AMID SPIKE IN COVID CASES, UNCERTAINTY FOR CANADIANS AS CERB OFFICIALLY ENDS

With Canada’s two largest provinces seeing their highest COVID case levels since May and new Ontario projections showing that things may get worse into October, millions of Canadians are facing uncertainty as the Canada Emergency Response Benefit (CERB) aid program officially came to an end over the weekend. This all comes as Parliament resumes for what will be its first full week of operations in six months, with a confidence vote on Trudeau’s government possibly coming Wednesday. The NDP has signaled that they will support the Liberal Throne Speech which means that an election will likely be avoided for now. We are still awaiting details about what the new paid sick leave benefit that the two parties struck an agreement on will actually look like, plus details on what will replace CECRA.

MENG WANZHOU EXTRADITION CASE RESUMES 

Huawei CFO Meng Wanzhou will be back at the B.C. Supreme Court today as a week-long proceeding begins. Meng’s lawyers will be arguing that the U.S. government mislead Canadian authorities and left out facts which would have undermined their case. On Friday we heard from China’s Ambassador to Canada Cong Peiwu who told us that the release of Meng would lead to improved trade ties with Canada.

TIKTOK BAN IN U.S. TEMPORARILY BLOCKED BY JUDGE

Speaking of China and trade ties, tensions between the world’s two largest economies will be on display again today as a U.S. district judge granted a preliminary injunction against the American ban on the social media platform.  Meantime, shares of China’s largest chip maker SMIC are under pressure in trading this morning after reports that the U.S. has slapped restrictions on exports from the company.

TRUMP TAX BOMBSHELL AHEAD OF TUESDAY’S PRESIDENTIAL DEBATE

There’s no shortage of drama emanating from Washington ahead of Tuesday’s much-anticipated debate between President Trump and Democratic nominee Joe Biden. The New York Times is reporting Trump paid no income tax in 10 of the last 15 years and only US$750 in 2016 and 2017, largely because many of his businesses are losing money.  This comes on the heels of Trump selecting federal appeals court judge Amy Coney Barrett to fill the vacant seat at the U.S. Supreme Court. Her conservative track record is set to fuel a highly partisan political battle. Meantime, Democratic House leader Nancy Pelosi says her party is preparing to put together another stimulus plan which could have a price tag of US$2.4 trillion. We’ll hear from AGF’s U.S. Policy Strategist and Washington insider Greg Valliere at 10:10 a.m. ET to discuss whether any of this could sway voters and whether investors need to be prepared for even more risk heading into November.

OTHER NOTABLE STORIES

-Canadian Ford workers continue voting on a tentative deal after Unifor leaders unanimously approved the agreement Sunday. Deadline is 10:59 a.m. ET today

-Amazon has announced plans to create 3,500 jobs in Vancouver and Toronto

-President Trump Saturday announced plans to issue a Presidential Permit for a proposed rail line connecting Alaska and Alberta. The Alberta Railway Development Corporation contends the route could become another path for goods to flow to Asia

-Canada officially nominated former finance minister Bill Morneau for the post of Secretary General of the OECD late Friday

-HSBC shares are seeing their biggest jump since 2009 after its largest shareholder, Chinese insurance firm Ping An, raised its stake in the company to eight per cent from 7.95 per cent

-Uber shares rising in the pre-market after a U.K. judge ruled that the company is “fit and proper” to keep its London license

NOTABLE RELEASES/EVENTS

10:59 p.m. ET ET – Deadline for Canadian Ford workers to vote on tentative agreement

1:00 p.m. ET – Ontario update with Premier Ford

1:00 p.m. ET ET: B.C. Supreme Court holds procedural hearing in Huawei CFO Meng Wanzhou’s extradition case

2:00 p.m. ET – The President gives an update on the Nation’s Coronavirus Testing Strategy (Rose Garden)

5:30 p.m. ET ET – Alberta COVID-19 presser  

6:00 p.m. ET ET – B.C. COVID-19 update with Dr. Henry

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.