Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Thomson Reuters has confirmed it’s in advanced talks with Blackstone for a deal involving the company’s Financial and Risk unit that caters to finance professionals. Reuters is reporting the transaction would see Blackstone pay ~US$17 billion for a majority stake in the division that generated more than half the company’s revenue last year. Not only would a deal mark the biggest shift for Thomson Reuters since the 2007 deal that united the two companies, but it would also see Blackstone wade into territory dominated by Bloomberg. Lots of angles to pursue today.

TSX DRIFTS FROM RECORD

After starting the new year in style, the TSX Composite Index has slipped into a resource-led funk. The index closed yesterday almost two per cent below its Jan. 4 record close (16,412.94). Sprinkled between the long-list of mining and energy laggards are story stocks like Cineplex (-18 per cent), Valeant (-16.9 per cent) and Hudson’s Bay Co. (11.4 per cent). We’ll get an early outlook for the market this morning from BMO Global Asset Management’s Paul Taylor.

BOLD ETF PREDICTION

Worth pointing out Taylor’s shop is out today with a call for continued massive growth in Canada’s ETF landscape. BMO Global Asset Management reckons the exchange traded fund market in this country will balloon to $400 billion over the next five years from $145 billion at the end of last year. We’ll assess Canadians’ appetite for ETFs and explore the broader impact for the market.

AMAZON, BERKSHIRE, JPMORGAN TEAM UP TO LOWER HEALTHCARE COSTS 

U.S. pharmacy and health insurance stocks are falling in pre-market trading after Amazon, Berkshire, and JPMorgan announced a plan to address healthcare costs in the U.S., which Warren Buffett is likening to a “hungry tapeworm on the American economy”. The plan is light on details, but that’s not stopping investors from selling names like CVS, Walgreens and Humana.

GTA HOME SALES EXPECTED TO FALL THIS YEAR 

The Toronto Real Estate Board is predicting sales across the GTA will likely fall this year, with a forecast range of 85,000-95,000, compared with the 92,394 sales registered in 2017. The factors at play here are well known: tough new mortgage rules and the ongoing psychological impact from Ontario's Fair Housing Plan.

JAY SWITZER REMEMBERED

Jay Switzer, a true icon of Canada’s media industry, passed away yesterday at the age of 61 after a battle with brain cancer. Not only a leading force in this country, the Hollywood Reporter’s story on his passing is a testament to his revered status beyond Canada’s borders. We’ll reflect on Switzer’s legacy with Lionsgate Television Group Chairman Kevin Beggs this morning on Business Day.

OTHER NOTABLE STORIES:

-We’re still waiting for Shaw Communications to respond to BNN's request to confirm – and provide details on – a buyout program that we’ve heard will soon be launched. As of the end of August, Shaw had approximately 14,000 employees.

-Gibson Energy is aiming to sell up to $375 million worth of non-core assets by the middle of next year.

-ExxonMobil CEO Darren Woods is cheering the American tax overhaul in a blog post that he says “enhances” the company’s US$50-billion spending program.

NOTABLE RELEASES/EVENTS

Notable earnings: Metro, McDonald's, Pfizer

Notable data: S&P/Case Shiller U.S. home price index, U.S. consumer confidence

8:00 a.m. ET: Toronto Real Estate Board holds 2018 outlook event

12:00 p.m. ET: CMHC releases National House Market Assessment report

12:00 p.m. ET: Ministers scrum in Foyer after cabinet meeting

2:30 p.m. ET: Brian Mulroney speaks before U.S. Senate Foreign Relations Committee

9:00 p.m. ET: U.S. President Donald Trump delivers State of the Union address

Two-day U.S. Federal Reserve meeting begins 

Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN'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.bnn.ca/subscribe.