Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

After Royal Bank of Canada breezed past estimates yesterday, we’ve got a mixed bag so far this morning. CIBC’s adjusted earnings per share landed a couple of cents light at $3.00. Provisions for credit losses rose, while core Canadian banking delivered single-digit adjusted profit growth. TD, meanwhile, narrowly edged past Q4 estimates as profit from its U.S. banking operations surged 44 per cent year-over-year. We’ll sift through all the details and look forward to BNN Bloomberg's Amanda Lang’s upcoming interview with TD CEO Bharat Masrani.

IN CONVERSATION WITH RACHEL NOTLEY

We’re looking forward to speaking with Alberta Premier Rachel Notley today about her plan to buy new rail capacity in a bid to narrow the discount on Canadian oil. Her provincial rival, Jason Kenney, says what’s really needed at the moment is a mandatory 400,000 bpd curtailment. Canadian Natural Resources Vice-Chair Steve Laut saluted Notley’s move while indicating Kenney is onto something. “[Notley] is on the right track, that’s going to be a good mid-term solution,” Laut told us yesterday, before adding he’s hopeful that the panel Notley recently tasked with searching for solutions will recommend government-mandated output cuts.

POWELL'S 'JUST BELOW' GUIDANCE SETS OFF RALLY

You could barely hear it over the clanking of cutlery at the Economic Club luncheon where he was speaking, but investors heard Jerome Powell's message loud and clear: The Federal Reserve's main policy rate is "just below" neutral. That lit up stocks, with the Nasdaq's 2.95 per cent pop leading the way. "This dovish Fed lean is a fantastic cure-all for what ails stock market sentiment," is what Stephen Innes, Oanda's head of Asia Pacific trading, told clients this morning. Even so, the excitement may have been fleeting, with futures pointing to a relatively flat open. And no reaction thus far from U.S. President Donald Trump.

G20 IN BUENOS AIRES

Prime Minister Justin Trudeau and U.S. President Donald Trump are among the leaders landing in Buenos Aires today ahead of the leaders’ summit that officially gets underway tomorrow. Tons of storylines: Xi-Trump, USMCA, Brexit risk, the optics of having Mohammed bin Salman in the room, and so much more. We’ll lean on our Bloomberg partners for all the details.

ONTARIO CLIMATE PLAN

Ontario Environment Minister Rod Phillips has scheduled a technical briefing and announcement for this afternoon, at which time he’s expected to unveil the province’s new climate plan. Recall the Ford government scrapped Ontario’s pre-existing cap-and-trade system shortly after taking office, and that there’s an ongoing legal fight over the federal government’s plan to impose a carbon price on the province.

OTHER NOTABLE STORIES

-We're seeing more fallout from the uncertainty engulfing Canada's energy sector. Bonterra Energy announced this morning it will cut its monthly dividend to one cent per share from the previous $0.10/share payout, citing weak oil prices.

-Just in time for G20, U.S. Trade Representative Robert Lighthizer blasted China’s “egregious” auto tariffs in a release late yesterday, adding he’s going to “examine all available tools” at his disposal to “equalize” the levies.

-Shares of Deutsche Bank have been down as much as 5.3 per cent in Germany after the lender’s offices were searched by prosecutors in a probe tied to the Panama Papers.

-Zachary George’s FrontFour has disclosed grievances about MDC Partners in a regulatory filing, saying the company’s board requires “significant changes” and warning it’s prepared to call a special meeting to execute change. MDC said in a statement it’s “disappointed” FrontFour went public.

-Ensign Energy Services last night said it took another step toward formalizing its takeover of Trinidad Drilling by scooping up another 1.5 million shares, thus moving its stake to 66.73 per cent. 

NOTABLE RELEASES/EVENTS

-Notable earnings: Toronto-Dominion Bank, CIBC, MedMen, Dollar Tree, HP

-Notable data: Canada current account balance, U.S. personal income and spending

-10:00 a.m. ET: Parliamentary Budget Officer releases report on “Costing Irregular Migration across Canada’s Southern Border”

-10:00 a.m. ET: U.S. President Donald Trump departs White House for trip to Buenos Aires

-11:00 a.m. ET: Kinder Morgan Canada holds special shareholders' meeting in Calgary for vote on use of proceeds from Trans Mountain sale

-12:00 p.m. ET: Newfoundland and Labrador Finance Minister Tom Osborne delivers speech in Toronto

-12:30 p.m. ET: TMX Group hosts investor day meeting in Toronto

-12:45 p.m. ET: Alberta Premier Rachel Notley delivers speech in Toronto (plus media avail)

-1:30 p.m. ET: Ontario Environment Minister Rod Phillips makes announcement in Nobleton, Ont. (Technical briefing at 12:00 p.m. ET)

-2:00 p.m. ET: U.S. Federal Reserve releases minutes from last meeting

-2:45 p.m. ET: Alberta Finance Minister Joe Ceci and Municipal Affairs Minister Shaye Anderson make announcement in Edmonton about infrastructure funding

-G20 finance ministers meet in Buenos Aires

-5:30 p.m. ET: Prime Minister Justin Trudeau departs for Buenos Aires

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