Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

It was a mixed open for North American stocks in this first trading session of 2021, with plenty of catalysts looming this week, starting with an OPEC+ ministerial meeting today to decide on production levels for February. Tomorrow, runoff elections in Georgia will determine the balance of power in the U.S. Senate against the backdrop of a stunning audio recording of U.S. President Donald Trump’s recent conversation with Georgia’s secretary of state. And jobs data for Canada and the U.S. will be released Friday. We’ll speak with plenty of investing professionals today about the outlook for markets, starting with The Open, which is back to its regular start time of 8 a.m. ET.

BITCOIN TAKEN FOR A RIDE

The cryptocurrency tumbled as much as 16.6 per cent this morning after a parabolic surge that lifted it close to US$35,000 per coin yesterday. After last year’s rally, what should investors expect from Bitcoin and should today’s slide serve as the ultimate reminder that this asset isn’t for the faint of heart? We’ll chase insight.

IN CONVERSATION WITH ONTARIO’S NEW FINANCE MINISTER

We’re looking forward to speaking with Peter Bethlenfalvy this afternoon, just a few days after he took over as Ontario’s finance minister in the aftermath of Rod Phillips’ vacation scandal, which this weekend triggered a deep dive on all elected officials’ travels. Bethlenfalvy has inherited a challenging task as COVID knocks the Conservative government’s goal of balancing the books off track. Watch for the interview today at 3:30 p.m. ET.           

OTHER NOTABLE STORIES

-Brookfield Asset Management is seeking to privatize Brookfield Property Partners. The offer of US$16.50 for each BPY unit it doesn’t already own was disclosed this morning. After reaching a low of $7.25, Brookfield Property Partners has nearly doubled since late March.

-Cenovus Energy confirmed today that its takeover of Husky Energy has officially closed. In a release, CEO Alex Pourbaix said the combined company’s focus is now turning to achieving the $1.2 billion in synergies that management has eyed.

-Tesla shares are moving higher in pre-market trading after the vehicle maker’s final delivery update for 2020 showed it came within 450 of achieving its full-year goal.

-MGM Resorts International could be a stock to watch today after Entain Plc confirmed that MGM presented an US$11-billion takeover proposal that it deems to be inadequate.

-Carl Icahn is giving up much of his clout at Herbalife. More than seven years after he locked horns with Bill Ackman over the nutritional supplement company, Icahn is relinquishing his board seats while shedding US$600 million in shares that’ll be repurchased by Herbalife.

NOTABLE RELEASES/EVENTS

-2 p.m. ET: Toronto Mayor John Tory, Medical Health Officer Eileen de Villa deliver update on COVID-19 

-OPEC+ ministerial meeting