Here are five things you need to know this morning
No Trump-Carney talks: U.S. President Donald Trump says he isn’t planning on talking trade with Canada “for a while.” This morning Trump was asked whether he would meet with Prime Minister Mark Carney in South Korea at the Asia-Pacific Economic Cooperation summit later this week. Trump responded that he doesn’t want to meet with Carney, saying he is happy with the current deal between the U.S. and Canada. This comes after Trump threatened to hike tariffs on goods coming in from Canada by 10 per cent this weekend, in continued reaction to a TV ad by the Ontario government using a speech by former U.S. President Ronald Reagan criticizing tariffs.
Carney to meet with Xi: Meanwhile Prime Minister Carney says he plans to meet with China’s president Xi Jinping this week at the summit in Korea. While speaking in Malaysia during his trip to Asia, Carney said he plans to discuss bilateral trade between the two countries and says he could see progress on easing the travel restrictions between the two countries as well as supporting Canada’s agriculture, fishery products and manufacturing sectors.
Cenovus raises MEG offer: Cenovus Energy has sweetened its offer for MEG Energy again – winning support from Strathcona Resources to vote in favour of the deal. Strathcona is MEG’s largest shareholder and was previously a rival bidder for the company. In the offer from Cenovus, MEG shareholders now have the option to receive $30 in cash or just under 1.3 Cenovus shares for each MEG Energy share. MEG shareholders are set to vote on the offer on Oct. 30.
Interest rates in the spotlight: Interest rates will be in the spotlight this week, with both the Bank of Canada and the U.S. Federal Reserve announcing their latest rate decisions on Wednesday. Both central banks are expected to cut rates, despite some recent stronger-than-expected economic data, as well as persistently high inflation. However not all observers feel the cuts are a certainty. U.S. investment bank Morgan Stanley is out with a new report this morning saying it expects a ‘dovish hold’ from the Bank of Canada this week, as inflation remains firm and the labour market shows some recovery.
Football yoga pants: While Canadian sports fans are focused on the Toronto Blue Jays’ battle in baseball’s World Series, one Canadian company is focused on football. Vancouver-based Lululemon is partnering with the NFL to launch an apparel collection for all 32 NFL teams. The collection, set to launch Tuesday, will include both men’s and women’s apparel and accessories with NFL team marks, including some of Lululemon’s most notable products. Lululemon, long known for its roots in yoga wear, has made a notable push into sports and performance in recent years. The retailer struck a partnership with the NHL last year to release team-branded items and has grown its roster of sports-linked ambassadors.
