The Big Three: Boeing crash aftermath; gold and oil rise; Cenovus sets bold sustainability goals
We’ll continue to track the fallout today from the tragic crash of the Ukrainian International Airlines jet near Tehran that killed 63 Canadians. Yesterday, Prime Minister Justin Trudeau said 138 passengers who died on the flight were destined for a connecting flight to Toronto’s Pearson airport, and Canadians want answers on what happened. He said his government will continue to work with international partners to make sure the crash is “thoroughly investigated” and he’s not concerned that Canada’s lack of diplomatic ties with Iran will be an obstacle to Canada’s involvement in the investigation.
MARKETS BOUNCE BACK
It’s not often we can say U.S. President Donald Trump has calmed the markets, but that’s exactly what he did yesterday after suggesting the U.S. will not be taking any further military action against Iran after it fired missiles at American forces in Iraq. However, he said the U.S. will be imposing “punishing economic sanctions” on Iran. That was good enough to push U.S. stocks up and safe-haven gold down. Here in Canada, investors will likely be watching for comments from Bank of Canada governor Stephen Poloz, who speaks at the Vancouver Board of Trade at 2 pm Eastern.
CENOVUS FOCUSING ON SUSTAINABILITY
Cenovus has some ambitious new ESG (environmental, social and governance) targets. The Calgary energy company says it plans to reduce emissions by 30 per cent by 2030, re-claim 1,500 decommissioned well sites, and spend at least $1.5 billion with Indigenous businesses – all by 2030. It’s also targeting net zero emissions by 2050. How realistic is the plan? We’ll assess.
INTERVIEW WITH NEW OMERS CEO
Watch for our interview with incoming OMERS CEO Blake Hutcheson on Bloomberg Markets today. Hutcheson, who starts the top job in June, spoke to BNN Bloomberg's Amanda Lang about where the pension fund is looking to invest, geopolitical risks and more.
OTHER NOTABLE STORIES
-Chinese President Xi Jinping’s chief trade negotiator will travel to Washington early next week to sign a phase-one trade deal with the U.S.
-Artizia beat earnings expectations in the third quarter, as sales and revenue jumped
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