Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Finance Minister Bill Morneau isn’t sugarcoating the state of relations with China. “It’s a very challenging moment,” he told our Bloomberg partners this morning. “For investors, there’s a moment where people are having some pause. For travellers, you’re clearly questioning your ability to do the business you want to do,” he added. 

MCCALLUM MEA CULPA

Canada's ambassador to China has walked back his controversial verbal intervention earlier this week in the legal battle facing Huawei CFO Meng Wanzhou. "I regret that my comments ... have created confusion. I misspoke," John McCallum said in a statement yesterday afternoon, adding another layer to an increasingly complex situation. Meanwhile, we're on the lookout for any new insight from the federal government on the future of 5G in this country, with Economic Development Minister Navdeep Bains set to unveil financial support for a Nokia research project.

MARKET CATALYSTS AHEAD

Take your pick: Another Brexit vote, Fed rate decision, China-U.S. trade talks, tech earnings. They’re all coming next week. We’ll be ready for them and plan to set expectations today. Should point out Paul Bagnell’s guest co-host yesterday, Ryan Lewenza, flagged the Mueller investigation as a wild card for markets; some breaking news on that front with Trump advisor Roger Stone arrested this morning in Florida. 

 OTHER NOTABLE STORIES

-Some U.S. stocks to watch today:

-Intel is down ~6 per cent in pre-market trading after its fourth-quarter revenue and first-quarter profit forecast came in shy of expectations.

-Starbucks shares are trading ~4 per cent higher in pre-market after raising its full-year profit forecast. Worth pointing out its 45 per cent year-over-year surge in first-quarter China revenue. 

-The Globe and Mail is reporting Netflix has laid out its case against being forced to set aside a certain proportion of its revenue to help fund Canadian productions.

-Sign of the times in the energy sector: Enerplus today released a 2019 capital budget of as much as $635M – just 7.5 per cent of which is going toward Canada.

-The partial U.S. government shutdown is now into a 35th day after both proposals to end the impasse were shot down in the Senate yesterday.

-Bloomberg News is reporting the new head of the U.S. House Financial Services Committee is considering hauling in chief executives of America’s largest financial institutions for a hearing in March.

NOTABLE RELEASES/EVENTS

-Notable data: U.S. new home sales

-10:00 a.m. ET: Unifor National President makes announcement in Toronto re. campaign to save GM Oshawa plant

-12:30 p.m. ET: Prime Minister Justin Trudeau holds Q&A at Quebec chamber of commerce

-1:45 p.m. ET: U.S. President Donald Trump meets with mayors at White House to discuss economic growth

-World Economic Forum annual meeting in Davos

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.