First Look With Surveillance: Europe's Energy, Biden's Agenda
Alberta’s “Open for Summer” plan has come to a screeching halt. Late yesterday, Premier Jason Kenney declared a public health emergency and said the province is imposing a long list of new restrictions to avoid having the health system buckle under the weight of surging infections. As of Monday, strict new limits will be imposed on restaurants and other businesses if they balk at screening guests for vaccination status or a negative COVID test. Effective immediately, schools and workplaces are among the venues facing new rules. All of this after Kenney lifted restrictions on July 1 and said at the time that “we have crushed COVID-19.” Lots for us to sift through and explore as a cautionary case study for other provinces. We’ll chase local reaction.
IN CONVERSATION WITH JIMMY PATTISON
Jon is catching up with one of this country’s wealthiest business leaders this morning. Can’t wait to hear Pattison’s perspective on inflation, the economy and his recommendations for the next government when he joins us at 10:30 a.m.
SUNCOR-INDIGENOUS PARTNERSHIP ON PIPELINE
Suncor Energy announced this morning that it's teaming up with eight Indigenous communities to buy TC Energy's 15 per cent stake in the Northern Courier pipeline, which connects the Fort Hills oil sands project with Suncor's East Tank Farm. Suncor said in a release the three First Nations and five Métis communities that it teamed will benefit from "long-term, stable revenues...for decades to come." The other 85 per cent stake in Northern Courier is owned by AIMCo. In a release, a senior vice-president for the asset manager saluted this morning’s announcement as “a significant step forward in ensuring the long-term viability of Alberta’s energy industry.”
OUTLOOK FOR RETURN TO OFFICE
Allied Properties REIT Chief Executive Michael Emory is up with us this morning to share his election wish list. It’ll be interesting to also hear his perspective on getting workers back into offices, particularly considering what’s happening in Alberta.
Futures have been little changed for much of the morning after yesterday’s rally that sent the S&P 500 to its biggest single-day gain in nearly a month. There was a bit of a bounce at 8:30 a.m. after we got another reminder to never count out the U.S. consumer, as August retail sales came in with a 0.7 per cent; the estimate was for a decline of 0.7 per cent. Stripping out autos, sales jumped 1.8 per cent.
OTHER NOTABLE STORIES
- This evaded us yesterday but still worth flagging: La Presse has reported that François Legault’s government is planning to announce the end of oil and gas exploration in Quebec this fall.
- Our Bloomberg News partners are reporting Hudbay Minerals (with support from the Ontario Teachers’ Pension Plan) is among the final bidders for a copper miner in Spain that’s owned by Trafigura Group. According to Bloomberg, the bidding could reach US$2 billion.
- Labrador Iron Ore is hiking its quarterly dividend to $2.10 per share from the previous rate of $1.75.
- Notable data: Canadian housing starts, wholesale trade, and international securities transactions; U.S. initial jobless claims and retail sales
- 9:00: NDP Leader Jagmeet Singh holds media avail in Toronto
- 9:15: Liberal Party Leader Justin Trudeau makes announcement in Montreal (plus avail)
- 10:00: Conservative Party Leader Erin O’Toole makes announcement in Saint John (plus avail)
- 13:45: U.S. President Joe Biden delivers remarks on “leveling the playing field in our economy”
- 14:00: West Fraser Timber holds analyst and investor day