. The sale caps a turbulent year for BP, who has been under pressure from activist shareholder Elliott Investment Management. Earlier this year, the oil and gas company overhauled its strategy to pull back from renewables and refocus on its core business.
Sanofi bus Dynavax for US$2.2 billion: French drugmaker Sanofi has agreed to buy Dynavax Technologies for about US$2.2 billion, in a deal aimed at expanding its vaccines business. Under the terms, Sanofi will gain access to a hepatitis B vaccine that is already marketed in the U.S. as well as an experimental shingles vaccine. The acquisition comes as Sanofi continues to face challenges, including a rejection from the U.S. food and drug administration for its experimental multiple sclerosis drug and a decline in global vaccination rates.
First Quantum sells Las Cruces mine: First Quantum Minerals has agreed to sell the Cobre Las Cruces mine in Spain to Global Panduro for up to US$190 million plus additional payments tied to profit. Global Panduro says the deal will enable it to further develop the poly-metallic primary sulfide project. The transaction is expected to close in the first half of 2026.