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Noah Zivitz

Managing Editor, BNN Bloomberg


Credit quality was an issue for Canadian Imperial Bank of Commerce in the latest quarter. Provisions for bad loans rose in its fiscal third quarter, and that (alongside weakness in Capital Markets) held back profit -- with adjusted earnings up one per cent year-over-year. Nevertheless, the bank managed to edge past expectations, and it’s also nudging up the dividend. Was there enough for bears to latch on to? We’ll find out when one of the banks’ most outspoken critics, Steve Eisman (of Big Short fame), joins Catherine Murray on The Close.


Still one more sleep until Jerome Powell steals the spotlight, and plenty of time left for U.S. President Donald Trump to harangue him, but the annual symposium is officially underway. Our Bloomberg colleagues already caught up with one of the Fed dissenters; Kansas City President Esther George told Mike McKee she’s “not ready to provide more accommodation to the economy.”


The U.S. Secretary of State arrives in Ottawa today for meetings with Foreign Affairs Minister Chrystia Freeland. Officially, the agenda covers “cooperation on bilateral, regional and global issues, including key security and foreign policy matters.” Stands to reason tension with China could dominate the discussion. We’ll monitor developments.


-Nordstrom shares are rallying in pre-market trading after the retailer beat second-quarter profit expectations, thanks in part to better inventory management (and “positive outcomes” from its Nordy Club loyalty program). Revenue, meanwhile, lagged estimates.

-Qantas Airways is preparing to test passenger patience, with 20-hour direct flights set to be tested later this year.

-Germany’s economy churned out another warning signal today, with a gauge of factory activity in contraction territory this month.

-We’ll keep an eye on shares of Saputo. The big Quebec-based cheese maker announced it’s raising $599 million via bought deal and private placement share sales at a discount to yesterday’s closing price ($39.60/share vs $41.70 closing value).


-Notable earnings: CIBC, Gap

-Notable data: Canadian wholesale trade, EI report

-U.S. Secretary of State Mike Pompeo meets with Foreign Affairs Minister Chrystia Freeland in Ottawa (8:30 a.m. ET arrival ceremony, 9:15 a.m. ET: Prime Minister Justin Trudeau joins meeting, 11:30 a.m. ET: Bilateral meeting, 11:45 a.m. ET: Working lunch, 1:00 p.m. ET: Joint media avail)

-Three-day Jackson Hole Economic Policy Symposium begins in Wyoming

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