It’s not just Steve Scalise heaping pressure on Canadian negotiators as top-level trade talks resume in D.C. today. Ontario Premier Doug Ford is heading to Washington with a clear message for Chrystia Freeland and her team. “NAFTA must protect Ontario jobs in both auto and agriculture sectors,” he said yesterday. “I won’t mix words when I go down there. Because farm jobs are not a bargaining chip. Not now, not ever.”
We’ll follow the bouncing ball throughout the day and consider the political risk for the federal government if it runs afoul of Ford’s wishes. Should be pointed out PMO spokesperson Cameron Ahmad indicated in a tweet Prime Minister Justin Trudeau discussed NAFTA with U.S. President Donald Trump in a phone conversation yesterday evening.
RUNAWAY TILRAY SHARES
Last I looked, Tilray was up another 19 per cent in pre-market trading after closing almost 29 per cent higher yesterday on the back of its announcement about the U.S. clinical trial. BNN Bloomberg's Andrew Bell will attempt to make sense of this. And watch for a Cannabis Canada feature on BNNBloomberg.ca with portfolio managers’ views on pot sector valuations.
BEZOS SHRUGS OFF STOCK SURGE
At least so he said in an interview with David Rubenstein. “At almost every all-hands meeting, I say, ‘Look, when the stock is up 30 per cent in a month don’t feel 30 per cent smarter. Because when the stock is down 30 per cent in a month it’s not going to feel so good to feel 30 per cent dumber. Never spend any time thinking about the daily stock price, I don’t.’” Watch for highlights from that interview throughout the day.
OTHER NOTABLE STORIES
-After yesterday’s tariff volleys, China Premier Li Keqiang is vowing not to devalue the yuan amid his country’s ongoing trade battle with the U.S.
-The CEO of Norway’s Danske Bank is resigning amid an escalating (alleged) money laundering scandal involving its operations in Estonia.
-Notable data: U.S. housing starts and building permits
-9:30 a.m. ET: Andrew Scheer speaks at Conservative Party of Canada caucus meeting in Ottawa
-10:00 a.m. ET: Dairy Farmers of Canada holds news conference in Ottawa to discuss NAFTA
-12:10 p.m. ET: Transport Minister Marc Garneau makes announcement about safe transportation of dangerous goods on rail
-1:50 p.m. ET: Restaurant Brands International presents at Scotiabank conference in Toronto
-Ontario Premier Doug Ford and Economic Development Minister Jim Wilson in D.C. for meetings and updates on NAFTA negotiations
-G7 Environment, Energy and Ocean Ministers begin three-day meeting in Halifax
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.