The Canadian government is expected to announce changes to some travel rules for fully vaccinated citizens and permanent residents. Nearly a month after an expert panel recommended ending mandatory hotel quarantines, many are anticipating Ottawa will make changes to this requirement. Pressure has been increasing on both sides of the border to relax measures between Canada and the U.S. after restrictions to non-essential travel across the border was extended in recent days until July 21. We’ll hear from U.S. congressman Brian Higgins this morning on The Open and Goldy Hyder, CEO of the Business Council of Canada on Bloomberg Markets, both of whom have been critical of the recent border restriction extension.

U.S. FUTURES POINT TO REBOUND

U.S. futures are pointing to a positive open after the Dow Jones Industrial Average posted its worst week since October. Investors will be paying close attention St. Louis Fed President Jim Bullard and Dallas Fed President Robert Kaplan, who are lined up to speak virtually at an Official Monetary and Financial Institutions Forum panel this morning, while New York Fed President John Williams is scheduled to speak this afternoon as they look for more guidance after the U.S. Federal Reserve raised its inflation expectations and indicated it expects to raise interest rates sooner than previously expected.

EX-CPPIB CEO JOINS THE BOARD AT SERENDIPITY CAPITAL

Mark Machin is joining the board of Singapore investment firm Serendipity Capital. The former head of the Canada Pension Plan Investment Board resigned back in February after flying overseas amid the global pandemic to receive his COVID-19 vaccination. The move was criticized by senior government officials since it went against Ottawa’s international travel guidance.

OTHER NOTABLE STORIES

  • The price of Bitcoin is trading lower this morning, below $33,000, on reports China is escalating its crackdown on cryptocurrencies
  • Oil is trading near US$72 a barrel after the latest round of talks to revive the Iran nuclear deal failed to progress
  • We’ll keep an eye on shares of Lundin Mining after the company cut its full-year production guidance for its Candelaria mine in Chile
  • Hudbay Minerals has suspended all underground mining operations at its Lalor mine in Snow Lake, Man. while an investigation is completed following the death of an employee Saturday evening
  • Saskatchewan Premier Scott Moe has said that his province will lift all public health measures on July 11, including wearing masks and limits on events and gatherings

NOTABLE RELEASES/EVENTS

  • 09:30: St. Louis Fed President James Bullard and Dallas Fed President Robert Kaplan discuss economic outlook in virtual event hosted by the Official Monetary and Financial Institutions Forum.
  • 10:00: Federal government providing more details on measures for fully vaccinated Canadian travelers
  • Amazon Prime Day begins (but not in Canada)