Encana and Precision Drilling deliver glimmers of optimism from the oil patch
If you look closely, there are early signs of a recovery in Canada’s energy sector. Encana is raising its spending and production forecasts for the year after it swung to an operating profit in the second quarter. And even though Precision Drilling’s revenue was halved in Q2, its CEO says customers have started planning for better days. We’ll hear directly from Encana CEO Doug Suttles on Business Day.
Musk telegraphs Tesla’s next moves
“Starting a car company is idiotic,” Tesla CEO Elon Musk writes in his Master Plan, Part Deux, “and an electric car company is idiocy squared.” But that’s not stopping him from being even more ambitious. Musk is mapping out a plan for:
- Tying together power generation and storage (hence the proposed SolarCity deal)
- Adding to Tesla’s product lineup (get ready for pickup trucks, heavy-duty trucks and public transit vehicles)
- Fully-automated vehicles
- Shared Tesla fleets (i.e., allow your unused Tesla to “generate income for you while you’re at work or on vacation, significantly offsetting and at times potentially exceeding the monthly loan or lease cost)
We’ll consider the costs and timelines for Tesla and the implications for consumers and shareholders.
Premiers meet in Whitehorse
Canada's premiers gather in Whitehorse for two days of talks that are expected to focus largely on a new interprovincial trade deal. Today's official agenda calls for discussions about "economic productivity and innovation, infrastructure, trade and energy, as well as other priority issues." We'll also watch for the next volley in Rachel Notley and Brad Wall's spat over beer taxes.
RNC: Day four
The Republican National Convention will wrap up this evening in Cleveland, with Donald Trump expected to deliver a closing speech accepting the Party’s nomination. Some prominent financiers will speak before Trump, with Peter Thiel and Tom Barrack scheduled to address the delegates. All this in the shadow of Ted Cruz going rogue last night.
Releases/Events:
-Notable earnings: Rogers Communications, Encana, Precision Drilling, West Fraser Timber, Celestica, Starbucks, Schlumberger, GM, AT&T, Visa
-Notable data: Canadian wholesale trade (0830 ET), U.S. existing home sales (1000 ET)
-0745 ET: ECB rate decision
-0815 ET: CMHC report on Fort McMurray
-0830 ET: Mario Draghi news conference
-1000 ET: Navdeep Bains announcement in Newmarket (we’ll monitor Q&A for anything re. Bombardier)
-1100 ET: Premiers’ meeting starts in Whitehorse
Every morning Commodities host Andrew Bell writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Today's note was written by BNN's Managing Editor Noah Zivitz. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe
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