GMP Capital has agreed to sell the bulk of its capital markets business to St. Louis-based Stifel Financial in the latest wave of consolidation to hit Canada’s independent investment banking landscape. Notably, GMP is hanging on to its U.S. cannabis business as well as its 33 per cent stake in Richardson GMP and is in talks to acquire full ownership of that wealth management business. We’re hoping to speak with the dealmakers today.
COUNTDOWN TO TRANS MOUNTAIN DECISION
We should know within the next 48 hours whether the federal government is going to give the taxpayer-owned Trans Mountain pipeline expansion the go-ahead. Of course, a green light wouldn’t mean it will be smooth sailing. BNN Bloomberg's Andrew Bell will tee up the news and we’re looking forward to perspective from ex-TransCanada CEO Hal Kvisle on Commodities.
FIRST-TIME HOME BUYER INCENTIVE DETAILS
Federal Minister Jean-Yves Duclos will unveil new details today about the government’s plan to help first-time homebuyers get into the market with financial support from CMHC. BNN Bloomberg has confirmed the First-Time Home Buyer Incentive program will launch on Sept. 2 and the government will get a cut of any price gains.
NDP ELECTION PLATFORM
The NDP released its election platform yesterday, including an ambitious “head-to-toe” healthcare plan. The platform isn’t fully costed, though there are plans to increase taxes on wealthy Canadians. As Norm Levine told us on The Street, the NDP can say whatever they want, but the platform shouldn’t be ignored given the risk of a minority government.
OTHER NOTABLE STORIES
-Sotheby’s is a stock to watch today after the auction house agreed to be acquired by an entity owned by telecom tycoon Patrick Drahi.
-SNC-Lavalin’s Atkins unit has been awarded a rail design contract that will generate $500 million in revenue.
-The Wall Street Journal is reporting the Boeing’s 737 Max could begin test flights as early as this week.
-Airbus brought in a haul of new contracts at the Paris Air Show today, including an order for 50 A220-300s (ie, the former CSeries)
-Dream Industrial REIT just announced the sale of its Eastern Canada properties to KingSett Capital for $271 million.
-Deutsche Bank shares are rallying in Europe amid multiple reports of an upcoming restructuring, including potentially establishing a so-called bad bank.
NOTABLE RELEASES/EVENTS
-Notable data: Canadian international securities transactions
-9:00 a.m. ET: Minister Responsible for CMHC Jean-Yves Duclos makes announcement in Mississauga, Ont. regarding First-Time Home Buyer Incentive and Shared Equity Mortgage Providers Fund
-10:00 a.m. ET: Save Canadian Jobs Coalition holds news conference in Ottawa re. Bill C-69 (info on members here: https://www.savecanadianjobs.com/en/about-us)
-11:00 a.m. ET: CMHC Senior VP Michel Tremblay holds media call regarding First-Time Home Buyer Incentive
-2:45 p.m. ET: Bank of Canada Deputy Governor Lawrence Schembri delivers speech at Economics Society of Northern Alberta (remarks on bank website at 2:30 p.m. ET)
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.
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