Here are five things you need to know this morning:
 
Oil moves: Oil has risen close to US$88 this morning on fears over the conflict in the Middle East. Iran called for an oil embargo against Israel over its air strikes on Gaza. The comments came as U.S. President Joe Biden arrived in Tel Aviv.
 
Industrial metals outlook: RBC is warning investors that “slowing global growth and rising supply could push key industrial metals into surplus markets in 2024, and we think caution is warranted.” A note published this morning said copper appears to be in a glut already that “could continue into next year.” At 11:40 a.m. EDT, we’ll hear from the CEO of Canada Nickel, which is working on a project north of Timmins, Ont.
 
China’s economy: On the bright side for commodities, China’s economy strengthened in the third quarter as people ramped up spending on restaurants, alcohol and cars. Gross domestic product grew expanded 4.9 per cent year-on-year. The country is “very confident” that it can reach an annual growth goal of about five per cent for 2023, a statistics bureau official said.
 
Grocer vs. grocer: Here’s a politically charged story as consumers gripe about high food prices. Metro has launched a lawsuit in which it claims damages from George Weston, Loblaw Companies and Weston Foods for “falsely implicating” Metro in a bread price-fixing scheme that came to light in 2015.
 
Scotia layoffs: Scotiabank says its fourth quarter results will take a hit of about $590 million after-tax ($783 million pre-tax) for items including job cuts and its stake in China’s Bank of Xi'an “whose market value has remained below the Bank's carrying value for a prolonged period, as well as impairment of certain intangible assets including software.”