Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Global stocks are in the red again today as U.S. President Donald Trump takes the tariff show to London. Before departing, he told reporters he’s “really okay” going ahead with his threat to impose levies on all imports from Mexico – whose government is deploying a team of top cabinet officials for negotiations in Washington this week. Meantime, China directed some zingers at the U.S. in a policy paper this weekend, further underscoring there’s no quick fix in sight to tension between the two countries.

ROUND TWO WITH STEVE EISMAN

The renowned short-seller is back for an encore with BNN Bloomberg's Catherine Murray this afternoon. Last time he joined us, Eisman took swipes at the CEOs of Canada’s big banks, and warned their stock prices could drop at least 20 per cent as the credit cycle normalizes. We’ll get his thoughts on the quarter that just wrapped this afternoon on The Close.  

$2.7B CANNABIS MARKET LOOMS IN OCTOBER: STUDY

Deloitte is out with another deep dive on Canada’s cannabis market. In this edition, the consultancy pegs the value of Canada’s soon-to-be legal edibles market at $1.6 billion. Once beverages, topicals and other alternatives are included, the market value swells to $2.7 billion. The big question is whether the industry will be allowed to deliver on what Canadians overwhelmingly want to buy (i.e., gummy bears). And whether conventional brands will attempt to cash in on consumers’ apparent pent-up demand for cannabis-infused tea.

OTHER NOTABLE STORIES

-Algonquin Power & Utilities is buying Bermuda Electric Light Company for US$365 million in cash.

-From late Friday: Canadian Natural Resources announced it temporary shut-in 65,000 barrels per day of oil production as a result of the wildfires in Alberta.  

-Alphabet shares are down ~three per cent in the pre-market; there are several reports the U.S. Department of Justice is considering an antitrust case against Google.

-Emirates President Tim Clark told Bloomberg he expects the 737 Max will be grounded until at least December, largely because of a difference of opinion among global regulators over the approval process.

-Bloomberg is reporting Apple today will announce iTunes is being replaced by standalone music, TV and podcast apps.

-Bloomberg is also reporting the White House is considering Aldona Wos as the next U.S. ambassador to Canada. Wos previously served as ambassador to Estonia.

-More M&A in the chip industry: Infineon Technologies is buying Cypress Semiconductor for US$23.85 per share in cash. Cypress closed at US$17.82 on Friday.

-A division of Goldman Sachs is buying Capital Vision Services from the Caisse de dépôt et placement du Québec and Altas Partners. Terms weren’t disclosed; The Wall Street Journal reported the deal is worth US$2.7 billion.

NOTABLE RELEASES/EVENTS

-Notable data: ISM U.S. manufacturing index

-9:30 a.m. ET: CEOs of Canadian Manufacturers and Exporters, Canadian Association of Oilwell Drilling Contractors, and Canadian Association of Petroleum Producers hold news conference in Ottawa regarding Bill C-69

-10:45 a.m. ET: Toronto's Hospital for Sick Children to announce record donation

-11:00 a.m. ET: CAPP CEO Tim McMillan holds news conference in Ottawa to discuss federal energy platform

-U.S. President Donald Trump begins state visit to U.K. (7:35 a.m. ET official welcoming ceremony with the Queen)

-Apple Worldwide Developers Conference begins in San Jose (runs to Friday)

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.