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Noah Zivitz

Managing Editor, BNN Bloomberg

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Stephen Harper didn’t hide his frustration in a recent address to a room of international investors and energy industry executives. BNN Bloomberg's Jon Erlichman has learned the former prime minister expressed dismay with the state of Canadian competitiveness at a TD Securities conference in London earlier this year, acknowledging the frustrations that are so dominant across the oil and gas sector. See the story here

IN CONVERSATION WITH STEVE EISMAN

Can’t wait for our chat with the investor whose notoriety went mainstream courtesy of The Big Short. Catherine Murray sits down with Steve Eisman on The Close for an in-depth conversation about his bet against Canadian banks and his broader investing strategy. Don’t miss it.

LOONIE IS 'WORLD’S MOST FRUSTRATING CURRENCY'

It’s been pointed out a few times on our station recently that Canada’s currency has failed to piggyback on the surge in crude oil prices this year. This morning, Societe Generale Global Fixed Income Strategist Kit Juckes is drawing international attention to this theme. “The Canadian dollar is lining up to be the world’s most frustrating currency,” he wrote in his morning note to clients. “Cheap, but held back by soft growth and housing market concerns.”

TSX EXTENDS WINNING STREAK

A late rally pushed the TSX Composite Index into positive territory in the final minutes of trading yesterday, resulting in an 11-point gain on the day – thanks largely to energy stocks. The TSX is now 160 points from a new closing high.

U.S.-EU TARIFF TIT FOR TAT

The office of U.S. Trade Representative Robert Lighthizer late yesterday released a long list of products targeted for US$11 billion in additional tariffs as a result of the European Union’s subsidization of Airbus. The 14-page list goes way beyond aircraft, with other targets including swordfish, cheese, sweet biscuits, wine, and carpets. The European Commission blasted the USTR’s move as “greatly exaggerated” and says it’s now gearing up to fire back with retaliatory tariffs of its own.  

OTHER NOTABLE STORIES

-Shaw Communications added 64,670 net postpaid wireless subscribers in its fiscal second quarter. Adjusted operating profit beat estimates at $549 million, and Shaw is reaffirming its full-year financial forecasts.

-Cannabis industry researcher BDS Analytics has cut its estimate for the size of Canada’s legal pot market to US$5.2 billion by 2024, from its previous call of US$5.9 billion by 2022.

-Intact Financial says a record number of roof collapses and other hazards of severe winter weather resulted in first-quarter pre-tax losses that were $165 million higher than expected.

-Canada Goose this morning announced plans to open six new retail stores later this year, including one in Milan.

-Credit to Bloomberg News for catching the China National Development Reform Commission’s notice that it intends to ban cryptocurrency mining in the country, citing “seriously wasted resources”.

NOTABLE RELEASES/EVENTS

-Notable earnings: Shaw Communications, Cogeco, Levi Strauss & Co.

-9:00 a.m. ET: International Monetary Fund releases World Economic Outlook

-9:00 a.m. ET: Bank of Nova Scotia holds annual general meeting in Toronto

-10:00 a.m. ET: Senate Committee on Energy, the Environment and Natural Resources public hearing on Bill C-69 in Calgary (Canadian Natural Resources Executive Vice-Chairman Steve Laut among speakers)

-10:00 a.m. ET: Parliamentary Budget Officer releases report on infrastructure investments in the Territories

-10:00 a.m. ET: U.S. Treasury Secretary Steven Mnuchin addresses House Appropriations Committee hearing on fiscal 2020 budget

-11:00 a.m. ET: Alberta Premier Rachel Notley addresses Senate Transport Committee hearing on Bill C-48 on regulating oil tankers along B.C.’s north coast (via videolink)

-12:05 p.m. ET: U.S. President Donald Trump meets with Egypt President Abdel Fattah el-Sisi in Oval Office

-2:00 p.m. ET: U.S. Treasury Secretary Steven Mnuchin addresses House Financial Services Committee hearing on the international financial system

-4:00 p.m. ET: Foreign Affairs Minister Chrystia Freeland addresses Senate Foreign Affairs and International Trade Committee hearing on foreign relations and international trade

-China Premier Li Keqiang in Brussels for China-EU summit

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