BNN Bloomberg is Canada\u2019s definitive source for business news dedicated exclusively to helping Canadians invest and build their businesses. <\/p>\n
Here are five things you need to know this morning<\/p>\n
Canada less reliant on U.S.: There is fresh evidence today that Canada is becoming less reliant on the U.S. as a trading partner. The value of Canada\u2019s exports with the U.S. as share of total exports fell to 67.3 per cent in October<\/a>, the lowest level on record outside the pandemic, in data going back to 1997. Shipments south of the border fell another 3.4 per cent, driven by falling exports of aircraft and gold. Total exports rose 2.1 per cent, driven by gold shipments, specifically to the U.K. However, the merchandise trade balance swung back into deficit as imports of computers and electronics surged.<\/p>\n Telus hires advisers for health unit: Telus<\/a> has hired TD and Jefferies as advisers to aid in its review<\/a> of its Telus Health unit. The company says the hiring of these advisers will help develop monetization strategies. The CEO of Telus says the focus for Telus Health is finding a strategic partner.<\/p>\n Defence stocks jump on Trump budget: Shares of defence stocks are rising after U.S. President Trump said he is planning to request an increase in the military budget. U.S. stocks like Lockheed Martin<\/a> and Northrop Grumman<\/a> have been given a boost, along with European defence shares. The proposed increase was announced by the President on social media and proposes a US$1.5 trillion defence budget for 2027.<\/p>\n Low oil prices hit Exxon: Exxon Mobil<\/a> says lower oil prices reduced fourth-quarter results by US$800 million to US$1.2 billion, one of the first signs that Big Oil is facing a tough earnings season. Lower chemical margins and asset write downs were a drag on profit. Exxon is the first of the oil supermajors to report quarterly guidance just weeks before the reporting season is scheduled to kick off. The international crude benchmark last year posted its worst annual performance in half a decade amid a looming global oversupply of crude. The price slump prices come as U.S. President Donald Trump urges Exxon, along with rivals Chevron<\/a> and ConocoPhillips<\/a>, to invest billions of dollars to revive the Venezuelan oil industry after the ouster of President Nicolas Maduro this past weekend.<\/p>\n