Ontario has swung right, with Doug Ford leading the Progressive Conservatives to a commanding majority government. “We have sent a clear message to the world: Ontario is open for business,” Premier-elect Ford said last night. Soon, the hard work will begin. Like delivering on campaign promises to balance the budget, scrap cap-and-trade, expand the supply of affordable housing while protecting the Greenbelt, cut corporate taxes, reduce income taxes for the second bracket, slash government spending by $6 billion without a single layoff, and delivering on his campaign promise to fire Hydro One CEO Mayo Schmidt.  

BNN Bloomberg's Jameson Berkow will be outside Hydro One HQ this morning to discuss its CEO’s future, who just a few weeks ago warned the province against doing anything that would interfere with his vision to build a “Canadian champion company”. We’ll also have Amanda Lang sizing up the outlook for the province. And we’ll gather reaction from the investment community.

TRUMP LEAVING QUEBEC EARLY

The White House served notice late yesterday that U.S. President Donald Trump is going to high tail it out of Quebec before the G7 summit wraps up. He’ll leave at 10:30 a.m. ET tomorrow morning, preferring to depart for Singapore rather than stick around for the closing ceremonies in Charlevoix. Trump took fresh aim at Canada on Twitter last night, accusing Prime Minister Justin Trudeau of “being so indignant”, and warning the U.S. is prepared to “more than match” Canada on trade barriers. Trudeau and Trump are scheduled to hold a bilateral meeting at 5:00 p.m. ET and there’s a chance Bill Morneau and Chrystia Freeland will scrum at 4:00 p.m. ET.

C-45 HEADS TO THE HOUSE

The final tally came down last night, with 56 votes giving the amended Cannabis Act the support it needs to go back to the House of Commons. Remains to be seen whether the changes made by the Senate will be palatable to MPs. In the meantime, we’ve got plenty of industry reaction on the way today with Organigram CEO Greg Engel and CannTrust COO Brad Rogers lined up.

OTHER NOTABLE STORIES

-WestJet says it’s load factor and a key traffic metric both rose in May. Seems particularly noteworthy considering the labour uncertainty that had been hanging over the company.

-Bombardier and Airbus announced early today they’ll close their CSeries deal on July 1.  

-An arbitrator has issued an order in the ongoing dispute over how pilots will be deployed when WestJet’s Swoop launches. Among other matters, the order rules WestJet pilots can fly for Swoop at the ultra-low-cost carrier’s terms and conditions.

-Nikkei is reporting Apple has warned iPhone suppliers that orders for components will fall 20 per cent later this year.

-International Monetary Fund staff have agreed to provide Argentina with a US$50-billion standby facility  

NOTABLE RELEASES/EVENTS

-Notable data: Canadian labour force survey, Canadian housing starts, Canadian industrial capacity utilization

Every morning BNN'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.