Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

North American stocks appear poised to add to yesterday’s gains after U.S. President-elect Joe Biden was formally granted permission to begin transition work. That’s after U.S. General Services Administration Administrator Emily Murphy gave the green light; while U.S. President Donald Trump refused to concede, he said on Twitter he’s guiding his team to support the transition process “in the best interest of our Country”. We’ll gather market reaction and insight on what comes next in D.C. – including Biden’s cabinet picks, including speculation that former U.S. Federal Reserve Chair Janet Yellen will be nominated as treasury secretary.

SUNCOR TAKING OVER SYNCRUDE

From an operatorship perspective, that is. The oil sands giant announced last night that it struck an agreement with its partners – Imperial Oil, CNOOC and Sinopec – to become Syncrude’s operator by the end of next year in a move that would put an end to the current day-to-day structure. Suncor CEO Mark Little is dangling the potential for a big payoff, saying the new plan could “unlock significant value”, including $300 million in annual cost savings. We’re expecting to catch up with Little shortly after 10 a.m. ET..

TELESAT GOING PUBLIC

Investors looking for a way to play 5G, broadband and other forms of connectivity, are going to get another option as Telesat heads to public markets. That’s as a result of an agreement announced this morning between Loral Space & Communications (which holds a 62.7 per cent stake in Telesat) and the Public Sector Pension Investment Board. It will take a while, with the deal set to close in the second or third quarter of next year, but the principals say they’re planning to list New Telesat on the Nasdaq and possibly in Canada as well.

ALBERTA FISCAL UPDATE

We'll get an update today on Alberta's fiscal health when Finance Minister Travis Toews releases the second-quarter update this afternoon. At the time of the last forecast (delivered in August), the United Conservative government said it was on track for a $24.2-billion deficit in 2020-21 as revenue and expenses head in the wrong directions.   

OTHER NOTABLE STORIES

-I’m fascinated by this one consider this country’s experience with runaway home prices in certain markets: New Zealand’s finance minister has asked his country’s central bank to consider adding home price stability to its formal remit.

-Enbridge has cleared another hurdle facing its Line 3 replacement project in the U.S. after announcing late yesterday that it received federal permits. Construction of the pipeline still requires some state-level authorization.

-Ballard Power Systems shares will be on our radar today after the fuel cell maker announced it will raise US$250 million in a bought deal share sale priced at US$19.25 apiece. The stock closed at US$21.58 on the Nasdaq yesterday.

-Telus is launching a $100-million social impact investment fund that will seek to back “responsible and sustainable” startups. This is yet another sign that the company is about so much more than telecom. We’ll speak with Telus’s chief social innovation officer in Bloomberg Markets.

NOTABLE RELEASES/EVENTS

-Notable data: Canada manufacturing sales flash estimate

-Notable earnings: Alimentation-Couche Tard, Best Buy, Dollar Tree, Nordstrom, American Eagle Outfitters, Gap, Dell Technologies, HP

-11:30 a.m. ET: Prime Minister Justin Trudeau address on COVID-19 from Rideau Cottage

-12:00 p.m. ET: Canada Ambassador to the U.S. Kirsten Hillman holds videoconference with The Montreal Council on Foreign Relations

-12:45 p.m. ET: Bank of Canada Senior Deputy Governor Carolyn Wilkins participates in International Monetary Fund panel "New Policy Frameworks for a Lower-for-Longer World"

-1:00 p.m. ET: U.S. President-elect and Vice-President-elect Kamala Harris formally announce nominees and appointees to security and foreign policy posts

-1:00 p.m. ET: Telus CEO Darren Entwistle leads virtual announcement on social impact fund

-5:30 p.m. ET: Alberta releases second quarter fiscal and economic update 

-6:30 p.m. ET: Ex-Ambassadors to China John McCallum and Robert Wright address House Committee on Canada-China Relations

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.