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With a few weeks to go before the start of the school year, merchants in the Quebec region are divided. While some are happy about the traffic in the summer season, others are realizing that the sales figures are declining.

Admittedly, the answers vary greatly depending on the area of ​​activity and the location of the company.

The several hundred thousand visitors to the Mosaïcultures not only caused traffic jams near the Parc du Bois-de-Coulonge, but the visitors also strolled around the area, especially on the famous Rue Maguire in Sillery.

Maguire Business Development Corporation Managing Director Bruno Salvail says it’s a pleasure to have an event of this magnitude nearby.

“We took Mosaïcultures every year. There is life west of Cartier Avenue,” he says.

“We had a few more tourists, we had more English speakers than usual […] it was really good, more passers-by,” says Kimiko Lamothe-Pouliot, co-owner of the Montego.

Old Port

In the Old Port sector of Québec, the restaurateurs of the pedestrian street Rue Saint-Paul draw a positive balance for July and early August.

Bistro St-Malo manager Yan Gilbert-Potvin explains that the customers are there. Various activities like the Grands Feux Loto Québec attract many people.

“The business is doing well. We’re lucky to have a Saint Paul street that was renovated last year, so it’s fantastic,” he says.

He adds that local traders will also benefit from cruise lines in the coming weeks.

A few steps further, speech is different for Saint-Paul Art Gallery co-owners Carole Pépin and Pierre Bédard, who never found the sales rhythm of 2019 before the pandemic.

Photo Louis Deschenes

Carole Pépin and Pierre Bédard, co-owners of the Saint-Paul Art Gallery on Saint-Paul Street in Quebec City, are disappointed with the traffic at their store since the beginning of the summer.

“We need outside customers for our kind of business,” they say.

They are optimistic, however, as Europeans and Asians traditionally travel in late summer and early fall.

moody weather

The retailers surveyed agree on one point: the unpredictable weather was an obstacle for customers.

Such is the case with the 737 near L’Ancienne-Lorette airport. The owner, Dany Gagnon, is happy with his second season. Last year, however, he didn’t have to cancel a single show at the location, which went live in mid-July. This year it’s the exact opposite.

“In 2022 we must have almost ten evenings that have been canceled or shortened due to the weather. […] Sometimes thunderstorms in the early evening emptied the site,” he regrets.

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This week, OPEC released its monthly oil market report. It came just hours after the IEA released its own monthly oil market forecast. Contrary to the IEA, the oil company forecast that oil demand would grow more slowly this year than previously expected. OPEC also forecast an oil market surplus, sparking speculation that it could be preparing for production cuts.

According to OPEC’s latest monthly oil market report, oil demand will reach a healthy 3.1 million barrels per day this year, although the second-half forecast is revised downwards on “expectations of a resurgence of COVID-19 restrictions and ongoing geopolitical uncertainties.” .” These geopolitical uncertainties are a benevolent euphemism for the war in Ukraine.

More interestingly, however, OPEC also calculated the difference between global oil demand for the current quarter and non-OPEC production at 28.27 million bpd, which OPEC would need to produce itself to keep the market in balance.

This is not an overt declaration of production cuts. It’s a simple ab calculation at the bottom of a table that shows world oil demand and supply. But it does suggest that a reversal in OPEC’s production policy could be on the way, as ZeroHedge hinted in an article published Thursday.

Most of OPEC is already – and still is – below its production targets. The cartel and its Russian-led partners pledged to increase production by more than 600,000 bpd in July and August, up from about 420,000 bpd originally agreed. However, they missed that target in July and will likely miss it again this month.

Additionally, at its last meeting earlier this month, OPEC+ agreed to increase overall production by a modest 100,000 barrels per day. Traders were surprised by the addition, and some saw it as a direct slap to Biden after the US president traveled to the Middle East to personally plead with Riyadh for more oil.

Speaking of Riyadh, the crown prince, who effectively rules the kingdom, has made it clear that he will not use the country’s spare oil production capacity unless the global oil supply situation becomes critical.

He used terms such as “severely limited availability” of spare production capacity, although anonymous sources spoken to by Portal said both Saudi Arabia and the United Arab Emirates could produce “significantly more” oil should the need arise.

The question now is whether OPEC sees this as a necessity.

This latest downward revision in demand was the third the cartel has made since April. The IEA now appears to have realized that the impact of Western sanctions on Russian oil production and exports has been far less severe than feared. And that sets the stage for an oil market that is better supplied than many would have expected just a few months ago.

Of course, it would be negligent to ignore the destruction of demand due to high prices as a factor in the overall decline in oil demand. But the destruction of demand, as it is, is being offset by a surge in gas-to-oil switching, particularly in Europe as utilities and governments grapple with record-breaking gas prices.

This week, a tanker carrying US Mars crude arrived in Germany, marking the first shipment of such crude to that country. The reason: the impending Russian oil embargo and the urgent need to find alternatives to Russian crude oil, especially since the tight gas supply situation is getting worse by the day.

See also: The burgeoning energy partnership between Azerbaijan and the EU

The gas-to-oil shift, which may well accelerate as the heating season approaches, could become a major source of oil demand in the near term. There are other reasons for the upside as well: Portal reported earlier this week that US refiners and pipeline operators expect strong demand for their product in the second half of the year, despite high prices.

Should demand prove healthy and strong, OPEC would not need to take any action to support prices. Brent crude is just a dollar under $100 a barrel at the time of writing, and West Texas Intermediate is above $93 a barrel.

That kind of Brent price should be fine for OPEC. However, when it falls, things can change very quickly.

The likelihood of that happening seems slim, at least according to Goldman Sachs’ Damien Courvalin. In a new forecast, Courvalin said analysts at the bank expected oil prices to rise back to $130 a barrel by the end of the year.

“We are still in deficit. Although growth is slowing, prices still have work to do and that’s higher from here,” he told Bloomberg.

It’s always remarkable when OPEC sees a market surplus where others see a deficit. Usually this means that the cartel may be preparing for lower production in anticipation of price levels that are inconsistent with its expectations.

Of course, OPEC is aware of the fine line between underdoing and overdoing prices and killing demand, which is why the cartel is unlikely to be ready to start cutting production any time soon. For now, suffice it to say that OPEC has made it clear that spare capacity is limited and most members cannot meet their quota. After all, there’s only so much a cartel can do.

By Irina Slav of Oilprice.com

Other top reads from Oilprice.com:

A shot was fired at a triplex north of Blainville in the Lower Laurentians on Sunday night.

• Also read: Fugitive drives stolen car into concrete block

Police were called to proceed in front of a triplex on Boulevard Curé-Labelle around 9 p.m. over a noise of a detonation. On site, they found a projectile impact on the building.

PHOTOS THIERRY LAFORCE QMI AGENCY

PHOTOS THIERRY LAFORCE QMI AGENCY

PHOTOS THIERRY LAFORCE QMI AGENCY

Three people were inside the home, but no one was hurt, the Blainville Police Department said.

No suspects were arrested.

An investigation has been launched to shed light on this event.

A man wearing a protective mask walks past an electronic board displaying stock market data outside a brokerage firm in Tokyo, Japan, amid the outbreak of the coronavirus disease (COVID-19), amid the outbreak of the coronavirus disease (COVID-19). Portal/Kim Kyung-Hoon/File Photo

Aug 15 (Portal) – A look at the day ahead in Asian markets by Jamie McGeever

Economic data from Asia’s two economic powerhouses opens the global trading day on Monday – a set of July indicators from failed China and Japan’s Q2 GDP report.

We get the first glimpse of how China’s COVID-hit economy has started into the third quarter with July readings for industrial production, retail sales, house prices and urban investment. Economists are generally looking for a recovery, albeit gradually.

Chinese stocks endured a five-week losing streak on Friday, ending the week up 0.8% (.CSI300), helped by feel-good factor on Wall Street and an easing of Sino-US tensions over Taiwan.

Also on Friday, however, five US-listed Chinese state-owned companies whose audits are reviewed by the US Securities and Exchange Commission said they would voluntarily delist from the New York Stock Exchange. Continue reading

Meanwhile, Japan’s economy is expected to have rebounded strongly in the second quarter after contracting in the first, with economists forecasting quarterly growth of 0.6% and annualized expansion of 2.5%.

The Japanese yen is up about 1% against the dollar last week – its third weekly gain in four weeks. Could it convincingly break the 130-per-dollar barrier this week?

The tone across Asia on Monday will also be set by growing hopes that US inflation has peaked. This could further fuel the rally in risky assets, steepening the US yield curve and weighing on the dollar.

Later Monday, the US Treasury will release its June “TIC” data, which will measure inflows and outflows of US Treasury securities. Given the recent political tensions, China’s demand is being closely monitored.

Key developments that should give markets more direction on Monday:

Japan Q2 GDP estimate

China Industrial Production, Retail Sales, House Prices, Urban Investment Data (July)

New York Fed Manufacturing Index (August)

The Fed’s Christopher Waller speaks about banking and finance

Reporting by Jamie McGeever in Orlando, Florida. Editing by Matthew Lewis and Lisa Shumaker

Our standards: The Trust Principles.

Employees working on an air conditioner production line at a Midea factory in Guangzhou, China.

Jade Gao | AFP | Getty Images

BEIJING – China reported data for July that were well below expectations.

Retail sales rose 2.7% in July from a year earlier, the National Bureau of Statistics said on Monday. That’s well below the 5% growth forecast by a Portal poll and below the 3.1% growth seen in June. Within retail sales, hospitality, furniture and construction-related categories saw declines.

Car sales, one of the largest categories by value, rose 9.7%. Sales in the gold, silver and jewelry category rose the most, rising 22.1%.

Industrial production rose 3.8%, also missing expectations for 4.6% growth and a decline from the previous month’s 3.9% increase.

Fixed investment rose 5.7% year-on-year in the first seven months of the year, beating expectations for 6.2% growth.

Investment in real estate declined faster in July than in June, while investment in manufacturing slowed its pace of growth. Infrastructure investment grew slightly faster in July than in June. Fixed investment data is published on an annual basis only.

The unemployment rate among China’s youth aged 16-24 was a high 19.9%. The unemployment rate for all age groups in the cities was 5.4%.

“The national economy has maintained the momentum of recovery,” the statistics office said in a statement. However, she warned of rising “risks of stagflation” around the world, saying “the foundations for the domestic economic recovery have yet to be consolidated”.

Read more about China from CNBC Pro

Analyst forecasts for July should show a pick-up in economic activity from June as China emerges from the worst of this year’s Covid-related lockdowns, particularly in metropolitan Shanghai.

Exports remained resilient last month, rising 18% year-on-year in US dollar terms, despite growing concerns over slowing global demand. Imports lagged, rising just 2.3% yoy in July.

However, China’s massive real estate sector has come under renewed pressure this summer. Many homebuyers stopped making mortgage payments to protest developers’ delays in building homes, which in China are typically sold before completion.

Deteriorating confidence puts future developer revenue at risk — and a key source of cash flow.

The potential for a Covid outbreak remains another drag on sentiment. A wave of infections in tourist destinations, particularly in the island province of Hainan, has left tens of thousands of tourists stranded this month.

The situation on the ground reflects the large gap between the goals set at the beginning of the year and the reality that followed. Hainan had set a GDP target of 9% but only grew 1.6% in the first six months.

Similarly, China’s national GDP grew by just 2.5% in the first half of the year, well below the full-year target of around 5.5% set in March.

China’s leaders hinted at a meeting in late July that the country could miss its GDP target for the year. The meeting did not signal any imminent large-scale stimulus but stressed the importance of price stabilization.

The country’s consumer price index hit a two-year high in July as pork prices rallied.

This is breaking news. Please check again for updates.

Reds first baseman Joey Votto made history in Cincinnati Sunday by becoming the most-played Canadian in major league baseball history.

• Also read: MLB: Inconsistency hurts the Blue Jays

• Also read: MLB: Charles Leblanc still useful for the Marlins

Votto starred in his career duel in 1989, surpassing the mark of Montreal Expos legend Larry Walker.

He was unable to hit the trails in six at-bats in the Reds’ 8-5 win over the Chicago Cubs.

In his 16th major league campaign, Votto is showing some signs of slowing down the batting, hitting .214. However, he leads his team in home runs (11) and is still a useful member of the Reds on defense.

During the Field of Dreams match, he also told Sportsnet that he still felt in good shape and wasn’t thinking about retirement.

“I have a lot of fun, he slipped. I want to keep playing.”

Despite becoming the most experienced Canadian player in major league history, Votto still has a long way to go to join the frontrunners of every nationality for the hard-fought games. He won’t make the top 200 in that category until next season.

Earnings season is coming to an end, but there are still some big names to report. More than 90% of S&P 500 companies have already reported earnings, with 78% of those names reporting earnings that beat expectations, according to Refinitiv. Those results have caused overall S&P 500 earnings to rise 9.7% compared to the same period last year. In other words, it’s been a solid season. However, major consumer names like Walmart and Target are still on deck, and they will give investors another indication of how well Main Street is coping with higher prices. Take a look at CNBC Pro’s breakdown of what’s expected of this week’s biggest reports. On Tuesday, Walmart will report earnings before the bell, followed by a conference call at 8 a.m. ET. Most recent quarter: WMT said higher costs, supply chain issues and high inventories are hurting profits. This quarter: Analysts polled by Refinitiv expect annual revenue to rise slightly and earnings per share to decline single-digit. What CNBC retail reporter Melissa Repko observes: “Walmart has already sent a clear signal that customers are feeling inflation. Last month, the company lowered its earnings outlook for the second quarter and full year, saying it was having a harder time selling high-margin consumer staples items like apparel. Investors will listen to the retailer’s plan to increase profits in a more difficult environment, such as For example, using private label to attract more cash shares from price-conscious shoppers, or finding new revenue streams like the ad business.” What history shows: Walmart’s earnings days have been tough for investors lately, as the stock has fallen, according to Bespoke data after 7 of the last 9 reports fell Home Depot to report earnings before the opening bell, with management scheduled to hold a conference call at 9 a.m. ET Last Quarter: HD raised its full-year outlook after posting record first-quarter sales This quarter: The home improvement retailer is expected to post high single-digit earnings growth, data from Refinitiv shows What CNBC reporter Jack Stebbins observes: “As the go-to place for builders, electricians and other professionals, Home Depot is better insulated from changes in consumer spending Additionally, these professionals had a backlog of orders after the pandemic stood . The momentum also puts the company in a better position than other retailers when it comes to inflation. Still, investors will be looking for clues as to how Home Depot is navigating this difficult environment, especially as inflationary pressures remain near 40-year highs.” As history shows, Home Depot is beating earnings expectations in 85% of the world, according to Bespoke cases On earnings days, however, the stock averages only a 0.32% gain Target is scheduled to announce results in the premarket on Wednesday, with a conference call scheduled for 8:00 a.m. ET Last Quarter: TGT said that high Costs and inventory issues hurt earnings. The stock fell 25% on the day. This Quarter: According to Refinitiv, target earnings are likely to have fallen sharply from the year-ago period, while revenue is expected to be roughly flat. What CNBC retail reporter Melissa Repko observes: “Target has taken a sharp turn from red-hot consumer demand to a flood of unwanted La ger stocks is pivoted. The discounter said earlier this summer that it was taking a slump in profits in the second quarter, allowing it to clear shelves ahead of the all-important back-to-school and holiday season. Its executives are expected to provide a progress update and shed some light on the effort how sales are holding up as many customers spend more on services like travel and eating out, along with feeling inflationary pressures.” What history shows: Buckle up for these results. After the last three reports are Target stocks down 25%, up 9% and down 5%, respectively, according to Bespoke Lowe’s to announce earnings before the bell Management expected to hold conference call at 9:00 a.m. ET Last quarter: LOW reported a decline in sales, as cool spring temperatures impacted demand for outdoor products This Quarter: According to Refinitiv, Lowe’s earnings are expected to decline versus the increased slightly in the previous year. What CNBC reporter Jack Stebbins observes: “With about 75% of its sales coming from DIY customers, Lowe’s risks feeling trapped by falling consumer confidence. The hardware store is past spring, the high season for projects. However, the background has become more difficult as people juggle busier schedules and tighter budgets and see signs that the housing market may be cooling. As history shows, Lowe’s has beaten expectations for the past six quarters, FactSet data shows. Cisco Systems is expected to report earnings after the bell. Management is expected to host a conference call at 4:30 p.m. ET. Most recent quarter: CSCO forecasts a drop in sales, putting pressure on the stock. This quarter: Analysts polled by Refinitiv expect slight year-over-year declines in Cisco’s earnings per share and revenue. What CNBC Tech reporter Jordan Novet observes: “Analysts aren’t particularly excited about Cisco right now, with more than half of the 29 analysts polled by FactSet remaining holding the data center networking hardware maker’s stock. “We don’t think a premium rating is warranted now because, despite the company’s stated goal of growing software and recurring revenue, Cisco has not been very successful in meeting its business transformation goals,” Rosenblatt Securities analyst Mike Genovese wrote when he coverage with a hold rating initiated in mid-July. Management warned of a drop in sales for the July quarter. Since then, one of Cisco’s top executives, Todd Nightingale, responsible for enterprise networks and cloud, has agreed to become CEO of content distribution network operator Fastly. Another executive vice president, Jonathan Davidson, has agreed to take on additional responsibilities to lead that unit, a spokesman said. As history shows, Cisco shares have posted an average loss of 0.4% on gain days, but the company beat earnings expectations 94% of the time, tailored data shows. Kohl’s will announce the results before the bell on Thursday, with a call scheduled for 9 a.m. ET. Most Recent Quarter: KSS lowered its full-year outlook after an earnings decline. This quarter: According to Refinitiv, Kohl’s earnings are likely to have fallen more than 50% from the year-ago period. What CNBC retail reporter Lauren Thomas observes: “Kohl’s in June lowered its outlook for the second fiscal quarter, which the retailer is about to report, citing weaker consumer spending. Industry watchers await upcoming updates to its full-year outlook Many retailers, including Walmart and Warby Parker, have kept their forecasts on the heels in recent days due to inflationary pressures and ongoing supply chain headwinds. Kohl’s also ended deal talks with the Franchise Group, owner of The Vitamin Shoppe. It has come under heavy pressure from activists to sell the business and may offer updates this week.” As history shows, Kohl’s has been a surprise winner lately and, according to Bespoke data, is down up in each of its last four reports, but that wasn’t the long-term trend Typically, stocks fall on average on earnings days, according to Bespoke.

A motorcyclist died late Sunday afternoon after losing control of his vehicle at Terrebonne in Lanaudière.

The accident happened around 5:30 p.m. on Boulevard des Migrateurs. According to initial findings, the driver was traveling east on the boulevard when he lost control of his motorcycle for reasons that are still unclear before crashing onto the roadway.

“Police and ambulances were quickly dispatched to the scene of the accident to assist the driver. Unfortunately, his death was determined at the scene of the accident,” said Benoît Bilodeau, captain of the Terrebonne / Sainte-Anne-des-Plaines / Bois-des-Filion intercommunal police station.

No other vehicles were involved in the accident.

Investigators went to the scene of the accident with an accident scene technician to try to determine the causes and circumstances of the accident.

“At the moment all hypotheses are being examined to try to determine more precisely what may have happened,” police added.

Boulevard des Migrateurs was closed to traffic eastbound between the ramps of Highway 640 West and Rue de Bruant.