Global equities have followed North American markets lower after yesterday's release of minutes from the U.S. Federal Reserve's latest policy meeting whipped up market fears about the pandemic. The recap of what was discussed behind closed doors last month shows "members agreed that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term." Our Bloomberg News partners note the minutes also show a softening of language around the prospect of providing greater clarity on where rates are headed.

LIFE AFTER CERB

The federal government will release details on its plan to transition Canadians off the Emergency Response Benefit today. We knew this was coming after Prime Minister Justin Trudeau said in late July that the feds were looking to move CERB recipients – who have been receiving $500 per week -  onto EI in September. The details will be unveiled around 2:30 p.m. ET today.

GORD NIXON DIMISSES FREELAND SKEPTICS

There’s been lots of talk the last couple days about whether Chrystia Freeland’s lack of a Bay Street background will be an impediment in her new role as finance minister. A true Bay Street legend is quashing that notion. “I don’t think that’s a concern one bit when it comes to Chrystia. She certainly has the tools and the capability to provide good leadership,” former Royal Bank of Canada CEO Gord Nixon told us (Nixon now chairs BCE, which owns BNN Bloomberg). If you missed the interview – including his views on the Liberals’ green agenda, check it out here. And on the issue of Freeland’s vow to pursue decarbonisation in Canada’s economic reset, we’re looking forward to speaking with Osler special advisor and former Saskatchewan premier Brad Wall this afternoon. No doubt he’ll have some sharp perspective on what could be in store for the economy on Sept. 23.

CRA SERVICES RESUME

The Canada Revenue Agency confirmed late yesterday that its online services are back up and running, with modified security systems, after being disabled in the wake of cyberattacks that saw thousands of Canadians affected. In a statement that puts plenty of onus on individuals, the CRA hinted at the nature of the cat-and-mouse game in trying to keep pace with hackers: “The CRA is on constant alert to combat CRA-related scams. As scammers adapt their practices, so does the CRA.”

OTHER NOTABLE STORIES

- Teck Resources is filling out its senior leadership team; late yesterday it announced the hiring of Freport-McMoRan executive Harry Conger as its new chief operating officer. The Vancouver-based miner, whose shares are trading more than 50 per cent below their 2018 high, also hired a new chief financial officer and senior VP of corporate development.

- Nvidia’s second-quarter revenue soared 50 per cent to a new record amid booming demand for its chips used in data centres. Nonetheless, its shares are slipping in pre-market trading after some cautious management commentary during a conference call with analysts.

- Intel shares are rising in pre-market trading after the chip maker disclosed plans to begin repurchasing US$10 billion worth of its shares tomorrow under a pre-existing US$20-billion buyback program.

- L Brands is also rallying after reporting a surprise (adjusted) profit in the second quarter and a 20-per-cent plunge in second-quarter sales that wasn’t quite deep as analysts feared. While the company’s Victoria’s Secret business struggled in the quarter, sales at Bath & Body Works rallied thanks in part to a near-tripling in online activity.

- As anticipated, Airbnb has filed to go public. But it has done so confidentially, so we’ll have to wait learn the details of its plans and what it has to say about its growth outlook and finances (some of which have previously leaked).

NOTABLE RELEASES/EVENTS

- Notable data: U.S. initial jobless claims

- 12 p.m. ET: Bank of Canada deputy governor Paul Beaudry makes virtual presentation to Victoria Forum

- Final day of U.S. Democratic National Convention