The chief executive officer of National Bank is warning against any hasty changes to regulations that guided housing markets in this country into a soft landing. “I think we need … a little bit more time to go by to assess how [the B-20 mortgage stress test] is impacting different markets in different parts of the country,” said Louis Vachon in an interview with Greg Bonnell. He also agreed that it “may under some circumstances” make sense to adjust B-20 to suit the needs of different markets. We’ll frame Vachon’s comments against what we’ve heard about housing affordability from the federal party leaders in the election campaign.
BREXIT LATEST
The European Union and United Kingdom announced a new Brexit agreement this morning, but it’s by no means mission accomplished as U.K. lawmakers will hold a vote on the terms Saturday as a secession deadline looms two weeks from today. As our Bloomberg partners put it, that vote is a “final, treacherous hurdle” facing Prime Minister Boris Johnson.
NEXT ROUND OF LEGAL POT
Gummies, beverages and vapes are just some of the cannabis-infused products that are now legal in Canada, but it will take some time before they land on store shelves. Today we’ll tee up what the licensed producers will offer and assess whether they can dodge a repeat of the growing pains that plagued the first phase.
OTHER NOTABLE STORIES
-First Quantum shares surged after Pangaea Investment Management disclosed it has amassed a 10.8 per cent stake in the miner, and said it’s in position to potential raise that position to 16.63 per cent. Pangaea is backed by Jiangxi Copper Company.
-UAW leaders will met today to decide whether to endorse the tentative agreement reached yesterday with General Motors. We’ll get insight on the implications for GM workers in this country, with Unifor National President Jerry Dias at 850.
-WildBrain/DHX Media announced today that company founder Michael Donovan has resigned from its board of directors.
-Netflix shares are trading almost 10% higher in the pre-market as a surge in third-quarter international subscriber growth helped dull the pain from muted gains in the United States. Check out Jon’s perspective on the streaming company’s subscriber army at BNNBloomberg.ca https://www.bnnbloomberg.ca/netflix-subscriber-army-grows-as-streaming-wars-begin-1.1331803
-Some other earnings-related stocks on our radar: IBM, whose shares are falling after reporting another year-over-year drop in quarterly revenue; Alcoa, whose stock is rising in pre-market perhaps as the prospect of US$1 billion in asset sales counters disappointment over the quarterly loss.
-Barrick Gold says full-year production is trending toward the high end of its forecast range while costs are heading toward the low end of the company’s outlook.
NOTABLE RELEASES/EVENTS
-Notable earnings: Philip Morris International, Morgan Stanley, BHP, Honeywell, Union Pacific
-Notable data: Canadian manufacturing sales, U.S. housing starts and building permits
-9:00 a.m. ET: Financial Accountability Office of Ontario releases commentary on provincial deficit
-11:30 a.m. ET: UAW GM National Council to vote on whether to recommend deal for full ratification (https://uaw.org/uaw-national-negotiators-send-proposed-tentative-agreement-uaw-national-gm-council-approval/)
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.
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