Molson Coors shares rose on Friday by the most in almost three months after BNN Bloomberg reported the brewer has held talks with at least four cannabis companies as it hunts for a toehold in the nascent sector. Read all about it here. Today, we’ll gather reaction and assess which other beer and spirits makers might also be on the prowl for a partner as recreational marijuana legalization looms.
CRUDE-BY-RAIL SPILL
Approximately 230,000 gallons of oil (the equivalent of almost 5,500 barrels) are estimated to have spilled after a Burlington Northern Santa Fe train derailed in Iowa Friday. The pictures tell the story and inevitably this will reignite the crude-by-rail versus pipeline debate. The timing for that conversation couldn’t come at a more important time for Enbridge, considering how the fate of its Line 3 expansion proposal is in the hands of a Minnesota regulator. Based on the latest online update, BNSF expects regular service to resume tomorrow morning.
U.S. SAID TO TARGET CHINA’S TECH INVESTMENTS
Multiple reports this morning that the U.S. is poised to introduce restrictions on Chinese investments in the tech sector. According to our Bloomberg partners, Treasury Secretary Steve Mnuchin will unveil the plan on Friday.
MARKET NOTES
The TSX Composite Index set new intraday and closing highs on Friday, at 16,489.46 and 16,450.14 respectively, after U.S. oil futures posted their biggest single-day gain since November 2016 on the heels of OPEC’s meeting.
OTHER NOTABLE STORIES
-Harley-Davidson said as a result of new EU tariffs, it's going to shift some production out of the U.S. to avoid the levies that it says will raise the cost of its bikes by US$2,200 on average.
-Best known for its ETFs, Vanguard announced today it plans to launch a suite of low-cost mutual funds in Canada.
-Barrick Gold says there’s been progress in its talks with Tanzania about the future of Acacia’s operations in the country, but now says it won’t set a timetable to reach an agreement that would resolve the dispute that’s been festering for more than a year. Barrick previously said it was hoping for a deal in the first half of this year.
-Alibaba Chairman Jack Ma warned overnight bitcoin “could be a bubble”. The cryptocurrency is trading at double its year-ago level, but at just a fraction of its 2017 high of US$19,511.
NOTABLE RELEASES/EVENTS
-Notable data: U.S. new home sales
-GE's last day in the Dow Jones Industrial Average
Every morning BNN'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.
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