Noah Zivitz

Managing Editor, BNN Bloomberg

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Nasdaq futures have been down more than two per cent this morning as investors brace for the possibility of Democrats winning control of Congress. The closely-watched Georgia runoffs have already resulted in Democrat Raphael Warnock taking one Senate seat, while the other race is still too close to call. How much should Big Tech fear U.S. President-elect Joe Biden and a Democrat-controlled Congress? Biden is on the record as saying Facebook CEO Mark Zuckerberg is “a real problem” and explained his opposition to Section 230, which serves as an immunity safety blanket for online giants. Throughout the day, we’ll explore the stakes as Georgia counts votes. And watch BNNBloomberg.ca for David George-Cosh’s interview with Canadian business magnate Hartley Richardson, who shared his view on the outlook for Canada-U.S. and Canada-China relations.

COVID CLAMPDOWN IN QUEBEC

Multiple reports indicate Quebec Premier François Legault will announce new restrictions today to help curb the spread of COVID-19 in his province. According to La Presse’s latest reporting, the curfew that’s being contemplated would take effect at 8 p.m. ET, and the province would ask grocery stores to close early in order to allow their staff to comply. Legault is expected to speak at 5 p.m. ET. This is a great place to point out we’re going one-on-one today with Dr. Anthony Fauci. Hard to think of anyone better to assess where the world stands in the fight against COVID. Don’t miss that interview at 1:30 p.m. ET.

TORONTO’S HOUSING MARKET ENDS 2020 WITH A BANG

Sales across the Greater Toronto Area surged 64.5 per cent year-over-year last month amid double-digit gains in all property types. The demand for detached homes is well established as families seek out more space in this work-from-home COVID era. Perhaps most interesting in the latest data is seeing the renewed signs of life in the condo market, which had been under pressure for several months, but saw sales climb sequentially and surge 75.4 per cent year-over-year.     

TSX INCHES TOWARD ALL-TIME HIGH

Just pointing out the S&P/TSX Composite Index closed less than 300 points away from its all-time high yesterday, and is now up 57 per cent from the March low. Oil stocks led the way yesterday after OPEC+ struck a compromise on production for next month.

OTHER NOTABLE STORIES

-Bitcoin is extending its rally today, and has climbed as high as US$35,841.73 per coin.

-Dye & Durham announced a secondary offering of 4.1 million shares held by insiders and other holders. The shares are being priced at $42.75, compared to yesterday’s close of $47.00.

-U.S. President Donald Trump is taking another swipe at China and Chinese enterprise in his final days in office: The latest move is an executive order that proposes to ban Americans from using Alipay and WeChat Pay, among other apps. The order takes effect in 45 days, and thus there’s no telling if it will actually be implemented under Biden’s administration.

-The New York Stock Exchange has flip-flopped. Again. This morning, it announced that it’s going to proceed with the delisting of China Telecom, China Unicom and China Mobile after all. So it’s a reversion to the original plan, which it backed away from earlier this week. The NYSE explained itself by today pointing to “new specific guidance” from the U.S. Treasury Department.

NOTABLE RELEASES/EVENTS

-10 a.m. ET: IIROC hearing to set date of disciplinary hearing in matter of Gary Ng 

-11 a.m. ET: Supporters of U.S. President Donald Trump expected to begin rally in Washington, D.C.

-1 p.m. ET: Transport Minister Marc Garneau, Foreign Affairs Minister François-Philippe Champagne, Public Safety and Emergency Preparedness Minister Bill Blair hold news conference on COVID-19 testing for international travelers.

-1 p.m. ET: U.S. joint session of Congress to formally count electoral college votes

-2 p.m. ET: U.S. Federal Reserve releases minutes from last meeting 

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.