Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

The founder and former CEO of Encana is tearing a strip off the Trudeau government in the wake of the oil and gas producer's latest big bet on the United States. "I'm deeply saddened that, as a result of the disastrous policies of the Trudeau government, what was once the largest Canadian-headquartered energy producer now sees both its CEO and the core of its asset base located in the U.S.," Gwyn Morgan told BNN Bloomberg in an emailed statement in response to Encana's US$5.5-billion purchase of Newfield. He went on to point out the company's name was designed to reflect his "life-long determination that Canada should have an energy company that stood among the world's biggest and best." We'll take a look at whether the criticism is justified.

MARKETS MUTED

Stocks are little changed in Europe and futures are pointing to a muted open in New York as major catalysts loom later this week. Americans vote in midterm elections tomorrow, the U.S. Federal Reserve releases an interest rate decision on Thursday, and investors are still hanging on every word in the China-U.S. trade conflict. Overnight, China President Xi Jinping took a not-too-veiled swipe at the U.S., saying in a speech countries “shouldn’t always whitewash themselves and blame others…”

TORONTO HOUSING HEATS UP

The country's largest housing market tilted in sellers’ favour in October. Sales rose six per cent year-over-year last month while active listings inched up just 0.4 per cent from the previous year (and fell outright compared to September). Those factors helped lift the average selling price to $807,340 -- prompting the Toronto Real Estate Board's director of market analysis to warn "listings supply remains an issue." 

BARRICK-RANDGOLD VOTES

It’s a decisive week for Barrick Gold’s planned takeover of Randgold Resources. Barrick shareholders vote today on the share issuance tied to the deal, while Randgold holders will have their say later this week. We’ll gauge sentiment ahead of those crucial votes.

HQ2 SWEEPSTAKES

The Washington Post reported on Saturday Amazon.com "has held advanced discussions about the possibility" of planting its HQ2 in Crystal City, Virginia; while also pointing out "the company may be having similar discussions with other finalists." Couple of things: 1. the precise wording in the story makes it clear Crystal City isn't a lock. 2. this tweet by an Amazon spokesperson is gold.

IRAN SANCTIONS

The Trump administration has officially re-imposed sanctions on Iran’s energy and banking sectors in a move that Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin say is designed to exert “maximum pressure” on the Iran administration and economy. We’re still waiting for final confirmation of the eight countries that are being given some wiggle room on the oil export ban.

OTHER NOTABLE STORIES

-Second Cup announced this morning it’s launching a strategic review. We’ll chase the CEO. Should be pointed out the company previously underwent a strategic review in 2016.

-Lowe’s announced this morning it’s closing 51 stores in North America, including 31 locations in Canada (27 stores, two plants and two corporate locations). Keep in mind Lowe’s acquired Rona in 2016.

-Amazon is raising the stakes for the holiday shopping season, announcing today all U.S. customers will receive free shipping for a limited time. No mention of when/if the promotion will cross into Canada.

-The Canadian Union of Postal Workers’ rotating strike has expanded into communities in Newfoundland and Labrador as well as London and Scarborough, Ontario.

NOTABLE RELEASES/EVENTS

-Notable earnings: Nutrien, Element Fleet Management, Finning International, Franco-Nevada, Great Canadian Gaming, Mosaic

-Notable data: ISM U.S. services index

-8:25 a.m. ET: Bank of Canada Governor Stephen Poloz delivers speech in London (remarks on bank site at 8:10 a.m. ET; plus news conference)

-10:00 a.m. ET: Barrick Gold holds shareholder meeting in Toronto for vote on share issuance tied to takeover of Randgold Resources

-12:00 p.m. ET: International Trade Diversification Minister Jim Carr delivers speech in Toronto

-2:45 p.m. ET: U.S. President Donald Trump holds rally in Cleveland

-3:00 p.m. ET: Prime Minister Justin Trudeau meet with Lockheed Martin CEO Marillyn Hewson in Montreal

-6:05 p.m. ET: Trump holds rally in Fort Wayne, IN

-10:00 p.m. ET: Trump holds rally in Cape Girardeau, MO

-Trudeau among speakers at Fortune's two-day Most Powerful Women conference in Montreal

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 www.bnnbloomberg.ca/subscribe.