The federal government is ordering the National Energy Board to reconsider its approval of the Trans Mountain pipeline expansion, taking into consideration the impact of more tanker traffic off the B.C. coast. It is Ottawa’s first step to address the stunning court decision that quashed the controversial project’s go-ahead. Natural Resources Minister Amarjeet Sohi made the announcement Friday morning in Halifax, vowing the pipeline will move forward "in the right way."  

FREELAND LEAVES WASHINGTON WITH NO NAFTA DEAL 

Foreign Affairs Minister Chrystia Freeland is refusing to be bound by the Sept. 30 deadline for the final text of a trade deal with the U.S. and Mexico. “Canada has from the very beginning been guided by a single metric…and that metric is getting a deal that is good for Canada and good for Canadians. That is our target,” she told reporters yesterday afternoon after another meeting with U.S. Trade Representative Robert Lighthizer. The face-to-face with the USTR has concluded for the week as Freeland heads to Montreal for a meeting of foreign ministers. Today, and in the coming days, the question will be what happens if Canada doesn’t come to terms with the U.S. by next Sunday.

And on the subject of the Sept. 30 deadline: Some noteworthy food for thought in the National Post today on the notion that Canada might be wary of signing off on any dairy concessions before the Oct. 1 Quebec election, particularly considering recent poll data show Philippe Couillard’s Liberal Party has pulled ahead of the CAQ.

TILRAY’S WORST DAY

The B.C.-based pot producer’s stock is coming off its biggest single-day loss since going public. Shares closed almost 18 per cent lower on Thursday after rising as much as 13.9 per cent in early trading. Is the air coming out of what’s become the sector’s most valuable stock? We’ll continue watching it closely today and look forward to hearing more about investor appetite with Horizons’ Mark Noble. Need to point out his firm’s HMMJ doesn’t count TLRY among its holdings.

POT PACKAGING REVEAL

Check out BNNBloomberg.ca today for an in-depth look at what packaged recreational cannabis is going to look like when it hits store shelves (and website portals, in the case of Ontario) on Oct. 17.

U.S. STOCKS BUILD ON RECORD CLOSE

Futures are pointing to more gains at the start of trading in New York after the Dow Jones Industrial Average and S&P 500 closed at all-time highs yesterday. Keep in mind the next wave of U.S. and Chinese tariffs kick in on Monday. The Nasdaq failed to participate in yesterday’s record achievements; should be pointed out Tilray was that index’s biggest laggard with its 17.6 per cent drop.

IN CONVERSATION WITH ONTARIO’S FINANCE MINISTER

We look forward to speaking with Vic Fedeli this afternoon after he delivers his first major speech since inheriting the finance portfolio for Doug Ford’s government. Watch for that discussion about the station of the books in Canada’s most populous province on Bloomberg Markets.

NO QUICK FIX IN C-69

Watch for Jameson Berkow’s in-depth look at the controversial C-69 legislation that promises to overhaul the pipeline approval process in this country. Based on the experts who Berkow spoke with, the problem with the legislation is that it’s still not enough to satisfy demands for more thorough consultations.  The full story will be up on BNNBloomberg.ca later this morning.

OTHER NOTABLE STORIES

-Marketing firm MDC Partners announced late yesterday it’s launching a review of strategic alternatives. The backstory here in many respects dates back to July 2015, when founder Miles Nadal resigned amid an expense probe.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian retail sales, Canadian CPI

-8:00 a.m. ET: Ontario Finance Minister Vic Fedeli delivers speech to Economic Club of Canada in Toronto, plus avail at 9:15 a.m. ET

-9:00 a.m. ET: Natural Resources Minister Amarjeet Sohi holds media avail in Halifax

-9:00 a.m. ET: Environment and Climate Change Minister Catherine McKenna holds media call after ministerial meeting 

-1:45 p.m. ET: U.S. President Donald Trump delivers remarks, holds signing ceremony for funding Veterans Affairs in Las Vegas

-5:00 p.m. ET: Prime Minister Justin Trudeau holds roundtable with small business leaders in Scarborough, Ont.

-7:30 p.m. ET: Trump holds rally in Springfield, Mo

-Apple's new iPhone XS and XS Max available for purchase in Canada

-Chrystia Freeland co-hosts two-day meeting of women foreign ministers 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.