Ominous call on the Canadian economy on the eve of a federal budget: Fidelity Investments’ David Wolf is warning the Canadian dollar could revisit its historic low of US$0.62 as high household debt levels take an increasingly heavy toll on the economy. Wolf’s call (a personal one, not representing Fidelity) comes from an interview with our Bloomberg partners, in which he warned Canada may already be in recession.

BOEING LATEST

Boeing shares are down ~two per cent in pre-market trading as certification of its 737 Max jet comes under renewed scrutiny in the aftermath of the Ethiopian Airlines crash. The Wall Street Journal is reporting at least one person involved in the jet program has been subpoenaed by the U.S. Justice Department

TRANSALTA FACING ACTIVISTS

Late Friday, three investors holding 10.02 per cent of the company's shares disclosed they "believe that there exist numerous opportunities to increase shareholder value, including through operational and cost excellence, asset optimization, capital allocation and broader strategic initiatives", and they're threatening a proxy fight. We'll chase principals.

OPEC+ MEETS

The global and American oil benchmarks are little changed this morning as OPEC+ ministers meet in Azerbaijan to discuss production compliance. “Until we see this hurting consumers, until we see the impact on inventory, we’re not going to change course,” Saudi Energy Minister Khalid Al-Falih told reporters. He added the coalition is likely going to scrap a meeting scheduled for April to give itself more time to consider next steps.

OTHER NOTABLE STORIES

-Manulife Financial is celebrating a Saskatchewan judge’s ruling in the lifeco’s favour in its battle with Mosten Investments. Recall this was a battle about insurance policies being used as investment vehicles, which prompted Muddy Waters to make a short call on Manulife.

-A new report from debt experts Hoyes, Michalos & Associates shows Millennials now account for 37 per cent of insolvency filings in Ontario, compared with 14 per cent in 2011. The reason is simple: “Millennials are a generation buried in student loans which is why we are seeing such a dramatic rise in student debt driven insolvencies,” according to the report.

-Lyft is looking to raise as much as US$2.09 billion in its initial public offering after setting the price range at US$62-$68/share, with 30.77 million shares being offered.

-Fidelity National Information Services is paying US$34 billion in cash and stock for payment processor Worldpay.

-U.S. President Donald Trump tweeted his anger over GM's plan to close its plant in Lordstown, Ohio (one of seven -- including Oshawa, Ont. -- slated to close by the end of this year). "I asked her to sell it or do something quickly. She blamed the UAW Union — I don’t care, I just want it open!"

-Precision Drilling is on the verge of exiting Mexico, announcing it will sell five idle rigs and some ancillary equipment in the country for US$48 million.

NOTABLE RELEASES/EVENTS

-Notable earnings: Tilray

-Notable data: Canadian international securities transactions

-8:30 a.m. ET: Prime Minister Justin Trudeau attends cabinet shuffle ceremony at Rideau Hall

-1:00 p.m. ET: B.C. Court of Appeal begins hearing government’s reference case re. Trans Mountain Expansion

-5:00 p.m. ET: Alberta government to deliver throne speech

-OPEC+ Joint Ministerial Monitoring Committee meets in Azerbaijan to discuss production agreement

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.