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Noah Zivitz

Managing Editor, BNN Bloomberg

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It looks like the new North American Free Trade Agreement is almost at the finish line. Mexico’s president this morning said all three of the pact’s partner nations have agreed to sign the deal today. It’s not a huge surprise, given that Deputy Prime Minister Chrystia Freeland will be in Mexico City for meetings with her NAFTA counterparts. We await details on the amendments that’ve been agreed upon to satisfy U.S. House Democrats’ objections and thus clear the way for ratification in Canada and United States.

IN COVERSATION WITH PAUL TELLIER

We have an in-depth interview this morning with Paul Tellier, a titan of Corporate Canada and the political realm who has served as chief executive officer of Canadian National Railway, Bombardier and clerk of the Privy Council. In the wide ranging conversation with Jon Erlichman, Tellier repeatedly expressed frustration with the federal government’s lack of consideration for the business community (“This is something that worries me. I’m very much aware that the minister of finance did announce a tax cut for the so-called middle class, but what is this doing for business?”) and has some stunningly candid comments about Bombardier’s CSeries. Watch for it on The Open and BNNBloomberg.ca. 

CHINA-U.S. TARIFF WATCH

U.S. futures swung into positive territory shortly after The Wall Street Journal is reporting negotiators from China and the U.S. are “laying the groundwork” to delay the tit-for-tat tariff escalation that’s currently scheduled for Dec. 15. Our Bloomberg partners are also reporting China is expecting the U.S. tariff hike will be delayed.  

WEXIT FALLOUT

Couple of developments we’re keep our eye on: The Logic is reporting that Wattpad is the company that chose not to plant roots in Calgary in part because of the grassroots separatist movement. Meanwhile, WestJet CEO Ed Sims told The Calgary Herald he “won’t tolerate that kind of (Wexit) language”, pointing to “total economic paralysis” as a result of the Brexit movement in the U.K.

OTHER NOTABLE STORIES

-The Office of the Superintendent of Financial Institutions today announced it’s raising the domestic stability buffer to 2.25 per cent in April, citing elevated vulnerabilities that “in some cases show signs of increasing.” Paul will discuss the practical implications for the country’s largest banks.

-The CEO of Hudson’s Bay Co. today said her retailer “must quicken the pace of improvement” after reporting its net and adjusted losses ballooned in the third quarter as sales slumped. Paige Ellis will address how this factors into the takeover battle.

-Enbridge today raised its quarterly dividend 9.8 per cent to $0.81 per share, updated its financial forecasts and said it “requires further clarity” to determine when the U.S. leg of its Line 3 replacement will be up and running.

-Teranga Gold is buying a 90 per cent stake in the Senegal Massawa gold project held by Barrick Gold and its joint-venture partner. The deal is worth up to US$430 million in cash and stock.

-GFL Environmental made good on yesterday’s teaser about imminent acquisitions. This morning, the garbage hauler announced it’s buying Virginia-based County Waste. If you missed it, check out Catherine Murray’s interview from yesterday afternoon with GFL’s CEO. 

NOTABLE RELEASES/EVENTS

-Notable earnings: Hudson's Bay Company

-8:00 a.m. ET: Office of the Superintendent of Financial Institutions makes semi-annual announcement on domestic stability buffer

-8:00 a.m. ET: Enbridge hosts investor conference in New York

-~10:00 a.m. ET: Federal privacy commissioner tables annual report

-10:00 a.m. ET: U.S. House Speaker Nancy Pelosi and House Ways and Means Committee Chairman Richard Neal hold news conference on NAFTA in Washington

-Alberta Premier Jason Kenney in Ottawa; meets with Prime Minister Justin Trudeau and Conservative Party Leader Andrew Scheer

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.