SNAPSHOT OF CANADA’S ECONOMIC HEALTH EXPECTED TO SHOW SLOWING GROWTH

We’ll be getting the latest GDP report for Canada at 8:30 a.m. ET, which covers the month of July. A preliminary estimate from Statistics Canada suggests that growth may come in around three per cent, well off the 6.5 per cent pace we saw in June. We’ll also get a peek at what economic activity in August looked like and whether Canadians need to prepare for an extended period of slow growth.

LIBERALS SURVIVE FIRST CONFIDENCE VOTE, NOW FACE DECISION OVER CECRA

Early hours voting this morning saw unanimous support in the House of Commons for the Liberal’s financial aid bill, meaning that there will be no election at least in the short term, with a Senate vote expected later today. Bill C-4 carries several new benefits for Canadians still struggling amid the global pandemic, as Ottawa transitions from the CERB program. With September coming to an end however, we’re still waiting to hear on what will happen to the Canada Emergency Commercial Rent Assistance program, which expires today. Speaking to reporters yesterday, Liberal House Leader Pablo Rodriguez said that “we’re not going to let them down” when asked about businesses facing rent payments, suggesting that another emergency bill may be in the works. Given the criticism of the last subsidy though, we’ll be looking for perspective on what improvements can be made.

TRUMP AND BIDEN TRADE BLOWS IN FIRST DEBATE

A presidential campaign that’s already been marked by bitter partisan rhetoric kicked into a higher gear last night. The first of three planned debates between President Trump and former vice president Joe Biden quickly descended into what many pundits are describing as “chaos,” with the two candidates constantly interrupting each other and trading insults. Moderator Chris Wallace seemed to barely control the fray, with Trump repeatedly sparring with the Fox News anchor. We’ll get reaction and discuss whether either candidate can be said to have made an impression with voters.

OTHER NOTABLE STORIES

-TC Energy has announced the signing of a deal with Natural Law Energy, which represents 5 First Nations groups, opening the door to for it to have an ownership stake in Keystone XL pipeline.

-Bloomberg News is reporting that Indian conglomerate Reliance Industries has signed a deal to import millions of barrels of Canadian crude as it shifts from buying Venezuelan oil

- Canadian security services firm GardaWorld has made a $3.8 billion hostile bid for U.K. based competitor G4S

-Quebecor says it has no plans to join Rogers and Altice in the takeover battle for Cogeco, though it did say it was potentially open to closer ties

-Shell says it plans to cut as many as 9,000 jobs by the end of 2022 as the company restructure

-Disney to lay off 28,000 workers at its U.S. resorts due to pandemic

-Palantir is expected to begin trading on the NYSE today. Its reference price for its direct listing came in at $7.25 a share, indicating a valuation of US$15.7 billion

-Newfoundland and Labrador set to table budget today after it was delayed by pandemic

NOTABLE RELEASES/EVENTS

-8:30 a.m. ET – Canadian GDP (July), U.S. GDP (Q2, 3rd Reading)

-10:30 a.m. ET – Latest U.S. oil and gasoline inventories

-12:30 p.m. ET - Newfoundland and Labrador government tables provincial budget.

-1:00 p.m. ET – Ontario COVID-19 update with Premier Doug Ford

-4:00 p.m. ET - The Senate will sit to meet for the consideration of measures in response to the COVID-19 pandemic.

-Meng Wanzhou extradition hearings continue in Vancouver

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. Today's note was written by producer Franklin Cameron. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.