Some stunning revelations in Glen McGregor’s report for National last night. CTV News obtained audio from a speech Stephen Harper delivered in Montreal earlier this month, in which called out the federal government’s NAFTA strategy. “We have two governments that don’t want an agreement,” Harper said in the audio. “The reality is the Government of Canada believes … the fight with Trump is good for it politically.” CTV News also learned Justin Trudeau reached out to Harper last month to discuss cooperation on the file. But the former PM evidently feels burned. “I could be very helpful to them, but [what’s] clear … is they don’t want my help.”

PREMIERS’ MEETING

Canada’s premiers wrapped their first day of talks in Saint Andrews, N.B. yesterday saying pretty much what you’d expect about trade friction and the need to lessen this country’s dependence on the U.S. More interestingly, the premiers also released a joint statement in support of “moving Canada’s resources to market in timely, predictable and sustainable ways…” To achieve that, they’re calling for a “robust and predictable regulatory environment”, underscoring that as crucial to ensuring international investor confidence. I’m not sure how we square that with the Energy East and Trans Mountain sagas, but it sure makes for good conversation.

AIMIA’S LIFE AFTER AIR CANADA

We’re getting a better idea of Aimia’s plan for the Aeroplan program after Air Canada breaks out on its own in mid-2020. The company announced late yesterday that as of July 2020 Aeroplan points will be redeemable for “any seat on any airline” thanks to a new partnership with Kaligo Solutions.

CLOCK TICKS DOWN ON TRANS MOUNTAIN

Sunday is the last day that Kinder Morgan will be assisting the federal government in its pursuit of a private sector buyer to take Trans Mountain off Canadian taxpayers’ hands. What happens when, as Jameson has put it to me, the training wheels come off? We’ll consider that today.

TSX RECORD WATCH

The TSX closed within 25 points of a record yesterday and came within 22 points of its all-time intraday high. The numbers to watch: 16,586.46 (intraday record), 16,567.42 (closing record).

OTHER NOTABLE STORIES

-The Ontario government has unveiled its first nominee for Hydro One’s soon-to-be overhauled board of directors. It’s Tom Woods. If that name sounds familiar, it should – especially for any long-time BNN Bloomberg viewers who might recall some memorable conversations between Howard Green and Woods back when he was CIBC’s CFO around the time of the subprime fiasco.

-In other Hydro One news: the company’s takeover of Avista hit a speedbump yesterday, with the Idaho Public Utilities Commission postponing a technical hearing on the deal.

-West Fraser Timber reported record sales and operating profit last night. Even after some sizable declines over the last couple of weeks, WFT is still up 37 per cent over the last year. And it’s not alone. Keep an eye out on BNNBloomberg.ca for an analysis of the lumber stocks’ impressive run.

-Microsoft shares are rallying in pre-market trading after cloud-based revenue powered the company to estimate-topping profit and sales in its fiscal fourth quarter.

NOTABLE RELEASES/EVENTS

-Notable earnings: General Electric, Schlumberger

-Notable data: Canadian retail sales, Canadian CPI

-11:45 a.m. ET: Prime Minister Justin Trudeau discuss Canada Child Benefit and holds media avail in Markham, Ontario

-Canadian premiers’ meeting continues in Saint Andrews. Agenda items are pharmacare, health procurement, and opioid crisis. Closing news conference at 12:30 p.m. ET. 

-Farnborough International Airshow (runs to July 22)

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.