First Look With Surveillance: German Election, Global Energy Crisis
West Texas Intermediate oil topped the US$75 a barrel mark earlier this morning on signs the crude market is tightening amid a global energy crunch. Prices are rising as energy production has failed to keep up with demand, which has risen quickly following the disruption caused by the global coronavirus pandemic. Inventories have been falling with American stockpiles near a three-year low.
A NEW PHASE FOR CANADA-CHINA RELATIONS?
How and to what extent will Canada proceed to mend relations with China? That’s the big question now that Canadians Michael Kovrig and Michael Spavor have safely returned to Canada following more than 1,000 days of detention in China. One of the big decisions facing Ottawa is whether to let Huawei participate in Canada’s 5G wireless network. We’ll dive deeper into the future of North America’s ties with China when we hear from former U.S. Senator and Ambassador to China Max Baucus at 10:30 a.m. ET.
GRADING THE LIBERALS' HOUSING PLATFORM
Housing affordability was a key talking point leading up to the Federal election. It’s become an issue from coast-to-coast during the pandemic with cities across the country seeing significant price increases in a relatively short period of time. BNN Bloomberg has compiled reaction to the Liberal’s housing platform, which can be found here.
OTHER NOTABLE STORIES
- Bloomberg is reporting the Evergrande fallout has spread to China's shadow banks with some lenders using their own money to repay investors
- China’s power crunch is prompting economists at Nomura Holdings and China International Capital to cut their growth forecasts for China’s economy as electricity shortages force businesses to cut back on production.
- Germany’s center-left Social Democratic Party has claimed a narrow win over Angela Merkel’s conservative alliance.
- Notable data: Canadian monthly estimates of business openings and closures; U.S. durable goods orders
- Notable earnings: Aurora Cannabis
- 12:15: U.S. Federal Reserve Governor Lael Brainard addresses National Association of Business Economics annual meeting
- SNC representatives and former VPs Normand Morin and Kamal Francis due in Montreal court on criminal charges