U.S. President Donald Trump has been abandoned by dozens of the most powerful business leaders in the United States. The primary question today is how the executive exodus – and Trump’s decision to front-run by pulling the plug on his two advisory councils – will influence his broader policy agenda.
BNN has been trying all week to confirm the status of the Canadian participants in the Council for Advancement of Women Entrepreneurs and Business Leaders. We’ll keep trying to get answers.
BANNON: U.S. AT 'ECONOMIC WAR' WITH CHINA
Trump’s chief political strategist is pulling no punches in a new interview. “We’re at economic war with China …. We have to be maniacally focused on that,” he told prospect.org. in an at-times vulgar conversation. We’ll watch for any fallout from this.
MILLENNIALS' DEMAND FOR HOUSING 'ENORMOUS'
Not sure that's telling us anything we don't already know. But a new survey from Royal LePage includes some eye-opening data that reinforces a well-established narrative:
-87% of Canadians aged 25-30 say homeownership is a good investment
-57% believe they'll be able to afford a home
-25% of "peak millennials" will seek financial support from families
-14% are living with parents to save for a home purchase
-53% say they'd spend up to $350,000 on a home
WAL-MART CANADA SAME-STORE SALES GROWTH ACCELERATES
Wal-Mart narrowly edged out profit and revenue in the second quarter at US$1.08/share and $123.4 billion respectively. From our perspective, the company’s performance in Canada is particularly notable. Wal-Mart CFO Brett Biggs disclosed on a recorded conference call that total sales and same-store sales growth accelerated in Q2. Also said something that should put all rivals on edge. “We further improved our price position against competitors, which contributed to market share gains in key traffic driving categories such as food and consumables.”
STRANZL PLOTS SEARS BID
We will track any developments on the Sears Canada insolvency file after learning late yesterday the company's executive chair, Brandon Stranzl, is stepping away from day-to-day operations so he can piece together a bid for the retailer. "The goal of any such proposal is to facilitate a path for Sears Canada to emerge from CCAA and so that all of us can continue with the company's reinvention plans," staff were told in a memo. Would be instructive to look ahead to what Stranzl might do with Sears if he's successful with a bid. Note there’s also another court hearing on the insolvency process tomorrow in Toronto.
OTHER NOTABLE STORIES:
-Cisco Systems looks to be a market mover today. The tech bellwether’s stock is trading three per cent lower in the pre-market amid some apparent angst over a revenue growth slowdown in the company’s security unit.
NOTABLE RELEASES/EVENTS
-Notable earnings: Wal-Mart, Gap
-Notable data: Canadian manufacturing sales (8:30 a.m. ET), U.S. industrial production (9:15 a.m. ET)
-9:00 a.m. ET: Parliamentary Budget Officer releases report on GDP and fiscal outlook
-915 a.m. ET: International Trade Minister François-Philippe Champagne holds media avail in Sherbrooke, Quebec
-11:30 a.m. ET: Environment and Climate Change Minister Catherine McKenna holds media avail in Toronto after NAFTA stakeholder meeting
-NAFTA negotiations continue in Washington
-Deadline for public comment on OSFI's new B-20 mortgage proposals
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.
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