Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

This country’s steel and aluminum producers today will enjoy their first full business day since the United States and Canada ended a nasty chapter in cross-border relations. We look forward to hearing from Stelco’s executive chairman at 9:00 a.m. ET to find out what life without Section 232 tariffs looks like for his company, whose stock shot up 11.5 per cent on Friday. We’ll also continue assessing the implications for NAFTA ratification.

BANK EARNINGS EVE

CIBC kicks off fiscal second-quarter earnings season tomorrow morning, with investors hoping to erase their memory of Q1, which was surely the most disappointing round of results from the Big Six in recent history. “It may not be pretty, but [Q2] should be much better,” according to Analyst Mario Mendonca. Get set for the quarter here.

HUAWEI DOMINO EFFECT

The U.S. Commerce Department yesterday granted certain Huawei business partners a 90-day grace period from the strict new licensing rules that were announced last week in an apparent attempt to freeze out the Chinese telecom conglomerate. That moved sparked a fiery response from China’s envoy to the EU yesterday. And, as noted by our Bloomberg partners, it also triggered a cheeky response from one of China’s diplomats in Islamabad. We’ll watch for the next salvo.

OECD CUTS OUTLOOK

The Organisation for Economic Co-Operation and Development Managing Director Angel Gurria was blunt today: “The world economy is in a dangerous place,” he said in Paris as the OECD once again cut its 2019 global growth outlook (3.2 per cent from 3.3 per cent) for the predictable reason of trade tension. The forecast for Canada was also marked down, to 1.3 per cent from 1.5 per cent. Later this morning we’ll get the International Monetary Fund’s assessment of Canada’s economy.

ON LOCATION AT COLLISION

We have a team on location at the Collision tech conference in Toronto; guests today include the likes of WW International CEO Mindy Grossman and Environment Minister Catherine McKenna. Watch for those conversations and live updates from Jon Erlichman throughout the day.

 OTHER NOTABLE STORIES

-Canopy Growth today named Mike Lee as its next CFO, pending Health Canada clearance. Lee previously worked for Constellation Brands and PepsiCo.

-Premium Brands announced a $200-million “cornerstone” investment by Canada Pension Plan Investment Board at $76.02/share. CPPIB walks away with a 7.1 per cent ownership stake and “certain board nomination rights”.

-CN Rail announced this morning COO Mike Cory is retiring on June 30. He’s being replaced by rail industry veteran Rob Reilly. 

-The U.S. division of Aldo has joined Nike, Reebok and almost 200 other top footwear makers in warning U.S. President Donald Trump of the potential “catastrophic” effect of his tariff battle with China. See the letter here. 

-After falling in nine of the last 10 sessions, Tesla shares have lost 19.6 per cent of their value, putting the stock on the verge of a bear market over a two-week span. Analysts have been piling on, with Morgan Stanley now mapping out a US$10/share bear case.

NOTABLE RELEASES/EVENTS

-Notable earnings: Home Depot, TJX, Nordstrom

-Notable data: U.S. existing home sales

-9:00 a.m. ET: International Monetary Fund releases report on Canada

-10:15 a.m. ET: Prime Minister Justin Trudeau visits Aluminerie Alouette in Sept-Iles, Quebec

-11:00 a.m. ET: JPMorgan Chase holds annual meeting in Chicago

-11:50 a.m. ET: Innovation Minister Navdeep Bains makes announcement in Toronto "on trust in a digital world”

-12:00 p.m. ET: Natural Resources Minister Amarjeet Sohi makes forestry announcement in Edmonton 

-12:15 p.m. ET: Infrastructure Minister François-Philippe Champagne addresses Canadian Council for Public-Private Partnerships in Toronto​ 

-1:00 p.m. ET: Ontario Premier Doug Ford addresses Greater Oshawa Chamber of Commerce (plus avail)

-Collision tech conference in Toronto (runs to Thursday)

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.