Here are five things you need to know this morning
Alberta proposes new pipeline: Alberta will spearhead an effort to build a new oil pipeline to the Pacific coast, a project that would allow Canada to more than double its shipments of crude to Asian markets. Premier Danielle Smith’s government will act as the proponent of a pipeline to carry as many as one million barrels a day to tankers in British Columbia. If the project is approved, Alberta intends to seek private capital to own it. The province is seeking technical advice and help from Enbridge, South Bow and Trans Mountain. However, none of the companies have agreed to be involved with the project long-term.
Day 2 of the U.S. government shutdown: The financial world is still closely watching the U.S. government shutdown. The Senate again rejected House Republicans’ stopgap funding bill, prolonging the shutdown with no end in sight. The stalemate is expected to last at least two more days. An economic data blackout during the shutdown this week is also top of mind, as the September jobs report will not be released on Friday, given the Labor Department’s pause on virtually all activity.
Canada Packers IPO: Pork will be in the spotlight on Bay Street today, with Canada Packers Inc. set to make its Toronto Stock Exchange debut. Maple Leaf Foods completed the spinoff of the unit Wednesday. The new standalone company, which will focus on hog production and processing, is being led by Dennis Organ, who joined Maple Leaf Foods in February 2023 as president of the pork complex. Maple Leaf is keeping a 16 per cent stake in Canada Packers and will also be an anchor customer for Canada Packers, which will supply pork for its prepared meats business.
U-turn at Stellantis: One stock trading higher so far today is automaker Stellantis. The maker of Jeep SUVs reported a gain in third-quarter U.S. deliveries, sparking optimism on the group’s turnaround prospects. It was the company’s first quarterly sales gain in more than two years. Stellantis shares are still down 31 per cent so far this year.
CFIB wants Canada Post strike to end: The Canadian Federation of Independent Business is urging the federal government to immediately end the Canada Post strike. According to CFIB data, 13 per cent of small businesses have stopped using Canada Post since the last strike, which cost small businesses over $1 billion. Nearly two-thirds said they would walk away from Canada Post if there’s another strike. “Small businesses are one of the last groups of profitable customers for Canada Post. Every time there is a service disruption, more and more businesses leave Canada Post for good. The strike will make the job of saving Canada Post much more difficult,” says Dan Kelly, CFIB president.
